Hi guys. Found this website as needed some advice about career options. About 18 months ago (Dec '12) I got offered a job in a bank (through a recruitment agent contacting me). I was reluctant at first because it was a contract role and there was no pay for holidays no benefits etc. However after comparing the money it was a much better offer even with this considered. I worked for 3 years up until that point netting into my bank account about £2200/month (at the end) , now I net nearly 4 times that , the only sacrifice being I don't get paid for days off if I take them (I don't take many anyway) and you don't get health insurance. I am glad I moved, I like the work etc and it is much more stress free than my last job. However last week we were informed that they were closing down a segment of the business and it may have an impact on us and they think it might mean that they won't have the budget to keep some staff in 4/5 months time. Our team specifically was told we were at risk because we are 'subject to frequent budget review'. But there are other teams that do not appear to be impacted. I am wondering should I start looking already for another job or is there any point panicking until they actually do something? Thanks in advance for advice.
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If I were in your shoes (banking that kind of money for 18 months having barely taken any time off) I'd be looking forward to some time off. So "No".
Unless I'd spent it all. -
This. 18 months of around £500pd if you're not taking too many holidays should not be inducing panic. You should have built up a tasty reserve by now on that sort of money. I'd be gagging for time off by now, especially as it's the summer!Originally posted by I just need to test it View PostComment
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And spent the VAT and CT money as well.Originally posted by I just need to test it View Post
My first contract client had dozens of other first time contractors earning in the region of £500 pd. There was a huge panic when the project came to an end after 18 months. Plenty of people were struggling to pay their mortgage the next month, and possibly they had tax liabilities they didn't want to discuss. The money had gone on Audis, new kitchens and holidays.
Hopefully the OP has been more sensible and can enjoy a well earned break.
@ OP: you fell into contracting by mistake. NOW is the time to start thinking like a proper business, or find an employed job. Either way, I suggest you build a LinkedIn profile and connect with all the people you have ever worked with (more or less) and start hitting the job boards. Good luckThe material prosperity of a nation is not an abiding possession; the deeds of its people are.
George Frederic Watts
http://en.wikipedia.org/wiki/Postman's_ParkComment
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You don't need to panic, but generally banks are not looking great, but plenty of jobs/contracts outside banks, and non-banks, hedge funds etc look better.
Save up the warchest, and don't expect it to go on indefinitely, the bank gravy train seems to be drying up, slowly but surely, projects being offshored etc.
I would just hang in there, but keep your eyes open.Last edited by BlasterBates; 11 June 2014, 07:37.I'm alright JackComment
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Also, read up on contracting... see the "First Timers" link at the top of the right-hand column on this page.Originally posted by speling bee View PostOriginally posted by MaryPoppinsOriginally posted by vetranComment
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You should always be looking for another gig to see if there is anything better.Comment
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Make sure you have enough saved for any bench time, if you think that you will have downtime. Make sure you have enough in the company to pay the PAYE, NI, VAT and corporation tax.
No need to panic, the ability to get rid of contractors easily is why companies engage contractors rather than permies.Comment
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Also, proper contractors don't claim JSA but if you are really stuck, search for threads started by psychocandy or PM him. He's our resident expert.Originally posted by TheFaQQer View PostThe material prosperity of a nation is not an abiding possession; the deeds of its people are.
George Frederic Watts
http://en.wikipedia.org/wiki/Postman's_ParkComment
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