Should I try a contact role? (see redunducy thread!)

413x

413x

413x

Caporegime
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This is an addition to the redundancy thread!


I'm being made redundant from my current role. And had mentioned about maybe going contracting.

Obviously right now I do not have the "certainty of a payee" perk! And that has always been a bit of a mental block.


A lot of other factors suggest now would be a good time?

-I have a savings buffer. Probably a year if I had to.
-My partner has a stable job.
-I do often get bored in my roles after 6 months. Often the work is done and I move into a maintaining remit.
-I've left 3 jobs in under 2 years each. This one redunducy, last 2 I got bored
-my mortgage is fixed for 5 years
-no kids or other financial commitments


Ideally I wanted one more challenging job before considering it. But does the curve ball my job had thrown me make it a "now or never" kind of opportunity?



Whenever I see job adverts the pay vs responsibility seems dream land. And I can't believe its that easy (the job).


I understand I need to pay my own tax, pension, no sick pay etc etc
 
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Well, the beauty of contracting is that you have no commitments. Just apply for one, try it, if you don't like it, go back to permanent.

Get limited company side is a piece of urine to set up, set up the company online in 10 minutes and get a contractor accountant to take care of the rest. Back when I started contract years ago I didn't get the company side sorted until after I'd started my first contract.

Contract roles don't have to be not challenging....sure there's plenty of opportunity to earn decent money just turning up and doing the required work and going home, but there's plenty of scope to take on senior and challenging jobs.

I don't know what rates are like these days, but when I switched from permie to contract, I went from £2.5k net monthly salary, to just shy of £10k monthly net, for an easier job, no management. Pays for a lot of sick days, holidays, pensions etc.
 
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mid_gen said:
Well, the beauty of contracting is that you have no commitments. Just apply for one, try it, if you don't like it, go back to permanent.

Get limited company side is a piece of urine to set up, set up the company online in 10 minutes and get a contractor accountant to take care of the rest. Back when I started contract years ago I didn't get the company side sorted until after I'd started my first contract.

Contract roles don't have to be not challenging....sure there's plenty of opportunity to earn decent money just turning up and doing the required work and going home, but there's plenty of scope to take on senior and challenging jobs.

I don't know what rates are like these days, but when I switched from permie to contract, I went from £2.5k net monthly salary, to just shy of £10k monthly net, for an easier job, no management. Pays for a lot of sick days, holidays, pensions etc.
Click to expand...

I've seen a few actually that pay very similar.
I'm in the same position.

2700 ish take home, with day rates in region of 4-500. For jobs that look easy. The job description is my day job, the core parts too.

So a significant up lift.

I have to say. More than the money the flexibility is what appeals. More interesting roles potentially. As I'm very much most engaged in early days of my last 3 jobs.

Time. 3 months off would be my ultimate aim in career. To have 2-3 months of being able to go van life/adventuring is something you just can't do with a normal job.


The money is great. But I do not. Want a fancy house. But to pay a cleaner for example (again freeing time) and little things like that sounds amazing.
 
Put it this way, you could be in a job in a week or two. Hide away the redundancy pay and you have nothing to lose.
 
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I would look into it for sure. I took a contract role and then moved back into a perm role at a different firm this year.

Job security isn't that meaningful if you have in-demand skills and being unemployed for a year doesn't matter.
 
Short answer yes. Try it but be prepared to be surrounded by money motivated people that don't give a hoot.

I’m paid twice my previous FTE salary (including sales bonus). However the role has complexity caused by being a contractor for a prime contractor.
 
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I was made redundant from my old job and fell into contracting. Been contracting now for 12 years, not looked back.

If you are going to give contracting a go, I would start via an umbrella company instead of a Ltd Co. Decide if contracting is for you or not, if it is then perhaps think about setting up a Ltd Co. then.

It looks like in your position, you dont really have anything to lose by giving it a go. If its not for you then look for another permie role and quit
 
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My old business (where I was an employee) was bought out by a large multinational company and I decided that it was time to go and do my job for myself.

Setup 7 year ago on my own, got most of my clients to come with me, and not looked back. 100% could never go back to working for a business/company again. Earnings are up, my time is my own to do as I see fit.

The freedom to do what I want, when I want, how I want is massive - I've had the ability to be around my kids way more whilst they grow up which has been huge for me. Also like last week, school holiday up here - took time off, did stuff with the kids, did some DIY etc - didn't need to "ask" for holidays etc.

Downsides - motivation can be hard, sitting at home most of the day on your own, can be difficult in the winter months. There was an element at first of missing the "social" buzz of an office etc - but I've replaced that with playing golf on a friday afternoon or going to the gym with some friends a few times a week etc.

I'd say go for it - Nothing to loose - if it doesn't work out, you can always go back to employed work.

There is no predictability in today's employment market as you are finding out being made redundant.
 
Permanent roles are a bit misleading. Everyone assumes that working for "the man" means you're guaranteed a job but businesses can/do change their plans and they won't break a sweat in releasing people if it means hitting a headcount / financial target.

I look at it this way: you can give the company 30 days notice, or they can give you 30 days notice of redundancy (as you well know). One gives them a problem the other is your problem... in both instances you're only ever 30 days away from no job.

Take the contractor roles and see how they go. If all else fails, get back on the job market. Do check your existing contract doesn't have a non-compete clause though as that would be a show-stopper.
 
That is correct and how I would look at it but there is a difference still. It's normally harder/expensive to get rid of someone who has been there a long time and working in a team of people doing similar roles compared to binning a contractor. If you're told to save move you can just not rehire at the end of the contracted term and it avoids the performance management/personnel issues but if someone permanent is bad at their job etc you have to go through the process.
 
Thanks for your help. Going to try to persue this route. Most excited I've been in years. Guess I'm kind of ready.

Actually think my type of work lends better to contract than permanent. Once you've built/designed etc it seems to become more maintaining.
 
413x said:
Thanks for your help. Going to try to persue this route. Most excited I've been in years. Guess I'm kind of ready.

Actually think my type of work lends better to contract than permanent. Once you've built/designed etc it seems to become more maintaining.
Click to expand...

As my role sits inside IR35 the unbrella company I went with Pendragon Umbrella.
 
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