Hiring independant contractors vs Full Time Employees

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In today's presentation we continue our series on how to hire and manage employees, with a look at the advantages and disadvantages of hiring full time employees vs. independent contractors.

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Hiring independant contractors vs Full Time Employees

  1. 1. Intuit predicts that 40% of US workforce will be part time workers or full time freelancers by 2020. You can get talented freelancers to help grow your business, without adding full time staff. Check our article on becoming a freelancer.
  2. 2. At Marc Waring Ventures (the parent company of fitsmallbusiness.com) we work exclusively with independent contractors who help us with everything from writing articles to accounting. My Experience Hiring Independent Contractors and Employees
  3. 3. The Advantages Of Working With Independent Contractors vs. Employees
  4. 4. Advantages: •You save on Wages. •You save on Taxes. •You save on Insurance. •You save on Benefits. •It’s harder to get sued.
  5. 5. You can also be very specific about the skill you are hiring for, like writing, accounting, webwork, etc.
  6. 6. You Have Much More Flexibility. Because it allows you to give out work when you have it, and reduce the amount of work you are paying for short periods.
  7. 7. ac Good independent contractors are easier to manage. Because you are really working with another business, so they are not expecting you to manage them. However you can give guidance or set priorities and deadlines.
  8. 8. The Advantages Of Working With Full Time Employees vs. Independent Cotractors
  9. 9. For some types of businesses, like retail stores and restaurants, working with freelancers is not an option. However, this is not the only reason you might want to hire full time employees.
  10. 10. In a previous position I ran sales and business development and decided to get full time employees for three reasons: 1) We view the projects and the firm’s knowledge of how to execute them, as a competitive advantage for the company.
  11. 11. 2) The information we were deailing with was confidential, and we did not want it leaked outside the firm. 3) We wanted to bring up talent within the organization who could take on management and other high level roles.
  12. 12. Full time employees are also better able to jump in and take care of variety of task as they arise. Independent contractors are generally hired for very well defined tasks. Finally, while not impossible with independent contractors, team building and getting people to work together as a group is generally easier with full time employees.
  13. 13. And Finally...
  14. 14. To learn how to be a more successful entrepreneur visit us at....
  15. 15. www.FitsmallBusiness.com (Thanks for watching)
  16. 16. www.FitsmallBusiness.com (Thanks for watching)
  17. 17. www.FitsmallBusiness.com (Thanks for watching)

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