Consulting engagement refers to a recruiting arrangement where Company contracts up with employees that offers services on freelancer basis.

Structuring a part-time consulting engagement can be beneficial at times but each type of consulting arrangement has its own pros and cons. If you are looking for such an arrangement in any field, you need to know understand the different ways of structuring a system.

Let us go through three different types of consulting engagements.

Hourly: many freelancers, especially who are working as a freelancer as a side, opt for thus hourly system. It works best if someone is working as a freelance for the first time. The hourly consulting engagement makes sense for the following reasons:

  • It is quite easy to track.
  • The freelancer does not under price because he knows that his job will not take much time.

But eventually when the consultant move forward with work he realizes that hourly engagement is not worthy. You actually end up losing money in this manner. Here are few examples.

  • In case you work faster, you end up making less money.
  • Hourly rates are always less than project based rates.

By Project: It is another consulting structure that can benefit both employee and employer. Temp agency can also help in looking for freelancers who are interested in working on project basis. The talented freelancers who have the capability of satisfying their potential clients are always in demand. It is very important to make a contract in such cases which include detailed information about the quality of work, time accuracy, revisions needed etc.

Project pricing can be very much beneficial for the employees or freelancers due to following reasons.

  • Potential for more work from ongoing clients.
  • You get a better rate as compared to hourly engagement.

Monthly retainer: Known as the holy grail of the consulting structure, monthly retainer is simply about securing your long term future. With this kind of structure, a contract employee can be sure about from where your monthly income will come from. Moreover, it is all about selling less and pricing more.

The contractor just needs to plan for further resources and make a long term strategy to keep work going.

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