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Reply to: 150k perm or 1000p/d inside?
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Previously on "150k perm or 1000p/d inside?"
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Sorry if I missed it, but what's your preference in terms of being part of a company, long term retention, career, etc? Is there a progression beyond this role or is this what you do and will continue doing for the forseeable?
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Originally posted by NowPermOutsideUK View PostIs it just me or have salaries really gone up - In the past (2010) I think a lot of people in finance thought of 100K as the magic number whereas now it seems quite a few people have reached 150K and it seems more normal. So is 150K the new 100K and are these jobs paying that as common as I think they are
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Is it just me or have salaries really gone up - In the past (2010) I think a lot of people in finance thought of 100K as the magic number whereas now it seems quite a few people have reached 150K and it seems more normal. So is 150K the new 100K and are these jobs paying that as common as I think they are
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was in similar position and ended up taking perm as I had just completed MVL for my company and wanted a safety net for two years. Only additional detail to look out is the bonus %. AFAIK if you are in financial services none of these firms commit to % of bonus in contract. in my case bonus was not mentioned in the contract
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I had a similar decision, also in financial services - not quoting numbers though. Went perm three months ago, no regrets. You can always go back out there and at that level you're a money machine in bonuses and benefits.
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Originally posted by Bobmcbob View PostThe perm offer is a 6-month notice period, after the 3 months of probation. In my last perm (very political horrid broker) I was put in the garden, then they tried to dismiss me for some BS to avoid paying the full amount (I’d been there under 2 years with no rights still).
Notice means not a lot to these types of firms (under 2 years anyway), only when it suits them, that’s one of the reasons why I was initially leaning toward the contract.
my usual rates have been 750-850 outside, I’ve also had perm roles at 130. The perm offer does look somewhat better this time, also I’m at the point where I will value the paid days off.
Thanks,
Bob
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The perm offer is a 6-month notice period, after the 3 months of probation. In my last perm (very political horrid broker) I was put in the garden, then they tried to dismiss me for some BS to avoid paying the full amount (I’d been there under 2 years with no rights still).
Notice means not a lot to these types of firms (under 2 years anyway), only when it suits them, that’s one of the reasons why I was initially leaning toward the contract.
my usual rates have been 750-850 outside, I’ve also had perm roles at 130. The perm offer does look somewhat better this time, also I’m at the point where I will value the paid days off.
Thanks,
Bob
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What happens in year 2? What kind of gig will you be able to get next? Is 1k a day inside your normal rate or is that quite exceptional? So it looks like the Inside gig might edge out the perm gig in year 1... but what about years 2, 3 4 and onwards?
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Originally posted by jayn200 View PostProbably would lean inside personally just because you can bill for any extra days/time worked. How does it work in banking with notice period? If it's like 6 months and they won't pay you out then that's another reason to go inside. If they will just pay you out for it, then maybe it's a reason to go perm.
The reason I say that is important is I think there is a very high likelihood that you will leave in 1-2 years. Just from burn out and being former contractor.
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Originally posted by Bobmcbob View PostThanks all, really useful points. The perm gig is 150 base + 20% bonus. Also + 10% employee contrib pension, so is ~195k cash/pension+ 25 days hols, medical insurance etc...
outside Its around 220k, but minus out the 10% pension it’s almost the same. With no expenses etc then not as advantageous as I thought.
Both roles will be quite political and I don’t see much actual difference, given what I do in banking, and the hours will be long regardless!!
I think I will come down to my personal preference... going to see what kind of joining bonus can factor in, and that might just sway me.
thanks,
Bob
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Probably would lean inside personally just because you can bill for any extra days/time worked. How does it work in banking with notice period? If it's like 6 months and they won't pay you out then that's another reason to go inside. If they will just pay you out for it, then maybe it's a reason to go perm.
The reason I say that is important is I think there is a very high likelihood that you will leave in 1-2 years. Just from burn out and being former contractor.
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Originally posted by BlasterBates View Post
Bear in mind that in some of these banks 80 hours is the norm, you have to divide by 2 to get the actual hourly rate.
To be frank all salaries are tulip. 1k inside is about 9k net. Depends on your lifestyle, family, children but that might not get you very far in central london.
This makes a lot of sense:
https://www.youtube.com/watch?v=aac9QbtKzb8
Depends a lot on what the wife does and what commitments you have but long term I would presume it would be very dependant if you are able to climb the ladder to the next level. Otherwise you are overcommitted to the lifestyle(without realising) and it will end up in bankruptcy.
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Thanks all, really useful points. The perm gig is 150 base + 20% bonus. Also + 10% employee contrib pension, so is ~195k cash/pension+ 25 days hols, medical insurance etc...
outside Its around 220k, but minus out the 10% pension it’s almost the same. With no expenses etc then not as advantageous as I thought.
Both roles will be quite political and I don’t see much actual difference, given what I do in banking, and the hours will be long regardless!!
I think I will come down to my personal preference... going to see what kind of joining bonus can factor in, and that might just sway me.
thanks,
BobLast edited by Bobmcbob; 31 May 2021, 20:21.
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Originally posted by NowPermOutsideUK View PostSo the perm offer is 120K base plus 30K bonus? If that is correct and you had 1K a day I would still go for the 1K a day. very interesting problem to have and I would love to know your specialism to get to these figures
Needless to say if there was an option from my calcs 700 per day outside would beat 150K perm but thats my personal situation.
There are few perm benefits and you can be cut as easily as anyone else these days
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Originally posted by NowPermOutsideUK View PostSo the perm offer is 120K base plus 30K bonus? If that is correct and you had 1K a day I would still go for the 1K a day. very interesting problem to have and I would love to know your specialism to get to these figures
Needless to say if there was an option from my calcs 700 per day outside would beat 150K perm but thats my personal situation.
There are few perm benefits and you can be cut as easily as anyone else these days
I'd go for the inside gig. You are a contractor, you do a day's work, you do not have to get involved with the other shenanigans of permi life.
If you get 1y inside and another year later on as permi you get the rights to severance package etc. so it should not affect future prospects if you decide to stick with them.
If it goes sour after few months, you stick it on your cv with pride.
Vote for the money, especially if you are close to retirement age and doing contributions. Permanent employment is a red herring anyway.
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