The demand for different types of contractors is on a tremendous rise, with the population and construction activities increasing rapidly. The aim of this write-up is to put forth the details related to them and their salary in detail.
A contractor in general is a person (or a company), hired to carry out work, or to provide material at a specific price or within a specific time period. There are many types of contractors, which can be differentiated based on the nature of their work; they are:
School Bus Contractors
Their duty is to provide bus facilities to the schools with whom they are associated. The salary can vary as per the terms and conditions of the contract. Major companies can earn a very high income through such contracts.
They work for their employers when they are assigned any work. If a company provides infrastructure services like highway development, construction of bridges and over bridges for government, etc., it is an independent contractor.
The income of such companies depends on how big the contract amount is. Large companies can earn millions of dollars for a single project. The independent contractors on an average can easily earn around USD 50,500 per year.
They are generally hired by the general contractors to do a part of the total work of the contract. The salary largely depends on their experience and ability to complete tasks on time, without compromising on the quality. A roofing subcontractor can earn in the range of USD 24,000 to USD 180,000 per year.
General or Construction Contractors
They supervise the construction work and track the performance of all the employees working on the project. Thus, they handle a very important responsibility of successfully completing a construction project in the allotted time.
Duties and Responsibilities
The construction contractors have the option of working as self-employed businessmen by having their own firms, or work in a contracting firm as a contract manager.
They work closely with the people involved in the construction process, such as the laborers, material suppliers, plumbers, engineers, electricians, etc. They make sure that these professionals deliver the best output to make the project a big success.
Another important duty is to keep a tab on the expenses for the construction of the project. They have to ensure that the costs do not exceed the finalized amount in order to maintain profitability. Thus, their role in entirety is vital, right from the start of the project till the end.
Considering the aforementioned job description, we arrive to the conclusion that it is a job of a specialist. Hence, having the right kind of educational qualifications is mandatory to become a successful construction contractor. A degree or diploma in civil engineering can be the right educational qualification.
Those who have completed courses in construction science, construction engineering and construction management can also expect to get suitable jobs in reputed real estate companies. Certifications from government-approved institutions will help a lot. Qualities such as hard work, consistency and good communication and interpersonal skills are also essential.
The salary of a construction contractor depends on the educational qualification, years of experience, type of employer, and the location of work. The salaries of the ones working in large and reputed companies will obviously be higher than the ones working in small and medium-sized companies.
The median salary is believed to be around USD 59,000 per year. The salaries for the ones, with less than five years of experience can be around USD 50,000 per year. The salary range for jobs, existing at the middle level of hierarchy of construction contractors, can easily be in USD 32,000 to USD 100,000 bracket per year.
For the highly experienced people, the annual income can be in excess of USD 100,000. The income for those with more than twenty years in the field can go as high as USD 140,000 per year.
Though the numbers are quite impressive, you will have to face many challenges in the initial stages of your career. The start-up salaries can be in the range of USD 24,000 to USD 36,000 per year. However, with experience, hard work, and creativity, you can lay your claim for highest-paying jobs in this field.