The dark side calls. The dark side calls.
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  1. #1

    Nervous Newbie


    Join Date
    Feb 2007
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    Default The dark side calls.

    long time lurker here.
    decided to make first contribution. Have been contracting since 2006. mostly in banking/finance in the city.
    enjoying current gig. civilised working hours, good people, half hour commute. day rate £600.
    loved the contracting life. the independence etc. never struggled for work.
    however, the IR35 crunch approaches!
    my client is blanketing all contractors within IR35.

    have been offered a perm or fixed contract position. total package (including pension contributions) is 143k
    + health care, life insurance, income protection and various bits and pieces.

    either that, or go brolly or have a holiday over the summer with my family thanks to big warchest.

    am very tempted to take what looks like a no brainer offer. what do you do?
    Go full permie? take a year fixed contract and watch the market? brolly? Holiday?

  2. #2

    Default

    From a purely financial POV, if I were contracting on 600 p.d. and I had a permie offer of 143k and I were not averse to becoming a permie, then I would bite their arm off. That is a very good offer.

  3. #3

    Godlike

    ChimpMaster's Avatar
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    The total annual package value of the permie offer is more than your total contract rate for a year (assuming 4 weeks holiday).

    Sounds odd that the client would shoot themselves in the foot like this.

  4. #4

    bored now

    eek's Avatar
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    Default

    Quote Originally Posted by fargaman View Post
    long time lurker here.
    decided to make first contribution. Have been contracting since 2006. mostly in banking/finance in the city.
    enjoying current gig. civilised working hours, good people, half hour commute. day rate £600.
    loved the contracting life. the independence etc. never struggled for work.
    however, the IR35 crunch approaches!
    my client is blanketing all contractors within IR35.

    have been offered a perm or fixed contract position. total package (including pension contributions) is 143k
    + health care, life insurance, income protection and various bits and pieces.

    either that, or go brolly or have a holiday over the summer with my family thanks to big warchest.

    am very tempted to take what looks like a no brainer offer. what do you do?
    Go full permie? take a year fixed contract and watch the market? brolly? Holiday?
    With that deal go Perm.
    merely at clientco for the entertainment

  5. #5

    Nervous Newbie


    Join Date
    Feb 2007
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    10

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    Quote Originally Posted by ChimpMaster View Post
    The total annual package value of the permie offer is more than your total contract rate for a year (assuming 4 weeks holiday).

    Sounds odd that the client would shoot themselves in the foot like this.
    Yeah. They were operating under the assumption that my contractor retention rate was 77 percent of gross. Which it's not. I kept quiet about that.

  6. #6

    Godlike

    ChimpMaster's Avatar
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    Quote Originally Posted by fargaman View Post
    Yeah. They were operating under the assumption that my contractor retention rate was 77 percent of gross. Which it's not. I kept quiet about that.
    Can you get me a job there too please?

  7. #7

    Godlike

    ladymuck's Avatar
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    Take it, blag lots of training and get into new stuff then jump ship when the storm blows over.

  8. #8

    More time posting than coding


    Join Date
    May 2018
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    260

    Default

    I'll do it for £120k and give you the other 23k as commission.

  9. #9

    Should post faster


    Join Date
    Nov 2019
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    Lovely. 143k.

    From those contractors I know also considering perm offers from financials, there does appear to be a 20-40k uptick over a typical advertised perm offer for same role. Good to know what is being offered to switch, shows what they can go to when pushed.

  10. #10

    Should post faster


    Join Date
    Nov 2019
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    111

    Default

    And the early adopters to financial permie land absolutely rinsed the banking pot of cash to get them to sign up. The remainers doing the same job and still to decide on permie are not being offered anywhere near the same cash.

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