The dark side is calling (contract to perm)

[oversteer]

Been at clientco IB for a few years now. They've offered me a perm role - VP level in tech.

I don't particularly want to get on the ladder but have a nagging concern about private sector IR35, this government have been so bad I wouldn't be surprised if there was a sting in the budget (let alone if the other lot get in) and divi changes have certainly hit the pocket.

Offered base + benefits would be about 20% under a year's current contract money after tax - although there's a discretionary bonus, to which nobody will commit any actual amounts, and my Googling hasn't turned up much. (Other than 'bankers' make hugely more than 'non-bankers')

The team is not front office, so less stressful, and the overall role should be a good opportunity to add some skills, swan about at conferences, volunteering, that sort of thing.

Anyone made a similar step?

[sasguru]

Been at clientco IB for a few years now. They've offered me a perm role - VP level in tech.

I don't particularly want to get on the ladder but have a nagging concern about private sector IR35, this government have been so bad I wouldn't be surprised if there was a sting in the budget (let alone if the other lot get in) and divi changes have certainly hit the pocket.

Offered base + benefits would be about 20% under a year's current contract money after tax - although there's a discretionary bonus, to which nobody will commit any actual amounts, and my Googling hasn't turned up much. (Other than 'bankers' make hugely more than 'non-bankers')

The team is not front office, so less stressful, and the overall role should be a good opportunity to add some skills, swan about at conferences, volunteering, that sort of thing.

Anyone made a similar step?

I've just gone from contractor to permie (in a new country, to boot).
I've been a contractor for 25 years but occasionally go permie if I can learn new skills.
In this case the skills on offer were too good to pass up (money wasn't bad too) and work is super-interesting, to me at least (machine learning/AI).
My goal is to pick up those skills and go back to contracting asap.

Sounds like you're in an IB, which I've done before and hated. It depends on your personality but do you really want all the crap that goes with being permie?
What are the long term propects? Learn anything new or just same old? Personally it would take a lot for me to go back to permie fullitime. I'm chafing already.
I guess some are just born to be contractors.

[ChimpMaster]

"Offered base + benefits would be about 20% under a year's current contract money after tax"


Doesn't sound like it was worth contracting there in the first place.

[LondonManc]

Been at clientco IB for a few years now. They've offered me a perm role - VP level in tech.

I don't particularly want to get on the ladder but have a nagging concern about private sector IR35, this government have been so bad I wouldn't be surprised if there was a sting in the budget (let alone if the other lot get in) and divi changes have certainly hit the pocket.

Offered base + benefits would be about 20% under a year's current contract money after tax - although there's a discretionary bonus, to which nobody will commit any actual amounts, and my Googling hasn't turned up much. (Other than 'bankers' make hugely more than 'non-bankers')

The team is not front office, so less stressful, and the overall role should be a good opportunity to add some skills, swan about at conferences, volunteering, that sort of thing.

Anyone made a similar step?

Yes, I've recently passed my six month probationary period on a perm job.

Benefits:
No worrying about IR35, running a business, etc - you simply get a payment each month that's yours
No worrying about extensions
By comparison to contracting, almost no worrying about budget being pulled
Sitting on a beach and not worrying about the opportunity cost - you're being paid to sit there
If you feel less than 80%, don't drag yourself in and sit dying at a desk
The prospects of being promoted and getting payrises by proving yourself
No worrying about accommodation each night, simply go home

Downsides:
An IB will want their pound of flesh from a well-paid VP
The paypacket is a bit of a shock unless you're running on bare bones anyway
HR procedures
Lack of variety longer term

In terms of working for an IB, I'd be aiming for a directorship; make sure that you have it spelled out very clearly to you what the route is to get from VP to Director.
Once you've made Director at a decent IB, it's pay dirt and I wouldn't be looking back at contracting from there until I got the Spanish archer. By that point, you should have built up sufficient contacts to get another director gig at a different IB or hedge fund.

Overall, though, the choice is a very personal one and the work-life balance conundrum is different for everyone.

[oversteer]

Thanks all. Forgot about probation! Weird when you've been there for so long.

I think US banks are doing OK at the moment, lots of Brexit work and a weak £ so UK reasonably solid for now.

I've learnt some new skills on the job but now it's going to be harder to pick up more without an actual change of contract - and there are benefits I have now being an established person in a global team (working from home, flexible working etc) that I might not be able to do if I started somewhere else. These probably outweigh the HR/Permie/IB tulip that puts some off. And I don't work with front office, so no 11pm Wednesday code releases "don't go home till it's fixed" or bs like that. It's much more relaxed.

The only thing I can't work out is the bonus..

[GhostofTarbera]

"Offered base + benefits would be about 20% under a year's current contract money after tax"


Doesn't sound like it was worth contracting there in the first place.

Let’s do same job for less -

Best idea of the week

[GreyWolf]

I did contractor to permie as part of moving back to the UK with the view that it was an attractive offer and the permanent contract greased the wheels of renting a flat and generally getting things settled on arrival. It was meant to be means to an end though - once settled I'd dump their HR bulltulip, objective setting, reviews, etc. and get back to the honest world of contracting.

Then I'd thought I'd stay on until I got a nice mortgage deal with my permie status. Oops, that's me past the one month notice stage and into three months notice. Bugger, hard to jump into another permie role from there, never mind contracting. Then it's bonus time coming so it'd be silly to throw that away. Months pass and the fact that it happens to be a total ****-hive (a real unpleasant contrast to the professional environment I was in abroad) is starting to wear a bit but I find don't have the 'nads to give up that monthly payment and jump into the unknown.

I've got a permie attitude now - too scared of bench time to make the leap. There's no good reason for that as I have the money to tide me over and having some time to learn something new would be good - that's certainly not happening at work so I'm heading for trouble anyway if I stay.

Still, your place might turn out to be nice.

[LondonManc]

Thanks all. Forgot about probation! Weird when you've been there for so long.

I think US banks are doing OK at the moment, lots of Brexit work and a weak £ so UK reasonably solid for now.

I've learnt some new skills on the job but now it's going to be harder to pick up more without an actual change of contract - and there are benefits I have now being an established person in a global team (working from home, flexible working etc) that I might not be able to do if I started somewhere else. These probably outweigh the HR/Permie/IB tulip that puts some off. And I don't work with front office, so no 11pm Wednesday code releases "don't go home till it's fixed" or bs like that. It's much more relaxed.

The only thing I can't work out is the bonus..

Unless it's guaranteed, ignore it until you get it.

Let’s do same job for less -

Best idea of the week

Not that straightforward, though, is it?

[GreenMirror]

I am undergoing convention now.

Last day of contract will be around the 21 month point so no need to worry about 2 year rule.

And they are offering a lot of money. Plus a great package.

My feeling is that public sector reforms will go to private sector. The various anti-HMRC groups will not join forces. Jump before I am pushed.

[LondonManc]

I am undergoing convention now.

Last day of contract will be around the 21 month point so no need to worry about 2 year rule.

And they are offering a lot of money. Plus a great package.

My feeling is that public sector reforms will go to private sector. The various anti-HMRC groups will not join forces. Jump before I am pushed.

That, Brexit and work/life balance led me to the dark side. Missing some elements, but not others.