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Types of Employment - Full-Time, Part-Time, and Contract
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Which do you prefer; money or free time? What if I asked you to choose between stability
and flexibility? These may seem like pretty philosophical questions but they're important
things to consider when you're looking for a job. Would you rather have a job where
you make lots of money or one where you make less money but have more free time?
Would you be willing to trade the security of having a job permanently locked down for the
flexibility of creating your own rules rather than following somebody else's? Depending on
how you answered these questions you may find yourself better suited for full-time employment,
part-time employment, or contract work. In this video, we're going to go over all the differences
between these types of employment as well as their advantages and disadvantages. Let's get into it!
Employment comes with all sorts of different styles and expectations.
Full-time employment is what people usually aspire to. Full-time employees are seen as more dedicated
to their employer and this is rewarded with a lot of perks. First, full-time employees are typically
paid a salary so their paychecks are more consistent and reliable. With a salaried full-time
job you can expect the same paycheck every month. In addition to the paycheck, employers are usually
expected and sometimes legally required to provide their full-time employees with loads of benefits,
especially a health care plan and paid time off. Also full-time employees are usually favored
for promotions meaning you're much more likely to receive a huge pay raise and status boost.
There are some major disadvantages to full-time employment too. You'll be expected to work a lot,
sometimes more than 30 hours a week if not 40. In fact a lot of salaried full-time positions
are exempt from overtime laws so there's no limit to how much you'll have to work. Some
full-time jobs take so many hours that there's not many left in the day for you to do other things.
If you'd rather have more free time while still maintaining a certain level of stability in your
finances, you may consider working for fewer hours with part-time employment. It's called
part-time because you're not working the full time, you're only working for a part of your
time between 20 and 30 hours a week usually and you get free time for the rest of it.
Many people work part-time while they're in school or while they have a baby at home to take care of.
The disadvantage here is that only giving the company part of your time means that
the company only provides you part of the possible rewards.
Total compensation for part-time employment is much lower than that for full-time employment.
This is because part-time work is defined with fewer hours and typically an hourly wage, meaning
your paychecks are much smaller than if you were being paid for a full-time salaried position.
Plus because you're working a variable amount of hours each week your paycheck
is variable too making your pay less steady. Plus part-time employees receive much fewer
benefits than full-time employees making the total compensation even smaller. Because of
the much lower total compensation for part-time employees, many people find themselves taking on
two part-time jobs just to make ends meet. So if you don't carefully consider your finances
before accepting that part-time position you may not get as much free time as you initially hoped.
The final major style of employment is contract work. Now I don't mean work in which you have to
sign a contract, no that's pretty much every job is going to have you do that. What I mean is the
contract is only focused on a specific project or time frame. You're not really being employed,
you're just being brought on to help with something. If the name contract work confuses
you you can also call it freelancing, gig work, or consulting. So if contract work is a form of
employment, who's employing you? Well you are! Whenever you do contract work you are treated
as being self-employed. Your boss is you and your one-person company works to help clients.
Think of contract work is kind of like mowing your neighbor's lawns over the summer. They
pay you to do the job for them but you don't actually work for them. Since freelancers don't
have to follow an employer's rules they are free to choose their own working environments as long
as it allows them to complete the job that they were paid to do. If the job doesn't require you
to be working when other people are you could choose to do your work in the dead of night,
you might want to do your work while sipping lattes in a coffee shop,
from your own couch with a furry co-worker, or even while chilling at the beach! You choose
your own workplace rules as long as they allow you to complete the job as expected.
I know this may sound like a dream job but there are significant downsides to working
freelance and it all stems from the fact that you are technically self-employed.
To start, contract workers don't get many if any benefits because your employer pays for those
and that's you. Second, one of the major benefits to full-time or part-time
employment is that you're eligible for unemployment insurance if you lose your
job. When working as a freelancer though, if a client isn't happy with your work and
fires you you're technically not unemployed because you're still working for yourself.
You don't get unemployment insurance, you just have to find another client and fast.
Finally another major benefit of working full-time or part-time is that your employer
will automatically withhold money for you to pay your taxes with each paycheck so you don't have to
worry about it. With contract work though all that responsibility falls squarely on your shoulders.
You have to be incredibly financially skilled and disciplined to make sure that you save up enough
money to pay for your taxes each year because you don't have an employer to do it for you.
So which one sounds best to you? Full-time employment which rewards you with a lot
more compensation but leaves you with a lot less time to spend it?
Part-time employment which gives you a lot more free time but so much less compensation than you
might have to spend that extra time working another job? Or contract work with all the
benefits of being able to make your own rules but also the responsibilities of being both
employee and employer at the same time? If you're having trouble deciding that is totally okay. Most
people will change jobs at least a couple times in their lives so if you find that one style of
employment isn't really working for you you can always switch jobs and try another one.
As a matter of fact sometimes your job can change without you even realizing it! You
may have new expectations and responsibilities put on you like being asked to teach new hires
or your job itself may become obsolete like when the invention of pasteurized milk meant we didn't
need milkmen anymore. This inevitable change may seem terrifying but that's why it's so important
to be prepared for when the job market changes. In the final lesson for this unit I'm going to give
you some tips and tricks to make sure that you're ready when the job market shifts. See you then!
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