Would you leave proper work for a better paid contract

[Grittybum]

Just that really.
In a post that I like, not paid enough. Wouldn't say I am struggling, but almost, definitely need to earn more money longer term.
Have earned more in other roles previously. Long story as to how I came to be here (through choice).
Been offered a role elsewhere with a 20% pay rise. But it's a temporary contract - 10 months. Better benefits and pension too.
Obviously could be made permanent, and could be a move into a slightly different area which is good. Could open up new possibilities.
But, would I be in a state of panic from 6 months on.
I'm in my fifties, and am a single parent with little support (financial or otherwise). Have told my existing manager and asked if there's possibility to secure a pay rise in my current role, I would say it's highly unlikely they'll be able to match the new offer.
I am very tempted. Role looks interesting. Not managing anyone either after years of team leading. I've been in a similar position a few years ago but got a pay out from voluntary redundancy so had a nice pot to tide me over (still have most of it but obviously don't want to fritter it away if I am out of work at the end of the contract) and also secured some short(er) term contracts then.
Any experiences out there to help me decide...

I wouldn't take 20% more for a 10 month contract. It would have to be 100% more for me to give up a job for a 10 month contract.

Contractors are supposed to be paid a lot more aren't they?

I suppose it's a temporary post rather than a contract - in house if that makes sense.

100%! Yikes!

I think @Bubbleohseven is right. When I became a contractor it was for 85% more than I was earning. I contracted with the same place (not exclusively) for a further 10 years, and moved on to match the contracting money for a salaried role.

I certainly wouldn't consider it for a 20% uplift.

No I wouldn't for ten months

Wow... I think the thing is in my sector and area I'm unlikely to get 85-100% uplift in that way. Sounds amazing!

Would a permanent post that pays 20% more would tempt you (contracting aside)...

I need more money. Perhaps this seems tempting due to that. Is there a contract length for 20% that would make it more appealing to others? 18 months/2 years...?

I was coming on to say yes, go for it, but then saw it's only a 20% pay rise! No, not for 20%

I charge 25-30% more for consultancy but my travel is paid which can be £1000 per month. They don't pay my pension or NI.
If you don't like your current job it's worth trying it but I do have 'resting ' periods with no income. I earn a large salary and put money away.
If you have dependants it's a risk.

No travel. And get good pension contributions.

To quote my late mother, when she couldn’t formulate an answer quickly enough.

Are you quite mad. ?

If I was happy with my current role and salary I wouldn’t do it.

But ultimately you say you want more money, what is the best way to get to where you want? Are there better perm roles available to you, if not what do you need to do to get one?
If the temporary job opens a door for you then it’s worth considering, if not then focus on applying for better paid permanent jobs.

I'm a contractor and on moving to a contract from a perm role the uplift
was a 65% increase on my perm salary but this was a long time ago, 2008. So it was definitely worth it and although the contract was originally only 6 months it ended up being a year. I have been contracting ever since and earn more now but that's due to moving a lot and getting more and more experienced and haggling for higher and higher day rates. My husband was in a perm role and we could manage on his salary so that helped as if I was out of work it was ok.

If you take a 20% increase and are out of work at the end of that will you have been able to save something? Is it likely to go perm?

Also, a perm job is no guarantee of not being made redundant.

I've just re-read your OP. I think you should do it. Because:

You have a pot for emergencies
It is a more interesting job
It's better paid
The benefits are better
It is a 10 month commitment
It could go on longer
It could lead to a perm job which is better paid
There is no prospect of more money where you are

Also, a perm job is no guarantee of anything really. How close are you to not needing to support your child? Are you generally employable? If so, go for it.

I'd speak to people in the new organisation and cards on the table, ask them how likely you will be extended past the 10 months.

I wouldn't give up the current job if they're vague or making empty promises. I would need something quite concrete in place.

Is it a contract post eg you’re self employed or a temporary contract - they’re different things. If it’s a contract but you’re self employed I’d want a much bigger uplift to cover holidays, sick leave and pension. If you’re employed on a temporary contract it may be worth moving if it open doors for you, or could be extended it made permanent. Check it doesn’t move you into a new tax bracket or move you out of child benefit etc cos the rise may not be worth as much in your hand.

Ten months sounds like maternity cover so very unlikely that it'll be extended

@Grittybum I am in a similar personal situation as you - single parent with no financial support in my 50s. I recently left my permanent position for a maternity leave cover role for a 25% pay rise. My permanent role has no progression which helped me decide. I'm hoping that the temp role will give me extra experience to help towards my next move - I'm not expecting to be made permanent and not sure if there will be any other suitable roles in the company at the right time. I'll be looking for a new role once I'm six months in.
Good luck with whatever to decide to do!

Yikes! No. I thought it was tempting. But I take your mothers and your point 😂

That was for @ComfortableAtLastTookLongEnough

You see I actually fancied shorter contracts as a way of life, but wonder if that is for when the kids have left home. I feel that I'd be making a positive choice rather than this was a stop gap to another perm role. Does that make sense?

I don't know. I'm not sure I'd be looking for this to necessarily be permanent. I think I'd be happy moving more into shorter term roles. It's actually a temp role rather than a contractor per se... but it's obvs the risk. Yea I've got a little to get by on and could potentially save a bit more over the ten months. At the moment I can't save anything.

When I read this I felt positive. I think my gut is telling me to do it. But then I read the thread (I know it's just a temperature check not life coaching but I respect the MN!) and think would an average person think I was insane?

I am employable but aging...
One child in college and one still in school

It's not Mat cover no

This sounds exactly the same. I'd prob look from 6 months in. Any regrets?