Salary Negotiation Tips for Independent Contractors

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Salary negotiation tips for independent contractors
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[@andylacivita]

More salary help! This time for people needing help assessing their contract pay!

[@KarlDag]

Vwry interesting!
Here in Canada (the land of taxes!), at least in IT, the general rule of thumb is that for a full time employee at 75k/year, a contractor doing the same job would grt 75$/hour

[@bethiciaprasek1008]

Hi Andy. Thanks for your videos. How does this compare to going into consulting?
In my area of work I would want to get liability insurance and of course manage the taxes etc. (Oilfield Chemical Regulatory Compliance and Industrial Hygiene) I would be responsible for.
I do not expect to go this route for another 10 years and hope I can work for a consulting company part or full time prior to that. In my industry, many consultants are previous employees to the larger companies. Many of those employees (like me who has worked for the the larger company) are older than me and may want to retire....😃
I would likely employ at least part time employees to do the non-technical roles such as accounting, etc. Just thinking ahead. Any thoughts?

[@jonathanlunglo]

Great insights! I had a couple of contract / contract-to-hire roles right out of college, and all of this advice is spot on! A follow-up question: I've often wondered how the fees for staffing agencies work? Is it a mix of a one-off headhunting fee, and/or a typical multiplier (20%?) of your hourly rate on an on-going basis?

[@andylacivita]

Staffing agencies have their rate buried into what they charge the client. For example, client plays them 70 and they give you 60. Oftentimes, there is rate structure should you turn into a full time employee for their client. In month one their fee would be high. In the month six it would be lower. After month 6 or 9 it might be zero. All of these are different. And, I’m speaking only about staffing firms, not executive search here.

[@jonathanlunglo]

Thank you for your insights!@@andylacivita

[@michaelheyn2484]

Hey Andy - I've found that the benefits of write-offs and self-directed 401ks are really good. Profit sharing being a great boon. What is your opinion on leveraging the full-time offer for instead simply an aggressive raise (while continuing a C2C arrangement)

[@andylacivita]

Great tip!

[@snakeplissken1087]

My experience is they will never negotiate on an hourly rate on a contract. At best they might up it 2 dollars an hour, thats it. Its funny cause they will ask me what rate do you want and then they say well the rate is X. Then why the hell did you ask me what rate I want?!?!?!

[@andylacivita]

So true. But it does depend on what you’re contracting for. Many employers do view most as a commodity which is why they don’t negotiate much!