We understand looking for new opportunities sometimes comes out of necessity, curiosity and sometimes even boredom. In our commitment to your success we want to give you a bit of a deeper look at the two avenues you may be considering, Full time and Contract opportunities, and what their Pros and Cons are.
To go for a contract or a full time (permanent) position is a question we commonly get, and being praise singers of both, we have listed some of the pros and cons of each to make it easier for you to choose your path.
A full time opportunity is a position where you are working directly for the client without any involvement from the agency or third party vendors of any kind. You are usually paid on an hourly or salary basis and there is no expiry marked for your term.
- Job security once probationary period is completed
- Paid vacation and sick time-off
- Paid statutory holidays
- Company benefits
- Annual bonus (as applicable/ performance based)
- Employee pricing and discounts on services (if applicable)
- Stock options (if applicable)
- Pension Plan enrolment (if applicable)
- Trainings and opportunity to upgrade knowledge and skills
- No tax deductions; taxes deducted by employer at the federal tax rate of Canada
- Compensation usually significantly less than contractual hourly jobs
- Employer does not invest in training and growth of skills
Contracting is one of the most popular employment types in IT. A contractor typically works with a third-party staffing agency. The contractor is placed on a contract typically for 6 months duration and can be potentially renewed for up to 2 years on a continuous basis.
- Hourly rate; usually higher than permanent positions
- Flexibility to choose projects/ organizations that you prefer to work with
- Report tax deductible expenses as appropriate; tax savings
- Typically not involved in politics
- Autonomy on career progression
- No job security; typically 2 weeks notice provided when shortage of work
- No health or employee benefits
- No Pension Plan contributions
- No paid vacation or statutory holidays
- Training and upgrading of skills not provided by employer unless absolutely necessary