Should I go permie

[TheRightStuff]

I've been contracting for over 3.5 yrs at the same bank.
on the last day of the previous contract they asked me if I wanted to go permie.
The offer was 50K basic + 15% pension + possible 10%-20% bonus + share scheme (tax free after 3 yrs).
At that time I was on 320 p/d.
After doing some basic calculations I found out I would be alot worse off going permie.
When I refused they gave me another 6 months + a rate increase to £350. I should refuse more often.
However, they did say this could be my last extension as the department is looking to replace contractors with permies.

I've worked out that to match my net annual contracting income they need to offer me around 60-65K p/a.
This will increase the pension and bonus as everything is worked off the basic.
What do you reckon are the chances of them doing that?

I also hate the idea of having to wait 1 yr for a bonus, 3 yrs for the shares to be tax free etc.
I prefer working 1 day and getting paid for that work and nothing else. No brown nose and sucking up required.
It seems like your always tied down and will always have an excuse not to move.
I also like the idea that my only meetings are the weekly team catup and every few weeks an individual catch up.
Have I just answered by own question?

[The Farmer]

No

[lukemg]

You sound like a contractor to me. It's all about long term prospects.
If you are in a skillset that you don't really like/is becoming a commodity, consider a perm job if it gives the chance to retrain/change direction - usually contracting won't do this.
If you love the place + location + wife and kids - consider permie.
If you are by nature cautious and uncertain about what could happen in the future - consider permie.
If they just want you to stay doing the same job as you are now but for less money (especially when you look at tax) - consider saying no thanks, it is major grief for them to train someone else up, you could well be able to squeeze much longer out of them.
I have mates in comparative professions - accounts, management etc And I reckon their career earnings will easily be a match for mine when you consider a 5 yr cycle of skills becoming obsolete, few lean years etc.
You might do better than them for a while but their progress is a slow but relentless upward gradient - mine doesn't look like that, it's more like a rollercoaster.
Stay contract if you can, go permie if you have to !

[TheRightStuff]

no I shouldn't go permie or no they won't offer me 60-60K or no I haven't answered by own question. I guess it's the 1st one. right?

[The Farmer]

no I shouldn't go permie or no they won't offer me 60-60K or no I haven't answered by own question. I guess it's the 1st one. right?

The first one.

I would listen to Luke though.

If you are happy with the job and the permie package supports your lifestyle then it may be worth considering.

If you anticipate that the bank will start to thin out contractors then if your skills are marketable you may be in a position to secure another gig that demands a higher rate.

Personally I prefer contracting.

On the bench at the min though. Comes with the territory.

New gig starts early next month

[Hart-floot]

no I shouldn't go permie or no they won't offer me 60-60K or no I haven't answered by own question. I guess it's the 1st one. right?

How are you working? Basic Salary + dividends or IR35? Do you contribute to a pension? If so how much etc etc

Looking at the figures they are quoting, basic salary + pension + bonus + sick and holiday pay + training etc and your earnings at 350pd for a 40 week year the difference doesn't look that great. Looks like a close call to me.

[Bagpuss]

I've just been offered a job in your place for twice that Salary, a company car, 300% bonus 3 times a year, a secretary who will perform free BJs. Frankly I can't be bothered.

HTH

MF

[TheRightStuff]

the only problem is that I'm an IT contractor in a finance department.

All jobs here are advertised as requiring ACCA/CIMA. If I go permie I would need to get one of these qualifications to get anywhere. I know this is a fact as 1 guy here (permie) is intelligent and has been working his nuts off for the last 6 months but wasn't even considered for a management post that he was really doing before a restructuring took place.

Spoke to him at lunch time and he reckons it's becuase he did not have the qualif. He was contracting before they offered him permie. I asked him if it was worth moving permie and he's said the jury is still out. He also can't leave now for another 18 months because of his pension. Less then 2 yrs and you get sod all.

To be honest I don't want to be ACCA/CIMA certified and I just don't have the time now as I have a 3 month old daughter. Prefer to spend my precious time with her then reading through books.

However, wife is not working because we both agree we would like to bring her up without getting nanny's etc. On the good side we have a nice house without a mortgage, as of last month, and savings to back us up. Down side we are looking to get a bigger house now because at 32 yrs of age I should be a bit more geared up. Only going for a 200K mortgage so should be around 1.5K p/m. Very manageable when your net is around 5-6K p/m.

[The Farmer]

I've just been offered a job in your place for twice that Salary, a company car, 300% bonus 3 times a year, a secretary who will perform free BJs. Frankly I can't be bothered.

HTH

MF

[shaunbhoy]

I've just been offered a job in your place for twice that Salary, a company car, 300% bonus 3 times a year, a secretary who will perform free BJs. Frankly I can't be bothered.

Yes. The most expensive traffic bollard in Western Europe. A good fit for your skillset baggy, Congratulations.
Do you get to remove the large latex phallus that you are required to wear daily strapped to your forehead on your current gig?