Am I shtoopid . . .

[Dow Jones]

Tough

Don't hold your breath! Looks like a tough 12 months ahead. Then again, when the going gets tough, ...

[Spoiler]

The problem is that I'm getting depressed with my permie role & really want to move. The job spec has started taking a direction that I really don't want to go down.

I do get reasonably well paid as a permie, and if I were to go contracting, I'd probably come out a little bit ahead financially. But this decision isn't just a financial one, it's more about saving my sanity.

The contract role hasn't made it to the agency yet, but I know the person at the client who's recruiting & have been talking to them (although I will still have to go through an agency if I go for it).

Right contract role, but bad timing. I'll give it a month or so & see if things brighten up (both in permie world & in the IB sector!).

[Dow Jones]

All down to numbers

If you are on a well-paid perm job, you need to think twice about ditching it and taking a contract.
One should use the following 'rule of thumb':
Ex. If one gets £ 67500 pa, with 25 days holidays + 8 more bank holidays + a couple of sickies = 35 d = 7 w, then £ 67500 divided by 45 (52 - 7 w) = £ 1500 pw, about average £ 300 p/d for contracting (more for IB).
Add another £ 12500 for pension contributions, private healthcare and free training and it comes to £ 80000.
Now that's well over £ 350 pd. Assuming it's a local contract and no expenses for hotel/travel which need to take into account when working away from home.
Factor in some degree of stability and continuity in one's career and you may think twice about it.
Not that I'm advocating

[BrilloPad]

As Maria off Corrie would say, probably!

I've got the possibility of taking up an initial 6 month contract position at an IB, giving up my relatively safe, warm permie job.

Is this the right time to be making such a move, considering the current job climate? Or should I stay where I am for now. Could someone look into the future & advise me please.

What would Wilmsloooooow advise?

I reckon IBs will need alot more people - IT cut to the bone. offshoring not worked (I reckon UBS problems due to too much offshoring).

On the other hand - I dont want any competition. Keep away.

[ace00]

Generally there's 2 types of contract, project and what I call permie replacement. Project will often be limited, replacement not (6 months, then another, etc..). So if it's a project role you will likely have to find another job in 6 months. So I'd get a handle on what kind of job it is, and how long it's likely to last. Ask your agent.

[Wilmslow]

As Maria off Corrie would say, probably!

I've got the possibility of taking up an initial 6 month contract position at an IB, giving up my relatively safe, warm permie job.

Is this the right time to be making such a move, considering the current job climate? Or should I stay where I am for now. Could someone look into the future & advise me please.

What would Wilmsloooooow advise?

Wilmslow says…..

You need to think about how much you trust the agent, and, if you have actually had a firm offer with the IB. contract – will it give you relative protection, like a months money if they dispense with you on grounds not ‘conduct’ related?

How long is your current notice? If able to walk immediately from one to the other, maybe worth looking at.

There are more people looking for contracts that contracts at present, so, why would the agent not get somebody else in and gazump you if you have notice to serve?

If we were not entering recession, sorry, credit crunch, and contracts were plentiful I would say look into it carefully. Given current climate, many contractors at my place are being goaded to become permies…..

[ChimpMaster]

Not all IBs are affected so badly by le crunch, but I'm sure each one will be taking advantage and cutting contractor numbers and rates.

Look at the rate and see how much more you would earn over the 6 months than you would in your permie job. For example, in those 6 months you might earn 12 months worth of permie salary (allowing for taxation etc), thus providing a buffer for you.

There is also the chance that the IB will try to convert you to permie after the 6 months, in which case you need to consider if that's in your zone of consideration. Contract to Permie conversions are all the rage here at this IB at the moment.

Generally though, unless you specifically want to get into IB, don't jump ship now.

[oracleslave]

It's not all its cracked up to be.

WHS

[Moscow Mule]

I'd kill to get into IB. Take it!

It's not all its cracked up to be.

[HairyArsedBloke]

In general, I'd say go for it; at the moment, I would stay where you are. I think the cuts are only just beginning.

[Platypus]

As Maria off Corrie would say, probably!

I've got the possibility of taking up an initial 6 month contract position at an IB, giving up my relatively safe, warm permie job.

Is this the right time to be making such a move, considering the current job climate? Or should I stay where I am for now. Could someone look into the future & advise me please.

What would Wilmsloooooow advise?

I'd kill to get into IB. Take it!

[Spoiler]

As Maria off Corrie would say, probably!

I've got the possibility of taking up an initial 6 month contract position at an IB, giving up my relatively safe, warm permie job.

Is this the right time to be making such a move, considering the current job climate? Or should I stay where I am for now. Could someone look into the future & advise me please.

What would Wilmsloooooow advise?