Hi everyone,
Having been reading varies thread for a little while and knowing there are a lot of seasoned professionals on forum, I am posting my first dilemma for your advice. My apologies for the extremely lengthy post.
Background
I am 55 and been in IT for 30 years not getting anywhere fast, I took a VR package last year and a few months break. When looking for a new opportunity earlier this year, the client offered me the choice between permanent and contractor, I chose to set up my own company to give contracting a go. However, my contract experience to date has not been fantastic, having worked two contracts in 7 months. Both supposed to be 6 months with potential extension. BUT, arriving on day one with 4 other new contractors, I was NOT given the work I was hired for and all of us got cut after only 3 months later. I was extremely lucky to walk into the 2nd contract the day after with a higher rate because it required European travel. However, this one was cut short again due to internal organisation. The client offered me the position as a perm which I turned down.
That was in August and I was not so lucky to land another gig straight away. As others had indicated on the forum, the market is pretty tough out there. I found many agents fighting for the same position and if you are not on top of the pile, your application get nowhere! Then, I tipped my toe in the perm market and thought if nothing else, at least to practice my interview skills.
I interviewed for a perm position with a global brand (Top 150 of Fortune 500) in Sep and didn’t get a clear Y/N assume it was filled. On my day to interview with a contract position last week, they just happen to made me an offer (£10K more than advertised). Then within 24 hours, I received the offer from the contract position too!
This made it extremely tough to choose because both has its merits:
Perm £80k + benefits, no bonus scheme, pension only 5%. Will be upgrading to the newest platform in the near future. Train journey 1.5 each way
Contract: day rate £500 (not greatest) but a greenfield project and the management team looks very credible. Car journey 130 miles per day or 1.5hrs+ each way depending on traffic. Negatives: IR35 looming and there is no guarantee that this gig will remain outside
Both offers me the intellectual challenge I am looking for and keep up to date with the latest technology so I will be very marketable with either project in 1.5-2 years time. My heart is on the contract position because it will have a higher take home pay (although not quite as much as 50%) and it’s a brand new project. BTW, my situation is that other half is in a secure and well paid job, a few BTLs and keeping a small mortgage on main resident. So I am only taking a minimum salary, £2k dividend and plan to put all earnings to maximise my pension.
However, I am worried that during this turbulence times, am I taking too much of a risk because as one gets older, it will be harder to land a permanent job. I think it’s easier to go one direction than the other. Is my thinking correct? What will you do in my dilemma? I wanted to check my thinking with you seasoned professionals out there. Your opinion is greatly appreciated!
Having been reading varies thread for a little while and knowing there are a lot of seasoned professionals on forum, I am posting my first dilemma for your advice. My apologies for the extremely lengthy post.
Background
I am 55 and been in IT for 30 years not getting anywhere fast, I took a VR package last year and a few months break. When looking for a new opportunity earlier this year, the client offered me the choice between permanent and contractor, I chose to set up my own company to give contracting a go. However, my contract experience to date has not been fantastic, having worked two contracts in 7 months. Both supposed to be 6 months with potential extension. BUT, arriving on day one with 4 other new contractors, I was NOT given the work I was hired for and all of us got cut after only 3 months later. I was extremely lucky to walk into the 2nd contract the day after with a higher rate because it required European travel. However, this one was cut short again due to internal organisation. The client offered me the position as a perm which I turned down.
That was in August and I was not so lucky to land another gig straight away. As others had indicated on the forum, the market is pretty tough out there. I found many agents fighting for the same position and if you are not on top of the pile, your application get nowhere! Then, I tipped my toe in the perm market and thought if nothing else, at least to practice my interview skills.
I interviewed for a perm position with a global brand (Top 150 of Fortune 500) in Sep and didn’t get a clear Y/N assume it was filled. On my day to interview with a contract position last week, they just happen to made me an offer (£10K more than advertised). Then within 24 hours, I received the offer from the contract position too!
This made it extremely tough to choose because both has its merits:
Perm £80k + benefits, no bonus scheme, pension only 5%. Will be upgrading to the newest platform in the near future. Train journey 1.5 each way
Contract: day rate £500 (not greatest) but a greenfield project and the management team looks very credible. Car journey 130 miles per day or 1.5hrs+ each way depending on traffic. Negatives: IR35 looming and there is no guarantee that this gig will remain outside
Both offers me the intellectual challenge I am looking for and keep up to date with the latest technology so I will be very marketable with either project in 1.5-2 years time. My heart is on the contract position because it will have a higher take home pay (although not quite as much as 50%) and it’s a brand new project. BTW, my situation is that other half is in a secure and well paid job, a few BTLs and keeping a small mortgage on main resident. So I am only taking a minimum salary, £2k dividend and plan to put all earnings to maximise my pension.
However, I am worried that during this turbulence times, am I taking too much of a risk because as one gets older, it will be harder to land a permanent job. I think it’s easier to go one direction than the other. Is my thinking correct? What will you do in my dilemma? I wanted to check my thinking with you seasoned professionals out there. Your opinion is greatly appreciated!
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