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NEW YORK (AP) — Thinking of making the leap to freelance, or hiring an independent contractor? Here are some pros and cons to keep in mind:
FOR INDEPENDENT CONTRACTORS/FREELANCERS
Pros:
— More control over the work you do.
— Flexible schedule.
— The possibility of making more money.
Cons:
— You're responsible for finding the next job.
— Need to figure out health insurance, retirement savings and taxes. Must also keep track of payments from gigs.
— Not having co-workers can get lonely.
FOR COMPANIES
Pros:
— Independent contractors bring in fresh ideas without paying a full salary and benefits.
— Contractors can focus on one problem or issue that needs solving.
— Hiring companies can vet contractors, saving time and money.
Cons:
— If a company likes an independent contractor, it may be hard to get them to stay or work full-time hours.
— The contractor might not be a match, and could take time and additional money to find a replacement.
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