Pros and cons: Hire internally or find a contractor?

When it comes to deciding whether to hire internally or find a contractor for a project, there are several factors to consider. Hiring in-house can provide stability and continuity within the team, as the employee is already familiar with the company culture and processes. Additionally, internal hires may have a deeper understanding of the company's goals and objectives, which can lead to more efficient and effective work.

On the other hand, hiring a contractor can bring fresh perspectives and new ideas to the table. Contractors often have a wealth of experience working with a variety of companies and industries, which can be valuable in tackling complex projects or solving unique challenges. Additionally, contractors can be brought in on a short-term basis, allowing for flexibility in staffing levels based on project needs.

However, there are also drawbacks to consider when hiring either internally or externally. Internal hires may be limited by their existing skill set or experience, whereas contractors may not have the same level of commitment or investment in the company's long-term success. Additionally, the cost of hiring a contractor can be higher than bringing on a full-time employee, as contractors often charge higher hourly rates or project fees. However, there are other contingent costs to hiring someone internally, like benefits, PTO, and other legally predicated factors.

Ultimately, the decision to hire internally or find a contractor will depend on the project's specific needs, the company's budget constraints, and the availability of talent in the market. By carefully weighing the pros and cons of each option, companies can make an informed decision that best aligns with their goals and objectives.