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hello everyone this is mr dice again your business teacher and business consultant and today i want to run by you the types of employment contracts or the most popular types of employment contracts that are out there and discuss some um some of the criteria that each have particularities and see how they would fit in in our business model or why we might be even tempted to to use them or take them in consideration of course all of them have advantages and disadvantages and they add pressure or remove pressure from the business but just imagine the concept of stakeholders yeah so if you take some financial pressure from your shoulders as a business you might generate question marks when it comes to loyalty from your employees so it's extremely important that we find the right balance and then we set the right expectations and pay them ingly so the number one contract that we have discussed already we i we already discussed about the employment contract what does it contain what does it have what do we find over there what it should have over there in our previous video uh but now we're gonna start talking about typologies okay so number one would be full time contract how how do you know it's a full-time contract well you can look at the number of hours that someone has to put in over a week or a month okay so it's an employment contract that has normal full working week this would be uh 40 hours per week okay and if we were to talk about a month it would be 160 hours per month okay so this is how we can identify if a contract is full time okay now there are certain advantages over here it provides a sense of security for the employee it gives them stability in terms of income and this translates into loyalty okay what better said it can translate it's not something guaranteed but it can translate into loyalty so i'm going to stick with my job because it provides security regular paychecks stability and you know i should show my loyalty over there and it's an income you can count on and just think about the situation if you want to take for example a bank loan or a mortgage or buy a house or buy a car you would actually need to prove that you have a full-time contract that enables you to take that low the downside of it is that it's the most costly type of contract that you can have on the long run of course if if uh you have a business that doesn't have busy time or activity or working at its peak all the time so you also pay here for downtime [Music] holidays leave lack of work provided okay so on and so forth so it's very costly if uh you don't monitor these things very carefully within your own business the second one is actually derived from the full-time contract and it's called a part time contract it's a very similar definition from this for this one it's an employment contract that has less than a normal full week working week or month if you'd like so i would take an example you only have to work eight hours per week now that is a part-time contract of course it's it's very rewarding for me as a business to know that i can call in call in staff only the busy periods making sure that everybody has what to work and justify their paychecks uh and of course it has lower costs than a full-time contract yes that's for sure [Music] this is for me as a business in general but if i'm trying to think objectively about an advantage a part-time contract would have for the employee is that it's kind of an ideal solution if you're seeking for a second job yeah or if you're seeking for a second job you know to increase your income uh then a part-time contract could be the ideal solution for you as an employee but if this is a side dish yeah so that's not the main generator of money with which i put bread on the table then you know i might not have the same productivity or perhaps interest to perform at peak as a worker i would be [Music] earning less than a full-time contractor full-time contract employment contract and i don't i don't have any second thoughts when i'm saying that the sense of security is not the same is not the same in fact there are banks which don't even take in consideration part-time contracts when they're evaluating the scoring of a candidate in terms of eligibility to take a loan so you know this could be a tough one to find out after years of working on a part-time contract that you can't do nothing over that so i would advise that this is discussed transparently from the beginning number three would be the so-called flexi time contract okay which is an employment contract that allows staff to be called in when it is the most convenient for both the employer and the employees i hope it stays that way and it doesn't become only a solution for when it's convenient for uh employers that take advantage of people that are out there on the market which is desperate so i'm hoping this will be a win-win uh situation of course i'll focus on the busy times yeah like i would call in additional waiters uh in the evenings because i have a lot of dinner tables that are booked for my restaurant yeah i'm thinking also of prime time so when it's prime time for delivering for example milk in the morning i need additional drivers that help me with this task number four would be temporary contracts okay now this is an employment contract that is designed for a specific period of time [Music] only and a good example would be six months that's it that's all you get i'm being transparent i need someone specialized for six months to help me solve this task or problem it is highly characteristic so it kicks in uh especially especially when you have a specific project or task it is it could involve a full-time contract or a part-time contract but still on a specific time length okay now the advantage with this kind of contract is that you as a business really have control because you are using outside contractors for a specific task and once that task is done you don't need to put additional budget over there or guarantee a paycheck for them if the project was closed the last one would be zero hour contract this is a tough one because it involves is that kind of employment contract that involves no minimum hours of what guaranteed no minimum hours of work guaranteed okay and you'll be paid only when your work will be needed paid only when your services are needed okay well you should not expect you know to have uh rates that are in your favor over here because you provide no guarantee or stability you promise nothing and for that reason i would not really expect people to be extremely loyal when this happens because the one that actually pays someone on a regular basis and makes sure that they can sustain their family and their life habits is the one that is going to be treated with the highest priority when uh when a decision comes so the less involved you are with the type of contract within the life of your collaborators or employees you know that the less priority they will give you so thank you very much for watching this video and don't forget if you have any business queries just drop me a line and i'll help you pull it through