Contracts are becoming more mainstream in the working world. Employment contracts in Ontario define exactly what an employee’s position entails and stipulate for how long. Contract work can be highly lucrative, yet many people still seek out permanent positions rather than work on a contractual basis.
Employers looking to hire contract workers are often looking for people with experience who can take the reins with minimal to no supervision and little to no training. Mature workers might fit the bill. Working under contract may give individuals the chance to work for more than one company at a time. Results are what matter and what independent contractors usually deliver in the hopes of further work.
The downside might be that employees working for a fixed term need to market themselves on a continual basis to potential new employers. Contract pay does not have taxes deducted, so they must be remitted to the government by the individual. There are also no vacation days, benefits or severance at the end of the contract term unless those things have been discussed as part of the actual contract.
Contract work is not for everyone, but those who take to it find it a great way to make a living with more freedoms that an ongoing, full-time position. Contract work can also be a prelude to being hired on as a regular employee, if that is something an independent contractor is looking for. Many prefer contact work.
Employment contracts can be involved and complicated. Getting the advice of a lawyer in Ontario regarding the legalities of a contractual agreement may be a wise idea. A lawyer could offer advice if such contracts are broken or some of the issues within them are not adhered to.
Source: monster.ca, “The Pro???s and Con???s of Contract Employment“, Accessed on Nov. 24, 2017