I've done around 15 years of outside ir35 contracts, but I'm currently in a FTC, it's not a straightforward FTC bad, contracts good situation. The ir35 rules have changed the equation somewhat.
Positives of a FTC -
1) you should be able to negotiate yourself to the top of the salary band for the role you're in. It's an easier negotiation precisely because it's a FTC and less of a long term commitment from the client's point of view. The bands are often quite wide, I'm in a lead role and think I'm getting approx 15k more than I would expect for the same permie role.
2) Short notice period - as a permie in a lead role, I'd be on 3 months' notice. As a FTC, it's one month. This is in my favour if I see a better contract role elsewhere as it gives me a chance of getting it without having to negotiate a reduced notice period. Obviously this is true for both sides, but if you're overly worried about being binned by the client at short notice, then as the saying goes "you're not cut out to be a contractor".
3) Training/Flexibility. You get all these, as they are legally obliged to treat you the same as a permie. So 4 days a week, say, or weird hours and you've a better chance of being successful. Also it's easier to weedle your way into a project/technology you can see as an opportunity.
Financially, my view is it's broadly similar to an inside ir35 gig, as long as there's a decent company pension contribution and reasonable holidays/sick pay. Plus they can't force you out for a month over christmas.
Downsides - you have some permie nonsense to deal with but if you have a bit more wit than a halfwit you can manage this.
I've only one experience but the renewal process is also more difficult because permie managers aren't always good and knowing how long it takes and/or the sign-off involved. It's not the usually better understood headcount process or Purchase Order and Agency process.
So in summary, as you'd expect, don't rule it out until you've fully considered the possibilities
Positives of a FTC -
1) you should be able to negotiate yourself to the top of the salary band for the role you're in. It's an easier negotiation precisely because it's a FTC and less of a long term commitment from the client's point of view. The bands are often quite wide, I'm in a lead role and think I'm getting approx 15k more than I would expect for the same permie role.
2) Short notice period - as a permie in a lead role, I'd be on 3 months' notice. As a FTC, it's one month. This is in my favour if I see a better contract role elsewhere as it gives me a chance of getting it without having to negotiate a reduced notice period. Obviously this is true for both sides, but if you're overly worried about being binned by the client at short notice, then as the saying goes "you're not cut out to be a contractor".
3) Training/Flexibility. You get all these, as they are legally obliged to treat you the same as a permie. So 4 days a week, say, or weird hours and you've a better chance of being successful. Also it's easier to weedle your way into a project/technology you can see as an opportunity.
Financially, my view is it's broadly similar to an inside ir35 gig, as long as there's a decent company pension contribution and reasonable holidays/sick pay. Plus they can't force you out for a month over christmas.
Downsides - you have some permie nonsense to deal with but if you have a bit more wit than a halfwit you can manage this.
I've only one experience but the renewal process is also more difficult because permie managers aren't always good and knowing how long it takes and/or the sign-off involved. It's not the usually better understood headcount process or Purchase Order and Agency process.
So in summary, as you'd expect, don't rule it out until you've fully considered the possibilities
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