Many professionals begin their careers as contractors. Contractors enjoy the flexibility and independence that comes with a contractor position. However, as time passes, the desire for stability, benefits, and long-term growth opportunities may prompt contractors to consider transitioning to an employee role. Read below to understand the differences between contractor and employee and the factors to keep in mind when converting a contractor’s salary to an employee’s salary.

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When you are running a business, hiring the right talent should be one of your top priorities. It is one of the most important assets your business can possess. However, it’s important to remember that “hiring” is a relatively flexible term. You can hire many professionals and leverage their talent to boost your business without making them employees.

The ability to hire “independent contractors” gives you many of the benefits that hiring permanent employees do with relatively little downside. However, it does come with one risk – independent contractor misclassification.

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When expanding into new territories, you may not wish to commit the level of resources required immediately. In such instances, hiring an independent contractor abroad can be a cost-effective solution. It allows you to set up operations to test the viability of your business without deploying large-scale assets.

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