| An individual can either accept a contract or | | | | opportunities. It is at times like this that contract |
| permanent position based on his or her personal | | | | positions are most beneficial. Individuals that |
| situation and choices. Many people favor a | | | | require freedom and flexibility in their work |
| permanent job to make a living. These job | | | | environment are ideally suited for working on |
| seekers are looking for security above everything | | | | contractual basis. The contract system provides |
| else. A slowdown in the private sector would | | | | ambitious individuals opportunities to explore new |
| force companies to lay off both contract and | | | | employment prospects and experiences. |
| permanent employees. | | | | Contractors never feel constrained by any |
| Today, there is a healthy division between | | | | particular role or organization for a long period of |
| contract and permanent positions. In addition, the | | | | time. |
| forecast trend towards the use of the Internet | | | | Advantages Of A Permanent Job |
| (freelance and self-employed individuals) is | | | | A permanent job offers an individual the luxuries |
| becoming increasingly more visible. Both contract | | | | of job security and stability. Security at work |
| and permanent positions in any industrial sector | | | | provides improves and enhances the individual's |
| have their pros and cons. | | | | performance. Companies providing permanent |
| Advantages Of A Contract Job | | | | jobs understand the need of promoting higher |
| Companies that contract people to work for | | | | levels of job satisfaction to improve workforce |
| them have a different payscale for them than | | | | performance. Besides, employees holding |
| the direct employees that they hire. Contractors | | | | permanent job positions have a higher ladder of |
| cost companies much less than permanent | | | | earning potential than contractors. The company is |
| employees. Companies are happier hiring | | | | also obligated to provide them with more |
| contractors because they don't need to pay | | | | employment benefits and bonuses like health |
| benefits, unemployment insurance, or holiday and | | | | insurance, pay raises and holiday pay. |
| vacation pay. Generally, it is a recruiting firm that | | | | Permanent employees are entitled to retirement |
| compensates a contractor. Contractors provide | | | | plans sponsored by the company they are |
| companies that are going through a slowdown | | | | employed with. Furthermore, permanent |
| more hiring options, which involves far less | | | | employees have a more secure mindset. These |
| expenditures. Large-scale employment of | | | | employees are more likely to have higher |
| contractors is a trend in sectors like IT and | | | | money-saving tendencies than contract workers |
| banking. However, industries that require research | | | | do. Contract workers do not receive the same |
| and a dedicated workforce, such as the biotech | | | | rights as permanent workers in any organization. |
| and pharmaceutical industries, often do not | | | | This may be due to the employment policy the |
| contract employment. | | | | company follows on contract employment. Finally, |
| In times of economic recession, some firms | | | | contract employment is best suited for youth |
| prefer outsourcing their employment overseas. | | | | starting out their careers, while permanent |
| This move can lead to permanent workers being | | | | employment is better for individuals deciding to |
| left without any prospects for immediate work | | | | settle in life. |