part time employees

Tips for Part-Time Employees in Financial Management

As employers increasingly hire more part-time employees and fewer full-time employees, many of the workforces are considering the viability of part-time work. Aside from the obvious financial implications, there are several pros and drawbacks to consider when deciding if a part-time working style is right for you.

Key benefits:

  • Part-time work is ideal for family-oriented people, especially those who value the opportunity to pick up their young children from school.
  • Part-time employees enjoy increased free time for extracurricular activities.
  • Not only can employees save on gasoline and car maintenance costs, but they can also shave dollars off their monthly car insurance premiums.

More Free Time For Other Projects And Activities

Perhaps the biggest advantage of part-time work is the increase in free time for extracurricular activities. For those who lack the academic qualifications for the job they dream of, a part-time position can serve as a stepping stone to the flexibility to obtain the certification needed to find roles in the desired profession. 

Others may use part-time work to climb stairs within an existing field. For example, a person with a degree in social work may receive a part-time job, which at the same time allows them to obtain the degree of graduate necessary to obtain a more profitable job in the field of mental health.

Part-time work also attracts those who support special projects such as writing, community service, and artistic endeavors. Such classes offer great personal satisfaction, even if they do not bring big salaries.

Opening the Door for New Job Opportunities

When a company does not have a full-time job, employees can take part-time jobs to position themselves as an obvious candidate when the desired staffing schedule appears. Part-time work can also help people gain experience and training in unfamiliar areas. In addition, part-time employment also allows you to avoid using a borrow money app because it allows getting a personal loan with lower rates when your salary is not enough. 

Finally, an employer who may not want to hire an inexperienced person on a full-time basis may be inclined to hire a willing candidate on a part-time basis if he or she shows an enthusiastic desire to learn the profession.

Opportunity to Make More Money

While this may seem counter-intuitive, part-time work can sometimes allow a person to earn more money – especially if they can balance more than one job. For example, a person who combines a concert 30 hours a week with another concert 20 hours a week may earn more than one full-time position. In addition, given that many full-time salaries require 50 to 60 hours of work weeks, this person may still end up working less than the total number of hours.

Reduce Stress And Improve Health

Studies show that full-time workers tend to feel worn out due to insufficient time needed for exercise, enjoying the sun outdoors, and, as a rule, maintaining a healthy lifestyle. In contrast, working part-time, have more time to visit the gym more often and get better sleep. In addition, studies have shown that health is one of the main reasons for a person’s lack of full employment. Part-time employment also allows for more efficient management of daily tasks, such as buying groceries, doing laundry, and doing other household chores, which ultimately leads to improved order at home.

Paradoxically, part-time volunteers often experience less financial stress because they meet expenditures to match their income. This behavior contradicts a phenomenon known as lifestyle inflation, where costs actually increase with increasing income. In other words, those who are able to adapt to a slightly lower standard of living often find that working fewer hours is conducive to full-time work.

The Importance Of Family

Part-time work is ideal for family-oriented people, especially those who value the opportunity to pick up their children from school. In addition, part-time workers can save on daycare costs, which can exceed the extra money earned by working full-time. For those working part-time, it’s crucial to manage your income, if you’re not good at handling money, then you should try out the free financial management apps.

Although a certain level of income is needed to provide for a family, those who earn just enough to pay for basic living expenses by sacrificing luxuries may find short-term work an unacceptable compromise.

Disadvantages of underemployment:

  • The received reward is less than regular work with identical characteristics. For part-time salary, the proportional part corresponding to full employment is calculated. In the same way, their contribution will be smaller, and therefore the benefits they will collect will be smaller.
  • Less chance of raising and raising. Productivity per employee is usually lower due to less dedication, and in the case of a desire to advance in the service, companies tend to prefer full-time employees at will.
  • In addition, the employee is less likely to accept long-term projects due to instability or simply finding a more stable full-time job. If it were the employee who demanded a reduction in the working day, there would be no such obligation or instability.
  • An excess of part-time contracts can lead to greater job insecurity, which can lead to a loss of productivity in the general economy.

Remuneration in cases of part-time work is formed in proportion to the time worked or counting on production. Part-time work doesn’t entail any restrictions on the scope of labor rights of employees.

The introduction of part-time work may be a change in significant working conditions, respectively, its introduction requires prior notice to employees for a minimum of two months. If part-time work is about at the employee’s request, the worker doesn’t must be notified in two months, and part-time work will be introduced at any time.

The statement of the worker on the establishment of part-time work states:

  • Type of part-time work (part-time or part-time week),
  • Part-time mode (start and end time),
  • A period that part-time work is ready, etc.

The legislation doesn’t clearly define whether the establishment of part-time work is allowed because of the reduction of the duration of both the working day and also the working week at the identical time.

The law also doesn’t regulate what percentage days or hours are allowed to be set for part-time work. This could be a specific number of hours per day or days per week.

In the case where part-time work is established without a limit, the owner isn’t bereft of the proper to alter the duration of part-time work or replace it with full, only if the enterprise, institution, or organization changes within the organization of production and labor, and following the procedure and terms of the notice of the worker.