The Pros and Cons of Three Different Types of Employment

The Pros and Cons of Three Different Types of Employment

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Gone are the days when rushing off to a nine-to-five job was the only way to earn an income. Today there are more opportunities than ever to make sure your bank account is full and that you’re able to pay the bills while saving for today and tomorrow’s goals.

With that said, there’s nothing wrong with traditional full-time work. In fact, there are a lot of benefits to go along with the drawbacks. We’re going to take a look into different employment situations you may find yourself considering and explain the pros and cons before you take the plunge into any of the three.


The Life of a Full-Time Employee

Five days a week the alarm on your phone (or your clock if you’re old school) is set to a certain time, ready to shake you from your slumber so you can hit snooze a few times before starting what is likely a lengthy commute to work. You shuffle into the washroom, get ready, stuff yourself into attire you may not be particularly keen on and then head off in the car, the bus, or the train to work.

This may very well be the worst part of the gig. After all, research conducted by the University of the West of England revealed that every twenty additional minutes commuters spend on the road equates to the same level of dissatisfaction as an employee receiving a 19 percent pay cut!

Full-time employees often have stringent work schedules with little flexibility. Taking a day off may require some pleading with the manager and office politics can give you chronic migraines.

But working full-time is low-risk and comes with its own unique set of rewards, like:

  • Financial security
  • Stable and predictive schedule
  • Benefits (health, paid vacation, paid sick days, etc.)
  • Socializing opportunities (this could also be a drawback depending on your situation)

Full-time work also means being able to phone it in on days when you may be feeling sluggish or just not doing a whole lot. A day or two here or there doing the bare minimum likely won’t get you fired and it will probably go entirely unnoticed.


The Life of a Part-Time Employee

The part-time employee has a calendar they need keep up to date on a regular basis. Forgetting to make a note on the calendar or losing their phone can be disastrous when it comes to keeping up with their work schedule.

Part-time work can be hectic, but it sure is a lot more flexible than full-time work (especially if you’re able to have an input as to when you’d like to be at work). Another benefit to being a part-time worker is that many still have access to many of the same benefits as full-time employees (though perhaps at reduced payouts, such as less vacation days and “in lieu of” paid benefits).

One key drawback is that part-time employment does typically come with a reduced salary. But it is a great way to gain experience in an area of interest, build networks, and it can be used to supplement your existing income.


The Life of a Freelance Employee

Break out the pajama pants and freedom! Life just got a lot less hectic for those who go the freelance route—or has it?

Many freelancers will tell you how great it is to be able to work from their couch. Or from a coffee shop. Or from a tropical island.

They will also tell you how freeing it is to pick and choose which projects they want to work on, making the gig sound incredibly glamorous and enviable.

Which, in many instances, it certainly is.

What freelancers often don’t tell you is how hard and how long they had to hustle to find decent clients who pay fairly and on time. What they also might not tell you is just how unpredictable the work is, and how some months they need to “choose” projects they abhor just to pay the bills.

It also takes a unique individual to be able to handle the freelance life. One has to be especially disciplined to make deadlines, stay in contact with clients, and to be willing to accept that sometimes clients will find that their work simply isn’t “good enough.”


Making Ends Meet through Better Investments

The cost of living is more expensive than in recent memory, which has forced many to consider or take on other employment opportunities. A combination of two or all three of the above are common in many households across the world today which, while it creates some level of financial freedom or security, can also lead to increases in stress, depression, and anxiety. In the long term, this can lead to severe mental, emotional, and physical conditions that can affect your quality of life.

The way to earning more isn’t always to earn more upfront. It’s long been known that investing funds for any period of time often delivers higher and more substantial returns.

There are more investment options than ever available today, with peer-to-peer (P2P) lending being a leading cutting-edge strategy to make the most out of your hard-earned capital. To learn more, we welcome you to get in touch with us right away.

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