A Penny for Your Thoughts - What Would You Do?

[wantacontract]

You need to address how you are going to be living and working away from home with a 'young child' and how much this will pull on you.

When I went contracting my kids were 6 and 4. Have to be honest and say most Mondays driving 160 miles away had me with tears in my eyes. I worked away from home for 5 years as there were no contracts I could pick up locally. Even if you do not have to stay away, how long a commute would you have with different contracts? How long will your day be and will the kids be in bed when you leave for work and in bed when you get back?

I missed a lot of their growing up and now Im retired, I realise I will never get that time back. I think of all the parent days, sports days, christmas shows etc I missed and it all hurts.

Yes, the money was great. My kids got lots of stuff and I still love them to bits. But the lost time still rankles.

Contracting is good and gives a great lifestyle but my advice to people asking me whether they should try contracting was always the same: Have you got young kiddies, how much would you miss them when you are working away?

Just saying.

100% on this, I've just turned down a great rate, because at 200 miles I would see them approx 1.5 days a week, and that's with me tired. Sod that, money is not everything. I don't want to regret anything when I am older.

OP - I hear what you're saying on the career front, but in all honesty you have it good. Save some money, and put yourself on the course if you want more training and advancement on career.
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[Old Greg]

Background
I am 31, a Business Analyst for five years in the insurance industry. In January 2017, I inadvertently fell into contracting - I had applied for a job in my hometown, had 3 interviews, only to be offered the job on a permanent basis before it was retracted due to internal restructuring. They then offered me the role on a contract basis, with a view to making me permanent six months later. They were true to their word, although by this time I was tempted to stay contracting (a cynic might suggest at this point I'd seen all the upsides to contracting with none of the downside!). However, they persuaded me to switch to PAYE with a very attractive offer (circa £60k) - a key factor in my decision was the security as we'd just had our first child.

Fast forward a year, and I am having second thoughts as to whether I made the correct decision....

Current Position
My current, permanent contract carries a three month notice period, which makes finding a contract role very difficult without taking the plunge. The current job is massively convenient - 5 minute commute each way, it fits neatly around childcare arrangements, the people are nice, the package is extremely competitive, especially given that I do not have London commuting costs. Certainly, I do not want to burn any bridges by forcing their hand with notices etc.

However, the job is incredibly boring. The workload is much too light (I feel this is not just me that is suffering from this problem), and the senior management seem reluctant to pass on responsibility/tasks, which makes for a busy management team with very little time for the HR touchy-feely stuff (1-2-1s, L&D etc.). I've asked several times about studying for additional qualifications but have been repeatedly fobbed off. I've asked about extra work and tried to take the initiative, but this doesn't seem to work for any period of time. I returned to work after two days off today and was caught up on emails and outstanding tasks before 9am...

The Dilemma
My wife, and indeed family that I've spoken to about this, think I should return to contracting. I still have the limited company in place (albeit in a non-trading status) and I like a challenge. In my career, where I've stagnated in a role or felt that there is no development, I've moved on, and I am beginning to feel these same feelings. My longest role to date is two and a half years, but typically I've averaged about 18 months in each job. Finding another permanent role on an equivalent salary is extremely difficult (at best I could probably get a similar net take home when factoring in commuting costs), and I'm seriously toying with the idea of handing my notice in and then attacking the contract market as the clock runs down. This is somewhat of a high risk strategy, especially given that I do not have much in the way of savings to fall back on.

The Question(s)
- Some recruiters have flatly informed me I will not get a contract with a three month notice, while others have mooted that it may be possible for certain vacancies. I suspect the former is true, but has anyone managed to get a contract role before completing a lengthy notice period?
- What would you do in this situation? Would you stay put, or roll the dice and look to go contracting?
- The market seems incredibly buoyant currently - is it madness to hand in my notice without having another job lined up?
- Some outgoing contractors at my current place of employment (weirdly, nearly all the contractors I work with turn down the offers of renewal...!) mentioned a possible change to legislation in how limited companies are being taxed from October this year. Is this doom-mongering, or is there some truth to the rumour - I cannot find anything on the Internet on this? (I'm aware of IR35 changes, but does not apply to my industry).

My current position is highly convenient, but I am not feeling fulfilled in my career, and fancy a fresh challenge. I do miss working in London, although not so much the daily commute. I suspect I would be looking at day rates of £400-450p/d, which at least initially might feel like a substantial pay rise, when you take all the factors into play (e.g.: current 22% pension, 25 days holiday, time between contracts, probable future paternity leave in the next 2 years etc....) is perhaps less so. However, I do think ultimately we would be better off.

I'm keen to get the views of people in the market currently, as I'm in a real dilemma. I'm reluctant to give up a cushy number, but at the same time I am ambitious and don't feel like there is much scope for progression in my current role.

Stick or twist?! What would you do.....?

Stick. You have a good deal so try harder to make it work where you are.

[fiisch]

I accepted a contract offer today. I managed to find a unicorn - a BA contract that is willing to happy 9-10 weeks for me to complete my notice. It's taken speaking to a lot of recruiters, but it is doable. Good contract with a very reputably firm, looking forward to getting started - can't wait to meet my new boss................

Thank you for the advice - on balance, it was very tempting to stick, however 2 major points swung it:

• I am very bored in current role
• Possible relocation (personal rather than professional reasons) may well be coming up which means basing myself back in London is an advantage

I'm afraid you might be hearing a lot more from me....!

[northernladuk]

10 weeks!!? Jesus. The only way to approach a gig like that is assume it's not going to happen.

Don't assume you've got anything until you are sitting at the clients desk on the first day

[wantacontract]

man, I hope that contract is still there after 10 weeks!

[saptastic]

I accepted a contract offer today. I managed to find a unicorn - a BA contract that is willing to happy 9-10 weeks for me to complete my notice. It's taken speaking to a lot of recruiters, but it is doable. Good contract with a very reputably firm, looking forward to getting started - can't wait to meet my new boss................

Thank you for the advice - on balance, it was very tempting to stick, however 2 major points swung it:

• I am very bored in current role
• Possible relocation (personal rather than professional reasons) may well be coming up which means basing myself back in London is an advantage

I'm afraid you might be hearing a lot more from me....!

Nice one and Good Luck.

[WLB2018]

I was in almost the exact same situation, albeit I was a permie and getting bored with the light work load and even to the point I was being de-skilled by staying.

I simply built up a financial buffer and handed my notice in, with 1 month to go I scanned the job boards, rang agents and got myself out there, as it were. Granted even 1 month's notice left it was still difficult but it was fine.

During the rest of my notice period I got my new company, business account and of course the most important of all - an accountant!

As others have said; just make sure you and your accountant are as fully versed in IR35 as possible.

Best of luck, you wont regret it - best move I ever made

WLB

[jmo21]

I was in almost the exact same situation, albeit I was a permie and getting bored with the light work load and even to the point I was being de-skilled by staying.

I simply built up a financial buffer and handed my notice in, with 1 month to go I scanned the job boards, rang agents and got myself out there, as it were. Granted even 1 month's notice left it was still difficult but it was fine.

During the rest of my notice period I got my new company, business account and of course the most important of all - an accountant!

As others have said; just make sure you and your accountant are as fully versed in IR35 as possible.

Best of luck, you wont regret it - best move I ever made

WLB

On the flip side, I was in a similar position, handed in my permie notice, and it took my 3 months to get a contract after I finished up.

Like you though, I have never regretted it (though the 3 months was a bit scary!), and it was the best work move I ever made too.

OP - make sure you have a financial buffer, no upcoming mortgage you are planning to apply for, and if you can do it before kids come along even better.

[fiisch]

OP - make sure you have a financial buffer, no upcoming mortgage you are planning to apply for, and if you can do it before kids come along even better.

I've got £4.50, hoping to move house before Christmas, and already have an eighteen-month daughter in tow......

I've done the deed - waiting to hear back if my proposal for a one month notice period is to be accepted (I doubt it), but if we can meet somewhere in the middle it should work out okay!

Thanks all for the advice. Looking forward to being a contractor again.

[fidot]

looking forward to getting started - can't wait to meet my new boss................

Did you do that on purpose?