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- I had applied for a job in my hometown, had 3 interviews, only to be offered the job on a permanent basis before it was retracted due to internal restructuring.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.....?
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.....?
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