I'd have thought that what the company wants would have some relevance. I'd also have thought that there's quite a bit of difference between the options... between accounting for taxes and your social welfare entitlements and other stuff too. If working as a contractor your hourly or daily rate would be significantly higher than your apparent wages as an employee.
In Ireland companies can't simply choose whether staff are employees or contractors... some supposed contractors can be ruled to be employees by Revenue, due to the nature of the work and the arrangements. Would the company dictate your working hours?, if so you're an employee.