When it comes to employment, the phrase “on a contract by contract basis” refers to an arrangement in which an individual is hired to work for a specified period under the terms outlined in a contract. This type of employment is common in industries where project-based work is the norm, such as the construction industry, IT industry, and creative industries.
Being hired on a contract by contract basis has both advantages and disadvantages. One of the biggest advantages is that you have the freedom to choose which projects you want to work on. You are in control of your own career path and can choose to work on projects that align with your goals and interests.
Another advantage is that you can negotiate your own terms and conditions for each contract. This includes your rate of pay, work schedule, and any other perks you may want. This level of flexibility allows you to work in a way that suits your lifestyle and work preferences.
However, there are also some disadvantages to working on a contract by contract basis. Firstly, the work can be unpredictable. You may have gaps between projects and may struggle to find your next contract. This can lead to financial instability and uncertainty.
In addition, you may be responsible for your own taxes and insurance, as you are not technically an employee of the company you are working for. This can be a daunting task for those who are new to contract work, but the good news is that there are plenty of resources available to help guide you through the process.
Finally, it`s important to note that working on a contract by contract basis can be isolating. As you are not a permanent employee of the company, you may not have access to the same support systems and social aspects of the workplace as permanent staff.
Despite the challenges, many people choose to work on a contract by contract basis because of the increased freedom and flexibility it offers. If you are considering this type of employment, it`s important to weigh the pros and cons carefully and ensure that you have a solid plan in place to manage the potential challenges. With the right approach, contract work can be a fulfilling and rewarding way to build your career.