Switch to perm or ride the dying wave

[heyya99]

Thing is, you never know how long a dying wave will take to die. My tech specialism has been in a dying wave for the best part of the past 10 years and somehow fortunately I have managed to contract through that. I've always known and accepted that I was riding this wave all the way to the shore, and I decided that it formed part of my life plan. I have a few months' work left, and no idea what I will do after this, but for a number of reasons I don't give a damn.

Point is, the death throes you're predicting may very well last many years, allowing you to work yourself into a position of freedom faster than you might by jumping ship.

Choppy waters, chaos - good news.

It's a fair point. I was expecting some sort of shock in the Autumn statement.

[Lockhouse]

What's the problem with staying perm for longer and working your way up the ladder at the IB? Get a director gig and the money is no longer a reason to go contracting. Negotiate in as VP with a clearly-defined path to Director and you'll never look back.

Nailed it.

[heyya99]

I passed the first stage of the permanent algo trading job. The contract interview has been put back to next week.

[northernladuk]

I passed the first stage of the permanent algo trading job. The contract interview has been put back to next week.

And did you use that'll interview as an opportunity to interview them about what they can do for you.

I'm under no illusion what's gonna happen here though

[stek]

All the guys I know in Algo trading are maths guys, really intelligent, doesn't fit the OP's profile here...

[heyya99]

All the guys I know in Algo trading are maths guys, really intelligent, doesn't fit the OP's profile here...

How's that bridesmaid's dress fitting on you?

[MrMarkyMark]

How's that bridesmaid's dress fitting on you?

Don't tempt him, that might be the best offer he's had all week

[Mark2117]

is permanent now the better opportunity?

I'm a newbie so apologies if I'm breaking etiquette but did find this threat interesting and related to my circumstances and looking for some general advice/thoughts.

My contract is ending and I'm very fortunate to have an offer for a contracting and a permanent role. Been contracting for 5 years, thoroughly enjoyed it but finding the complexity increasing and financial gap reducing between the two, and looks like it'll only get worse.

Contracting market rates seem to be reducing (having taken a reduction for a role two years ago and being offered the same rate now) and the permanent salaries seem to be increasing in comparison. Company running costs and taxes are slowly increasing and the ability to leverage any savings seem to be getting closed. So is now the time to put the ltd to non trading and jump back to permanent?

A bit more context - permanent role pays about 75% that of the contracting role. Comes with benefits and there's an opportunity to upskill that I haven't done for a while but is a more senior/challenging role. Personal consideration is that the contracting role is on my doorstep and I have a young family.

I know it's a personal choice and a great position to be in but interested in general thoughts or opinions as much to do about the future of contracting over the next 2-5 years.

[northernladuk]

This contract role is on your doorstep.Where will the next one be? And the one after that and so on. All the PS contractors will be flooding the market soon as well.

I never understand why people make decisions based on where their next or current contract is. Like that guy the other week wanting to ditch his client for his 'dream' gig... But it's only temporary. They all are.

75% of your contract rate isn't bad at all. Granted making an accurate assessment of like for like is nearly impossible if that's a solid guesstimate then sounds like a fair gig. Only need a couple of months on the bench in a year, which will happen sometime, and the permie role will actually pay better. Depends if the rest of the stuff around the role is attractive to you.

[VillageContractor]

This contract role is on your doorstep.Where will the next one be? And the one after that and so on. All the PS contractors will be flooding the market soon as well.

I never understand why people make decisions based on where their next or current contract is. Like that guy the other week wanting to ditch his client for his 'dream' gig... But it's only temporary. They all are.

75% of your contract rate isn't bad at all. Granted making an accurate assessment of like for like is nearly impossible if that's a solid guesstimate then sounds like a fair gig. Only need a couple of months on the bench in a year, which will happen sometime, and the permie role will actually pay better. Depends if the rest of the stuff around the role is attractive to you.

Like NLUK says, contracts are temporary so location is a short term consideration. It doesn't sound like you're confident in getting lots of contracts so the permanent gig might be the best option for you.

75% is either a very good salary or a very poor rate