Rising Star
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29 M - Any one in Montreal for a relationship?
Rising Star
How is Deloitte Risk advisory cyber risk( tprm) in terms of career growth.. What kind of job it is is it technical, or business analyst, risk analyst kind of job. I am a person with 1.5 yrs of experience so less knowledge in this matters. Is it something I can make a career in it. Deloitte
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You’ll make more contracting, but you won’t have the benefits that FTE has. More flexibility, less stability. Every pro has some kind of con to it. There is money to be made.
What I see is contractors breaking even at first when it comes to benefits, putting money aside for taxes, and so on. Once you get a better feel for *why* you have to ask for the amount of money, they start pulling ahead. Constantly undercutting themselves because it feels like too much, but you start to see why very fast.
If there is a reason you need either: A) higher income on paper (buying a house, getting a business loan, etc.) or B) More flexibility on your schedule/work hours (family demands, higher pay for less hours, etc.) - then this might be a good solution.
But I will note, your pay is higher however you sacrifice benefits, retirement savings, paid time off, employment stability and more tax complexity with self-incorporation (not all contractors do it this way).
It's more feast/famine than a full-time job, but more flexible. Higher pay but less benefits. You may be able to earn more, but you'd want to run the numbers and see what you need to be paid on contract/hourly for it make sense. Also contractors are MUCH easier to cut than full-time staff when economies turn down.
Weigh the risks - In my experience unless you truly need the higher income for a reasons beyond more money, the stability at lower pay comes with other perks contractors miss out on. Even with loans, if you're not stable in your contracting - your pay is higher, but so is your risk for stable employment and qualifying for a loan.
It’s hard - I would say if you’re getting 20-30% more hourly as a contractor, then it tips to being in favour of contracting.
Consulting might offer that flexibility, while still having full time security. But in my experience, about 25-35% of total comp comes from 401k, RRSP and value add benefits in an FTE role.
So if you can get above that amount of your contract rate, then it’s a no brainer.
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This has been a controversial topic for so long. To me it seems there is a negative connotation of recruiters who contract as it looks like “longevity” isn’t there. However, in reality, more orgs used to use agency’s prior to moving their TA function in house
Rising Star
That’s an interesting perspective. The longevity perception around contract recruiters is something I’ve noticed too, even though contracting has always been a big part of how many organizations scale their TA functions before bringing them in-house. In a lot of ways it feels like contracting fills that gap when hiring demand spikes.
In your experience, do hiring managers still see contract recruiting as a temporary solution, or are you seeing more teams treat contractors as a long-term part of their TA strategy?