According to Statista, 86.5 million people in the United States alone will be freelancing by 2027, which is more than half of the country’s workforce – and this is a trend that’s not limited to the US. In Europe, it’s estimated that there are already 32.3 million freelancers making up 15% of the total labor market.
If you’re in the Life Sciences sector, you can enjoy the benefits of contract work. The big question is, would a contract job be the right choice for you? This is an important question especially if you’ve built your career in permanent roles. Consider the benefits of being a contract employee and weigh them up against your own priorities to be better able to make an informed decision.
The benefit of higher pay
Higher pay is one of the benefits of contract work. There’s a misconception that Life Sciences contractors do not earn as much as those in permanent roles, but the reality is that most Life Science companies are often willing to pay contract workers more money.
One of the reasons for this is that those companies do not have to cover health benefits, social security taxes, 401K (retirement) contributions, unemployment compensation, or Medicare for contract workers. They also understand that they need to compensate for the lack of company benefits and a steady income, especially if those contractors have a high level of expertise in their field.
Freedom of choice
The freedom to choose who you work with, where you work, and for how long you work is another of the benefits of contract jobs. As a contractor, you can carefully select the Life Sciences companies you want to work for, and you can choose roles or projects that interest you and avoid those that don’t. In addition, you can select the contracts that best suit you, whether you consider the location in which you will be based or the length of the contract.
Gaining broad skills and experience
The potential to gain much broader skillsets and a wealth of experience is another benefit of contract work in the Life Sciences sector. Making this benefit even more attractive is that you can do this in a relatively short time.
As a contractor, you probably will fill a specific role for a variety of Life Sciences companies. By working on different projects in those companies, you will gain insights into and experience in a diversity of systems and workflows, some of which will be unique to specific companies. This is not possible if you remain a permanent employee within one company.
Contract work also keeps work experience fresh, as your responsibilities are not likely to become monotonous or repetitive. The continued challenges that come your way are opportunities to diversify your skillset, which will count in your favor as you continue to progress your career through contract jobs.
Find the right role
Since 2012, EPM Scientific has placed candidates in their next Life Sciences role, including both contract and permanent positions. Register your resume on our site to access the latest roles on the Life Sciences job market and find out how we can help you define your next career move.