Originally posted by jayn200
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New contractor - when do I get paid?
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The greatest trick the devil ever pulled was convincing the world that he didn't exist -
You'll get some Bertie big balls in here try to give it the "I insist on being paid weekly" but the reality is you might get that, the norm is to get something around end of month + 14 days, give or take a week or so. After your first one or two of these you'll be looking to make sure they're paid on time but it won't be the end of the world if it's not. Your biggest task usually will be getting your approver to approve your timesheet before the deadline. If you don't, it rolls into the next period.⭐️ Gold Star ContractorComment
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Originally posted by LondonManc View PostThe difficulty isn't getting the first contract at the moment if you get the offer - what happens in three months, though, when that gets canned? If OP has more than two years in at the current employer, again, unless there are signs of bankruptcy, don't quit. Getting made redundant (generally) gives you two things that will help you switch; immediate availability and a cushion for a few months.
Personally I'd much rather work 3 months, sit out for 6 months rather than work permie for 9 months for same money.
I think even in this market you'll be able to scrap something together in 6 months. Can always go back to permie roles if it doesn't work out.Comment
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Originally posted by ladymuck View PostThe main annoyance, for me, with more frequent payment periods is the extra paperwork - four invoices a month vs one is a whole extra 15 minutes of effort.Comment
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Originally posted by jayn200 View PostYeah of course... But permie is no guarantee either and for majority of people 3 months contracting is the same amount of take home pay as 8-9 months permie.
Personally I'd much rather work 3 months, sit out for 6 months rather than work permie for 9 months for same money.
I think even in this market you'll be able to scrap something together in 6 months. Can always go back to permie roles if it doesn't work out.
Difference overall for permies is that after 8 months they simply carry on, whereas a contractor is running out of cash after five months out and stress levels are increasing. The permie meanwhile has ongoing skills being used and has the luxury of lack of pressure if they want to move on; they are coming from the position of being able to decline roles that aren't right for them (as I did last year). I got out of the contracting game at the start of 2018 but freely admit that I may choose to return at some point. My main reason to remain on here is therefore to understand the changing state of both the market and the methods of contracting; it may well be the case that I simply go hassle-free umbrella and FTC contracting as that's all there is by the time I return to the freelance market.The greatest trick the devil ever pulled was convincing the world that he didn't existComment
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Originally posted by LondonManc View PostNot exactly a contractor mindset!
Difference overall for permies is that after 8 months they simply carry on, whereas a contractor is running out of cash after five months out and stress levels are increasing. The permie meanwhile has ongoing skills being used and has the luxury of lack of pressure if they want to move on; they are coming from the position of being able to decline roles that aren't right for them (as I did last year). I got out of the contracting game at the start of 2018 but freely admit that I may choose to return at some point. My main reason to remain on here is therefore to understand the changing state of both the market and the methods of contracting; it may well be the case that I simply go hassle-free umbrella and FTC contracting as that's all there is by the time I return to the freelance market.
Me personally, I don't see myself going back to perm employment at least not doing the same things I am doing now. I need to be getting paid what i am contracting to do what I do otherwise the money isn't worth it for me. I am not going to do what I do for 70k a year, (50k take home) I'd rather go work in a university or something more relaxed like that if I am going to be earning such tulip money but everyones circumstance is different. I know a couple people on here were able to transition to high paying perm roles so might be different for them.
I am young enough but thankfully I already have enough saved to exit and just leave peacefully elsewhere so I would just take that route rather than going perm. I don't think I can go back to being an employee. I don't think anyone would want me either, I'd probably be awful to work with at this point.Comment
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Originally posted by ladymuck View PostThe main annoyance, for me, with more frequent payment periods is the extra paperwork - four invoices a month vs one is a whole extra 15 minutes of effort.
Can't be faffed, especially with all the attendant MTD requirements.Comment
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Originally posted by jayn200 View PostI think we just are thinking about this differently. I wouldn't expect anyone to commit 100% to contracting on their first contract, so would expect them to be looking at permie roles if they couldn't find another contract. It's different from someone who has made the full commitment to contracting.
Me personally, I don't see myself going back to perm employment at least not doing the same things I am doing now. I need to be getting paid what i am contracting to do what I do otherwise the money isn't worth it for me. I am not going to do what I do for 70k a year, (50k take home) I'd rather go work in a university or something more relaxed like that if I am going to be earning such tulip money but everyones circumstance is different. I know a couple people on here were able to transition to high paying perm roles so might be different for them.
I am young enough but thankfully I already have enough saved to exit and just leave peacefully elsewhere so I would just take that route rather than going perm. I don't think I can go back to being an employee. I don't think anyone would want me either, I'd probably be awful to work with at this point.The greatest trick the devil ever pulled was convincing the world that he didn't existComment
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Originally posted by LondonManc View PostI think the difference is at what stage of your contracting cycle you're at. There's no way I'd be looking at going to contract at the moment. A glance down the list at Jobserve would tell you quickly what the market is like (to save you looking, it's terrible) so earning 3 months on your first contract then competing with seasoned contractors for your second contract would be a completely futile exercise imho.
A good way to stay poor is to stay risk averse in my opinion but hey that's all it is just an opinion. There are lots of people who have been working the same permie role for 20+ years who are earning very little in "stable" employment with no savings who either have recently or will be losing their jobs in the next 6 months.
There are contractors who went perm prior to ir35 reform who felt pretty safe that will lose their jobs in the next 6 months.Comment
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Originally posted by jayn200 View PostIt would be worth noting in my original post I mentioned my conditions for when I thought it would be appropriate to take the risk and I did mention if the expected work is 1 year + and the company is not negatively impacted by covid-19. Of course you can get cut anytime as a contractor but you can as a permie as well. Still for me it would be worth the risk if I was in that position. I wouldn't recommend anyone go perm for a 3 month contract right now without a likely extension but a 6 month contract that's likely to be extended for 1 year + sure, why not?
A good way to stay poor is to stay risk averse in my opinion but hey that's all it is just an opinion. There are lots of people who have been working the same permie role for 20+ years who are earning very little in "stable" employment with no savings who either have recently or will be losing their jobs in the next 6 months.
There are contractors who went perm prior to ir35 reform who felt pretty safe that will lose their jobs in the next 6 months.The greatest trick the devil ever pulled was convincing the world that he didn't existComment
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