Home » Zorayr Manukyan – Hiring a Team – Employee Or Independent Contractor?

Zorayr Manukyan – Hiring a Team – Employee Or Independent Contractor?

Zorayr Manukyan - Hiring a Team – Employee Or Independent Contractor?

When building your team, you have access to an important decision – whether to hire employees or independent contractors. Far from a simple binary choice, the hiring decision can affect the overall growth of your business in both tangible and intangible ways. Employees provide stability, while independent contractors are often more cost-efficient. To make the right call, it’s important, as per Zorayr Manukyan, to understand both perspectives and weigh which is right for your specific situation and goals. What follows is an exploration of each option so that businesses can be equipped with all relevant information when making such a crucial decision.

Zorayr Manukyan On Hiring a Team – Employee Or Independent Contractor?

According to Zorayr Manukyan, when it comes to hiring a team, there are two options to consider: Employee or Independent Contractor. The decision between the two can be complex and consequential, so it is important for businesses to be aware of each option’s pros and cons when making this determination.

Employees offer numerous advantages to employers. To start, employees provide more stability than independent contractors, as they are required to stay with the company for an extended period of time. This helps ensure that the employee has invested their full energy into the company’s success and goals. Additionally, employers benefit from increased control over their staff; employers work closely with employees to create effective procedures and operations that best meet organizational objectives. Further, employees also bring along specific rights and protections, such as the right to employee benefits in accordance with local laws, access to services like health care insurance, and protection from discrimination.

On the other hand, independent contractors can be advantageous for businesses in certain situations. One key benefit is that they provide a short-term solution when a project requires quick completion or an unexpected workload demands extra help. Independent contractors are also less expensive than employees; employers do not have to pay for employee benefits or additional taxes that come with employing workers. They also bring the skillsets needed for specific projects into your organization without having to commit to hiring someone long-term.

When making this decision, it is important, as per Zorayr Manukyan, to consider all factors carefully. For example, according to a study conducted by the Bureau of Labor Statistics in 2019, 70.8% of workers are employed as employees, while 11.3% are independent contractors. Moreover, a survey conducted by AARP the same year found that 56% of independent contractors prefer to remain independent, and only 10% would switch to employee status if given the opportunity. This shows that hiring an employee or an independent contractor is a decision with long-term consequences; businesses should be aware of this before they lock themselves into either option.

Zorayr Manukyan’s Concluding Thoughts

Ultimately, there is no one-size-fits-all answer when it comes to hiring a team; businesses should take into account their needs, budget, and legal requirements before making a decision between the employee and independent contractors. According to Zorayr Manukyan, by understanding each option’s advantages and disadvantages beforehand, organizations can be well prepared for whatever situation arises when building their team.