Offered a permanent role after accepting a higher paid contract

[Nitgel]

I have just left a perm job that was stressful to go on a contract as the pay is better for the stress involved. When I decided to hand in my notice in Jan I also applied for a couple of permanent similar jobs where the pay is better. I haven't started contract role yet and its a month away.

I have only just been interviewed for the permanent job and they have offered it to me, so now I am wondering if I should continue with contract job, where the pay is so much higher but only a 6 month contract. Or take the perm job where perhaps the work environment may be more supportive to reflect the stress.

How can I decide! I have no childcare or mortgage costs do could take a risk with the contract which i am more swayed by but should I be considering anything else?

Have you tried using your contract job offer to negotiate higher pay with the permanent role?

Compare the two overall packages: pay, pension, bonus, hours, work/life balance, commute, colleagues and work culture, line manager, annual leave entitlement, any other benefits, day to day work tasks etc. All of these will impact on your happiness.

Personally I love contacting for the money but the is that worry of where the next contract will come from. I’ve been doing it just over 2 years now & luckily been renewed every time or I was head hunted for my current role. You have to get used to the uncertainty and risk of contracting if you do it long term and try build up a good pot of savings from the extra pay in case you find yourself without a contract

There is no such thing as a permanent job. Redundancy can happen regardless.
So which job has more sustainability. Have you savings if you don't have an income?

Contracting is always 'lucrative' on paper. Once you factor in annual leave, sick leave, training & development, taxes, insurance and the greater degree of uncertainty, then I think it might not sound so fantastic after all.

If you are struggling with stress I would be wary of contracting. It can be a dog eat dog world. You could be let go at any time. Personally, I would probably give the permanent role some serious thought. Have a conversation with the recruiter regarding the salary on offer.

I have savings that would last for a few months. The pay is the permanent job is good and better than my last role so would be a step up pay wise. I am just tempted by the pay and probably less stress in the contract role. I really can't make a decision.

How much higher is the contract role pay? So would the six months be equivalent to a year on the permanent role? If so, that would be a choice as even a permanent job could come to an end after a year, or too stressful, or you get itchy feet for other reasons. I know you mentioned the savings but those should be for unexpected rainy days.

The contract is 280 a day the perm is 45000. Online calculations put the contract higher but not by a massive amount.

I used to do contracting, but the difference between day rate and perm was much bigger than you're looking at. By the time youve factored in pension, training opportunities, death in service benefits, sick pay, bonus etc, the perm package might actually make you better off. Plus the stress of the next contract and potential months without work will reduce the day rate even further

Yes its not that different I suppose. Thanks. Im edging more to the perm role now.

i think the permanent role sounds a better idea.

Is it a teaching role or similar ‘service’ public sector role?? If so the employer contributions to pension are massive and worth having.

im risk adverse so for me it’s 100% the perm role.

it may be less cash but it’s consistent cash you can rely on should you decide to get a car loan mortgage or whatever. you also get paid holidays and sick leave.

the other job may seem more on paper but you dont know how long it’ll be for. it could be a year and then nothing, at which point the jobs market could be rubbish and youre on benefits.

For such a small difference I'd be looking at the permenant role, there isn't enough buffer there on the contract if you do have a gap between contracts to make it worth it. Usually contracts are at least twice a permenant role in mine and my husband's sector to cover the lack of pension, holidays, sick pay, maternity, redundnacy rights etc.

Thanks all glad I asked on here. I will accept the permanent role.

Speaking from experience I would go with the contract! Always take the ££. I used to be the same, had always been in perm roles but started contracting for the same reasons as you. Perm roles get more stressful over time, the longer youwas in the same situation previously and

Contracting may pay more on the face of it but if it takes you 3 months to find another job that 280 a day for 6 months is actually more like 200 a day for 9 months which doesn't look so good after all, its a no brainer for me in this economy