Contract 250/day vs Perm 50k

[mashetti]

I've been on the bench for 2 months now and it's getting a bit boring. Thankfully I've had some promising leads last week and if all goes well I potentially have a dilemma (which is a good thing I guess).

If you had to choose between the following options below does one stick out as being the obvious choice?

3 month contract
Health related business
Possible extension (but they always say that)
250 per day
90 mins commute

Perm role
Financial related business
50k base
Not sure of other benefits etc yet
30 mins commute

I know people say 50k is equivalent to 500/day but I think 250-300 is getting close to the 50k equivalent but that's just based on quite simple calculations. So from a financial point of view I think these 2 options are quite similar (feel free to prove me wrong!)

I would rather stick to contracting but the rate is taking the p1ss (normally would have to pay 350 min) and the commute doesn't excite me too much having done a similar 90 min commute earlier in the year and having no life. The market seems to be quite tough so it's probably the best time to go into perm world to get a stable income and some training. That said perm is such a dirty word!

Thoughts?

[Not So Wise]

Hard choice, kind of agree with your calculations of 250 being roughly equal to 50k (highly disagree with the 500 equal to 50K) but I would say the following,

If you don't have recent financial exp and the permie position can be used as a spring board to give to your CV that needed financial (and you actually want work in financial, some don't regardless of how good the money can be) would say take permi role for 18 months or so and go back to contracting when the market improves

If you do have financial exp. or no interest in working in financial sector then choice will be really a matter of your personal circumstances and preferences

[d000hg]

If you don't have major personal issues with being an employee, I'd recommend the perm job. 50k ain't at all bad, and I would struggle to ever take work which required a 90min commute (assuming you mean 90min there, 90min back).

[TroubleAtMill]

Assuming you can keep the contract role for 12 months then it's probably marginally better financially. Of course that's a big assumption and, as you pointed out, you'll be spending 5-10 hours a week more traveling.

I agree with Not So Wise and d00g to grit your teeth for 12 to 18 months until the market is better.

[zamzummim]

Both roles are at the same level when it comes to financial rewards, so, you need to look at how each role is going to look on your CV, and help you further your experience, personally, I'd rather have Financial related business on my CV because I know its relevant and will add value to my CV. At the end of the day there is no real permie role, if you don't like the company after afew months, then there is nothing obliging you to stay.

[Green Mango]

Both roles are at the same level when it comes to financial rewards, so, you need to look at how each role is going to look on your CV, and help you further your experience, personally, I'd rather have Financial related business on my CV because I know its relevant and will add value to my CV. At the end of the day there is no real permie role, if you don't like the company after afew months, then there is nothing obliging you to stay.

I'm so sure about that. If the perm role has company pension with the sick pay and holidays. Seems to me the perm role is the better paying.

[swamp]

Take the £250 a day. Hold off signing until the last minute and gazump the agent for an extra £100 around 4:30pm on the Friday. Settle halfway at £300 and push for an extra £50 every renewal date.

Meanwhile accept the perm job as a fallback in case your poker game doesn't work.

[Turion]

250/day is equivalent to about 33k/year perm based on the well known 1000 x hourly rate conversion. The perm job p1sses over the contract in every way. However you will have to jump through more hoops to get it and be up against much better competition who will be from permie backgrounds.

[chicane]

50k perm strikes me as the obvious choice. Not sure what field you're in - I can easily get 250pd contract but most perm salaries in my field max out at around 40k.

[mace]

No brainer

Permiedom doesn't guarantee longevity but, on average, a permie role will last longer than a contract, especially £50k permie roles, which with fringe benefits will be between £55k and £60k. Your commute's much shorter, you may get some friendly colleagues to go for a pint with, and you might get some better quality work.