Guide to Temporary Assignments in the Gig Economy
Are you interested in exploring temporary job opportunities in the gig economy? This step-by-step guide covers various aspects of job shopping for fun and profit, highlighting motivations, qualifications, resume tips, scope, and where to find leads. Navigate through disclaimers, understand different contractor classifications, basic qualifications, crafting a standout resume, and accessing online resources to connect with potential employers. Discover the flexibility, benefits, and challenges of temporary assignments in a dynamic working landscape.
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Presentation Transcript
Job Shopping for Fun and Profit A step-by-step guide to temporary assignments in the gig economy
Disclaimers I am not: An investment advisor A tax advisor A career counselor A Legal advisor Verify everything that follows through Professional advisors Irs.gov, GSA.gov, www.ceweekly.com , www.cjhunter.com, etc.
Motivation Client Project Schedule Seasonal shortages Specialized need Staffing shortage Overhead expense Benefits Limited commitment Mandatory retirement Shopper Interesting work Compensation Overtime Tax benefits Limited commitment Short search No fault termination No age limit
Scope W-2 Contractors Taxed as individual on 1040 Per diem/mileage as shop allows Carve-out for per diem, mileage 1099 Contractors Taxed as Schedule C business (pass-through entity) Rate includes expenses Individual 401-k plan Consultants join IEEE Consultants Network
Basic Qualifications Geographic preferences Family restrictions Character Clean record No drug/alcohol addiction Financial Good credit, FICA 750-850 Resources for dry period of 6-12 mos. Orientation best for technical rather than people person
Resume First page is a summary similar to a conventional resume Remainder is similar to a Curriculum Vitae All experience, education, etc., including any relevant summer jobs No limit to length recruiters are looking for a match File at www.CJHunter.com for recruiter searches For an example, see www.CJHunter.com resume ID=ww068501.
Leads www.CEWeekly.com or www.CJHunter.com Pre-eminent matching for temporary assignments Paper subscription for minimum term to get directory of contract firms, etc. + on-line On-line subscription for remote access $25/yr Resume storage Stored search ( system or software ) and engineer
Typical Job Listing Location: City, State Duration: 12+ Months Rate: Market Rate (Negotiable) Job Description: Has hands on real-time deeply embedded C development expertise that includes recent lab experience integrating with, and debugging on, target hardware Has experience in developing in a multi-processor environment Expertise using Perforce or other source configuration tools for integrating a single shared baseline Is a self starter, able to individually design and implement a wide variety of complex hands- on coding assignments, debug, develop unit and SW integration tests, and perform peer reviews Demonstrates a desire and the ability to learn the complex SW architecture and GPS user equipment Prior background with some of the following beneficial: o GPS concepts, standard user host interfaces, signal processing or navigation user equipment, automated embedded system testing, military GPS receivers, position, velocity and timing, Matlab, Kalman filters, digital signal processing or tracking loops, DOD development experience Demonstrates written and oral communication skills Consistently delivers individual assignments to plan Knows and continuously practices software best practices Has platform experience using Windows, C/C++ and GCC
Responses Shops usually overly specify to maximize chance of a match (25-50% is good) Send an email Brief relation of requirement to experience However tenuous, forthright Availability No $$$ at this point Contact information Typically 1000 in one month
Finances See https://www.gsa.gov/travel/plan-and-book POV mileage allowance GSA $0.58/mile per GSA effective 1/1/2019 Lodging Lookup on GSA function of location, season Standard rate $94/night Actual cost for 1099 s subject to above Meals & Incidentals Lookup on GSA function of location, season Standard rate $55/night Proration rules first/last day Other differences between W-2 & 1099
Requirement for Per Diem Permanent residence outside the commute area of the job May be residence of parent or child Generally considered the tax home Considerations Temporary residence inside the commute area of the job Commute area is undefined
Taxes Consider both federal and state (possibly city?) Consider tax brackets Determine impact of tax free mileage/pd Budget expenses as % of reimbursement Aim to set rates such that after tax income is constant over assignment locations
Retirement Rare for W-2 contractors Plan for 1099 contractors Individual 401-k plan (One-participant-k) See fidelity.com For individual contractor For spouse in community property state 100% of compensation up to $19,000 ($22,500) 25% of profit up to total of $56,000 ($59,000) See https://www.fidelity.com/retirement- ira/small-business/self-employed-401k/overview
Retirement (Contd) Consider tax rates for traditional/Roth 401-k Roth not deductible but earnings will never be taxed Married/Single rates differ Consider other retirement income Consider RMD for traditional 401 plans Generally rollover from 401-k to IRA at term. Roth conversion advisable but tricky
Screening Telephone with recruiter, never video or in person (about 50 such call-backs) Be prepared to discuss every requirement in terms of experience and/or education Elicit name of client, location, details Determine expected report date Establish basis of engagement, mileage, per diem amounts or carve-out from GSA rates Finally, state your rate
Submission About 50 shops will submit to clients Do not expect changes from your agreement with the shop The shop will represent you to the client The shop will usually indicate intent to submit The shop will not usually indicate progress after submission until the client requests an interview.
Insurance Client/shop will not provide auto insurance Client/shop will not provide health/Rx insurance Client/shop may require liability insurance or be additional named insured on existing policy Malpractice insurance may be necessary But perhaps not if client is presumed competent Incident vs. Claims Made insurance Seek legal advice
Client Interview Telephone (likely only 1 or two) In person, video, group interviews generally unsatisfactory, best to decline New requirements may arise Listen for the real requirements What the client really wants This is the time to nail down reporting who, where, when, contact details, etc. Do not discuss $$$ with client or others Make the deal with first, rarely go to second
Security Clearance Be sure any security clearances are noted with each employment/assignment on resume Recent clearances are often reactivated No hard and fast definition of recent Some are reactivated even before the offer Be sure to retain copy of all security clearance forms indefinitely Be aware that some higher clearances may be classified
Checkpoints About 2-3 weeks Elicit a quick performance review Determine if assignment will last as assumed Continue to assess at end of each task Be prepared for termination Look for added tasks, change of/new assignment End of year Be prepared for possible extension to reset per diem
Transport Air May be best for the initial few weeks Auto/forwarded packages Limited bulk for the long haul Large SUV or van Allows a bit more personal property Auto with trailer Most autos cannot handle 2000# hitch so only open trailer
Lodging Search on CJHunter for Furnished Housing Or https://www.furnishedfinder.com/housing/?s=cjh Ensure any lease includes no penalty termination due to job termination For the initial 2-3 weeks, hotel or airbnb best Extended stay is expensive after 1stmonth Look for furnished room or apartment Unfurnished with bargain sale furnishing OK
Expansion Additional tasks Negotiate change in work schedule to beyond 40 hours Listen for new, expanded roles Be ready to help even outside your assignment Be curious and read up on things current staff may not understand Referring other shoppers produces goodwill
Conversion to Clients Employee Most contractors will refuse due to $$$ Shop s contract with client may require payment Consider all aspects of offer such as Fit within organization/prospects Relocation from permanent residence Title/$$$ Benefits
Termination Termination is to be expected Remember, there is no stigma attached Understand the motivation If budgetary, there may be flexibility in schedule within cost Often, the project may just be coming to an end If uncomfortable, fire the boss ! Look for new role in client Maybe you just need to change shops to reset
