In a year of decade-high inflation and increasing interest rates, and with widespread discussion focused on cost cutting measures which tech giants such as Meta and Twitter have shocked the Irish market with, there is significant discussion into the changing Irish employment landscape and the future of work in Ireland.
For a number of years, we have been witness to a shift in the way we work and how we work. This ‘new normal’ working environment isn’t simply associated with the introduction of flexible work options or working from home possibilities, but to the fundamentals of the contracts in place. No longer is there a reliance on the traditional permanent employee/employer relationship, but instead, a continuous focus on engagement with independent professionals and contractors alike.
In the past contractors were utilised for projects, long-term sickness and maternity cover, and viewed as a stop-gap solution. You could work for a contract but ultimately you would end up moving towards a more traditional form of work. This has changed massively over the previous few years, particularly since 2019. As the quality of professionals in the market improves, employers are now seeing the value that contractors bring to their businesses. With Ireland reaching full employment and competition for talent rising, many employers are turning to contract options as a solution to ease their increasing workloads and to fill skills shortages.
As a result, there are more contracting roles available than there are contractors to fill them. So there has never been a better time to start contracting. And with regards to job security, there is no need to fret about down periods between jobs because the demand in the current market is so intense that you are bound to be kept busy!
At Icon Accounting, our clientele is growing by the day and come from all areas of expertise. The increase in our client base further cements the belief that companies and individuals alike are more open to the concept of contracting. The last few years have taught us that there is no such thing as a permanent role. People are now looking for more from their job, they want it to fit in with their lifestyle instead of fitting their lifestyle around work.
If you are a professional and considering the switch to contracting now, here’s some of the benefits and driving forces for our clients in deciding to change!
You can be your own boss
When you're a contractor, you're essentially your own boss. You can choose how, when, and where to work, for as much or little time as you want. You make the decisions on which clients and companies you do and don’t work with. This gives you ultimate control over your career path. You can make the call on whether to take on more work or if you have enough to keep you going. It is all on you.
Enjoy greater flexibility
One of the main reasons many people turn to contracting is the increased flexibility it offers. It allows you to escape the rigid structure of permanent employment. With contracting you can work where and when you want, improving your work-life balance. As a contractor, you can take time off whenever you feel like it, but remember you do this at the cost of not making money during that time,
Make sure to remember why you became a contractor and take full advantage of your flexibility.
As a contractor, you have the ability to earn more than a traditional employee completing the exact same work requirements. Generally, contractors attract high rates as they are working for a fixed period of time doing skilled work in their field of expertise.
However, you should remember that contractors are responsible for paying their own taxes, including income tax and self-employment tax. Additionally, they must pay for and obtain any benefits they want, including health insurance, independently.
If you would like to know more about contracting, why not read some of our other blogs on contracting or check out our FAQ section on our website to answer some of the questions you may have?
You can also reach out to our team of expert advisors who will provide assistance in deciding if contracting is right for you by emailing firstname.lastname@example.org or by calling 01-8077106.