As the global economy continues to struggle in the aftermath of the 2009 recession, families throughout the world are being faced with a series of difficult and challenging decisions. The most pertinent of these is how to develop a consistent and viable source of income, as the traditional employment market and a number of industries have suffered significant decline during the last three years.
This has created a generation of accidental entrepreneurs, who have been forced to evaluate their marketable skills and forge careers as independent contractors. While continual advancements in technology have allowed them to do this effectively, however, there are still concerns as to whether many are earning enough income to fully fund their lifestyle.
Independent Contracting vs. Employment: Which Offers the Most to Citizens?
The recent evolution of the Canadian economy has raised concerns about the nature of freelancing and accidental entrepreneurship, as although the number of jobs created during the third financial quarter rose sharply the number of hours worked fell. Given that more than two-thirds of these jobs were effectively roles of self-employment, it is reasonable to assume that job seekers are looking to create their own opportunities and improve their situation in any way possible.
The issue with this is that Canadian citizens are clearly working less as freelancers than they would during a position of full time employment, which is likely to have a direct impact on their earning potential. Not only could these cause individuals to miss out on well paid job opportunities as they appear, but it could also increase their monthly outgoings and expenditure without delivering the necessary financial returns. When you also consider the added burden of tax liability for self-employed individuals, then could have a situation where citizens are placed in a far worse financial predicament.
In stark contrast to this, full time employment offers far greater advantages to citizens. Aside from providing contracted hours and a regular rate of remuneration, the majority of full time jobs come with benefits packages and variable financial incentives. This enhanced job security creates a platform from which families can plan for their future, and budget their finances in a way that helps them to survive during austere times. The issue, of course, is that the majority of countries are struggling to create enough jobs to meet the demand and provide for residents.
How Time and Education can Provide the Solution
While not everyone who enters self-employment does so at a financial loss, it is inevitable those who are forced to by circumstance are at a disadvantage to others. For these individuals, it is crucial that their noble attempts to market themselves and assume control of their financial destiny does not distract them from the long term search for work. By managing their time and remaining focused on longer term goals, they can at least develop a stream of income while attempting to find employment.
The other option for job seekers is to pursue a course of adult education, although this is a longer term solution. After all, while some industries continue to struggle others are achieving significant growth, with the result that committing to a period of learning and acquiring new skills can create untold opportunity. It is simply a case of adapting to a changing job market in the most effective way, so that the decisions that you take deliver the best financial reward to you and your family.
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