The “Gig Economy” is a prevalent buzzword and drastically grew in popularity as services like Uber became mainstream, but IT Contractors know it is nothing new.
While industry experts, economists and business experts frequently laud the trend, speaking of the benefits it brings to companies, economies and individuals, there continues to be a stigma to being an independent contractor or gigger. Some professionals are hesitant to accept a temporary or contract job, feeling that it’s a mere sign they’re unable to find full-time work and that this is a last resort. They believe it will lead to a dead-end job. It is also common to hear critics claim that participants in the gig economy are not there by choice and, in fact, are being exploited by greedy employers and staffing agencies.
Research proves that most contract professionals are in their positions by choice and are definitely succeeding in their careers. A 2016 McKinsey & Company study found that 70% of gig workers are participating in the gig economy because they want to. A little more than half of them are casual earners, who also have other full-time jobs, where others are free agents who are using it as their primary income.
The study found that those 70% are also experiencing strong job satisfaction. The MBO Partners State of Independence in America 2019 further backed the notion that contractors enjoy their career choice, stating that more than half of independent workers feel more financially secure than in their traditional jobs, and 70% plan to continue their current path.
In a world with so much criticism and stigma, why do IT professionals choose to be independent contractors and what makes those 70% never want to turn back?
- There are Plenty of Job Opportunities, Especially in IT. A combination of fast-paced technology projects that require specializations, a growing IT skills gap around the world, plus a desire to cut costs and headaches with fewer full-time employers are all leading organizations to raise the amount of IT contractors they use.
- The Flexibility is Insane. The freedom and flexibility that come with contracting is nothing that can be experienced as a full-time employee. There are some restrictions based on client needs, but overall, IT contractors get to choose where they work, when they work, and what kind of projects they take on.
- It’s a Break from the “9 to 5”. This goes beyond flexibility. For some people, working in that same environment all day every day is long, stale and depressing. Independent contractors can break things up, deciding to work for another client on certain days. Plus, they can eliminate awkward employer-mandated team-building workshops.
- Their Entrepreneur Spirit Can Shine. Some individuals are regular entrepreneurs. They want to oversee their own business, take on their own marketing and grow into something bigger. Independent contracting is the perfect steppingstone to start that journey.
Independent contracting, the gig economy and temp work (whatever you want to call it) is not for everyone. As noted earlier, 30% of people are stuck there and would prefer a full-time job. Being independent comes with stress and uncertainty. A permanent position is also the ideal place to build experience and skills that allow you to be a specialized contractor.
If you’re considering becoming an independent contractor but are hesitating, what’s stopping you? If you’re already there, would you ever go back? If you have gone back, why did you? We’d love to learn where you are in your journey and help you through your hesitations.