Contract v Permanent - Urgent Advice Needed

Hi, I am looking for work in London (Non-IT) and have gotten an offer with a bank in London. I have to choose between:

1. Permanent Role - This comes with some sensitive commitments, which makes me uninterested towards it.

2. Contract Role - for 6 months is what I've been told, not sure of the technicalities, yet.

I am trying to assess the contrast b/w a permanent and a contract role. I am more inclined towards the latter, but have little understanding of how this works. I have no UK experience.

I need help on the foll:

1. Would contract work mean lesser pay and longer hours?
2. Would contract work mean no benefits, holidays, sick leaves etc.?
3. Would contract work mean reduced chances in future prospects?

Experienced fellas, please advice

Help would be much appreciated

Cheers
dB

Hello,

Contract means, you will be paid on the hourly basis or you need to work for fixed hours or it can also me that you need to complete a given task for the specific amount no time frame. Here I believe no company benefits, like holiday, or any bonus or no education support.
One more thing, you might be asked to leave the job at any given point of time. Salary would be more.

Permanent Role: You would be availing the all company benefits. Salary might be less but work would not be so hectic.

I have read a topic or discussion in this forum with regard to same, request you to search for that topic. If I find, definitely will send you the link.

What is your qualification?
Which country are you from?
Since when are you looking for a job?

Also let me know your e-mail I,d, I have couple of frnd who can help you if you wish too.

VJ

deaconblues1 wrote:Hi, I am looking for work in London (Non-IT) and have gotten an offer with a bank in London. I have to choose between:

1. Permanent Role - This comes with some sensitive commitments, which makes me uninterested towards it.

2. Contract Role - for 6 months is what I've been told, not sure of the technicalities, yet.

I am trying to assess the contrast b/w a permanent and a contract role. I am more inclined towards the latter, but have little understanding of how this works. I have no UK experience.

I need help on the foll:

1. Would contract work mean lesser pay and longer hours?
2. Would contract work mean no benefits, holidays, sick leaves etc.?
3. Would contract work mean reduced chances in future prospects?

Experienced fellas, please advice

Help would be much appreciated

Cheers
dB

Hi,
Here are a few thoughts from my end:

Benefits of contracting:
- Generally salary is much higher than permanent
- Tax savings by operating your own company. You can claim many items like transportation,phone bills,equipment like laptops,lunch,dinner etc as expenses.
- Lots of flexibility in terms of future job hopping.

Disadvantages of contracting
- No holidays
- No job security
- no bonus
- no stock options


So my suggestion to you would be to go for contracting if:

- The rate for contracting is atleast twice that for a permanent job. remember that you will be paying the employee and employer tax from this receivable.
- you are very sure that you will be able to get your next contract or permanent job easily.
Be careful,I can see the economy and job market going for a tailspin for next few years - so be very careful. Bank of England has predicted the same.
- You are so good in your work and the client would have to think twice before letting you go. If you are good then there may an option to switch to permanent.

All the best !!

Regards,
NShar1.

Thanks Vijay and Nshar1,

I have an interview scheduled, through an agency. The employer is saying the job will be fixed contract (direct contract with the co) and the agency wants a temporary arrangement (paid through them).

Although this is still early stages and I haven't given the interview yet, will I be able to tell the agency a NO to the temporary arrangement. Will they be OK with it?

cheers
dB

I would not take fixed term contract unless my survival become difficult.
Its not worth. You don't get benefit of either contract or permanent.

netacct wrote:I would not take fixed term contract unless my survival become difficult.
Its not worth. You don't get benefit of either contract or permanent.

Hi all,

This problem has surfaced again - basically I joined a different place on 3 month contract and now I have an offer from an earlier firm I was talking to.

I've been offered a "Fixed-Term-Contract". As I have no idea about what it means and Netacct says it's a bang-up option, can you please help me understand and decide on this.

Excerpts of Terms are as follows:

1. Contract valid till XX052010
2. Gross income + London allowance
3. 35-hour work week - but contract says 'may' exceed
4. Holidays - this is the botch-up - it says 210 gross hours per year. That's 8.75 days in ONE year Bollocks! And the sick holidays are wishy-washy as well; No mention of pay entitlement!!?
5. No mention of Pay-revision during the contract. 'Might' get Bonus.

The joint is a big bank in London. This sounds a little tight-talk to to me. I come to London to have fun - not to sit in an office on christmas.

I would much appreciate advice and perspectives. I don't have much time as well, to get back to them.

Cheers
dB

I come to London to have fun - not to sit in an office on christmas.

I love this

btw, working in Bank is not that honey as it sounds. Its bit tough.

Coming to your original question, I will not take Fixed Term Contract.

I was unemployed for some time and I did get few calls for fixed terms contract but said NO to all of them unless they offered very great salary.

Just think, why they wanna offer you fixed term contract and not permanent/contract.

but again, it depends on your situation and personal circumstances.

netacct wrote:

I come to London to have fun - not to sit in an office on christmas.

I love this

btw, working in Bank is not that honey as it sounds. Its bit tough.

Coming to your original question, I will not take Fixed Term Contract.

I was unemployed for some time and I did get few calls for fixed terms contract but said NO to all of them unless they offered very great salary.

Just think, why they wanna offer you fixed term contract and not permanent/contract.

but again, it depends on your situation and personal circumstances.

Thanks. The situation is not quiet desperate. I am already working for a month now and I like the place. But I wanted to move only because of the higher salary and better benefits. Also, my present contract gets over soon after which (if it's not extended) I will have to again go through the job search thing - But this time I expect it to be easier because I have some UK experience.

Netacct - What do you have to say about working in a bank. I am curious. I dont want to land in a sour soup

Thanks

cheers
dB

Also, is it true that only permanent residents of UK can be offered a "permanent" contract?

cheers
dB

Hey guys,

I dont understand this UK experience thing. If you worked for a company which is big enough with a good brand and reputation worldwide and u know what u did and have all skills required for a particular job I dont think anybody would need "UK experience" to get a good job. Atleast I dont face this problem. This is my personal thoughts though.

db sorry form deviating from the original topic but I have heard this many times so couldn't resist posting here

UK experience matters a bit but NOT must.
PR is not must to get Good jobs...but it helps.

I have seen in my previous and present company, guys without any UK experience and with HSMP/Dependant visa getting a job and good salary.

Of course, UK experience and PR might help a little bit...but don't EVER think that if don;t have them, does not mean that you wont get a job.

Skills are first and most important things...

Working in Bank....its too much pressure....too much serious environment, too serious people and most important no one smiles

but I could be wrong and this is what I heard...

netacct wrote: Coming to your original question, I will not take Fixed Term Contract.

I was unemployed for some time and I did get few calls for fixed terms contract but said NO to all of them unless they offered very great salary.

Just think, why they wanna offer you fixed term contract and not permanent/contract.

I'm rather new to all these. What are the differences between a fixed term contract and a regular contract position?

[/quote]
Hi all,

This problem has surfaced again - basically I joined a different place on 3 month contract and now I have an offer from an earlier firm I was talking to.

I've been offered a "Fixed-Term-Contract". As I have no idea about what it means and Netacct says it's a bang-up option, can you please help me understand and decide on this.

Excerpts of Terms are as follows:

1. Contract valid till XX052010
2. Gross income + London allowance
3. 35-hour work week - but contract says 'may' exceed
4. Holidays - this is the botch-up - it says 210 gross hours per year. That's 8.75 days in ONE year Bollocks! And the sick holidays are wishy-washy as well; No mention of pay entitlement!!?
5. No mention of Pay-revision during the contract. 'Might' get Bonus.

The joint is a big bank in London. This sounds a little tight-talk to to me. I come to London to have fun - not to sit in an office on christmas.

I would much appreciate advice and perspectives. I don't have much time as well, to get back to them.

Cheers
dB[/quote]

Just to clarify on your holiday calculation....210 hours per year means...210/35 = 6 weeks as 35 hours is your weekly work hours...

210 work hours and not 210/24...

arunkumarprs are you also deaconblues1?
This thread was started by deaconblues1 and I don't see any replies by arunkumarprs ?

Coming to the question.

Everything is situational and depends on the market.
Currently market is pathetic and could get more worst.
If you are confident that you can get extension for your current contract or another job then don't bother about this "fixed term contract".
Otherwise take this "fixed term contract". You may not make much money but your situation will be much better off as compared to those who are struggling to get a job.