Contracting in the IT sector used to be something that only a brave few ventured into. That isn’t the case anymore — contract IT workers are more common than ever. However, there are still a few common myths about this type of work, and it’s important that you don’t believe everything you hear! Here are just three of the most common misconceptions about contract IT jobs:
Myth: I’ll Make Less Money
This is false. Quite the opposite is true, in fact. Contractors tend to earn more than their salaried counterparts for a number of reasons. First, since income tax isn’t taken out of the contractor’s paycheck by an employer and instead must be paid by the contractor themselves, the contractor is able to charge a much higher rate. Plus, an employer won’t be covering FICA taxes (Social Security and Medicaid), and the contractor will also be on the hook for paying self-employment tax. This means that they’re well within their rights to charge clients a much higher rate for the same kind of service that a salaried IT worker would perform.
Another way that IT contractors can earn more money than their salaried counterparts is by contracting with multiple companies at the same time. Diversifying your sources of income in this way may allow you to bring in much more at the end of the day!
Myth: I Won’t Have a Good Work/Life Balance
Not true — on the contrary, contracting work is one of the best ways to maintain a good work/life balance. You won’t have set hours the way a salaried employee would; it’s all about getting the work done, so it doesn’t really matter when you do it. Contracting IT work is a great choice for busy parents or those working other part-time jobs. The flexibility that this kind of work provides is often the biggest selling point for potential contractors.
Myth: I Won’t Continue Learning New Skills
Contracting doesn’t stunt your growth or skills. It’s more likely to advance and enrich them. By continually working with new systems, technologies, and teams, you’re remaining fresh and relevant — the same can’t always be said for a salaried employee who performs the exact same type of work for years on end.
Are you ready to learn more about contract IT work and how it can benefit you? Contact OakTree Staffing right now to get started on the career path that you deserve.