3 Benefits of Contract Employment
These employees are a “small but important part of our workforce.”
They are contract employees who are unlike permanent employees. They operate under a fixed-term service contract, which unless renewed, will expire once the term is up. A contract employment includes the terms of employment, such as the duration of work and basic salary.
If you’re undecided whether contract employment is for you, find out more about its benefits below!:
1. Elegible for Benefits Permanent Employees Enjoy
Although contract employees are not permanent employees, they enjoy the same benefits. This means being entitled to leave, public holidays and protection against unfair dismissals, for example.
The government recently rolled out new guidelines this year stipulating improved benefits and support for contract employees to ensure fair treatment. Some forms of protection offered are the Employment Act (EA), Work Injury Compensation Act (WICA), Employment of Foreign Manpower Act (EFMA) and the Central Provident Fund Act (CPF).
Today, companies are looking for ways and means to increase flexibility whilst reducing costs. One increasingly popular way to do so is hiring more contract employees. It is undeniable that the trend has been progressing from the permanent to contract as employers seek out these contract employees.
With contract employees, companies can retain productivity, fill in for staff who are on leave or absent and get manpower to help out during busy periods. Therefore, compared to finding a permanent position, chances of securing a contract position is greater.
3.Gives Greater Flexibility
For contract employees, they do not have to commit long-term. They have the choice to switch jobs and even industries before settling on one that they like.
In the meantime, they can increase their industry knowledge, enhance their skills, experience and be more proficient. It also gives opportunities to test their own capabilities in different environments, eventually to make a career decision that best suits them.