Switching from permanenet IT job to contract
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Posted on: 01-05-07 22:52:16
I think 60/hr is low. My friend just got a contract through robert half for 80/hr and only has 3yrs experience. He is doing some project on microsoft sharepoint server 2007.
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Indian IT Guys Rules........
CDs - which should be considered as a better from the two ?
Permanent job in a top company for CAD 80K per anum . Insurance covered.
6 month contract job @ CAD 80 / hour with possibility of permanent hire for 80K.
First in Vancouver and the second in the GTA .
What other aspects should be kept in mind ?
In other words how much hourly rate equates 80K salary in IT field .
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Fido.
Fido
Wow if cant do some simple math.. i wonder how u are getting such good rates.. I just mean this in jest dont take it any other way..
The math is simple..
80k on hourly works to about 80/2 or 40$/hr on a straight basis.. but on real after tax basis it may work to much lower.
if ur are contracting at 40/hr ur post tax income will be higher than a perm job at 40/hr..
If u have Canadian Passport i suggest go for the contract with closed eyes..
otherwise it is a matter of risk v/s security.. because job market in canada for contracting is not always rosy... Getting short term contracts is easy keeping contracting for long term is difficult..
And when u want it .. perm jobs are sometimes hard to come by too.. especially if it is something u want..
Quote:
Originally posted by Fido
CDs - which should be considered as a better from the two ?
Permanent job in a top company for CAD 80K per anum . Insurance covered.
6 month contract job @ CAD 80 / hour with possibility of permanent hire for 80K.
First in Vancouver and the second in the GTA .
What other aspects should be kept in mind ?
In other words how much hourly rate equates 80K salary in IT field .
Thanks DWMC ,
I appreciate your post and I take it in the intended sense 
I wished to experience Vancouver plus the company there being bigger would look consistent on my resume for later jobs .
On the other side the contract job is more to my liking albeit with a smaller company but in the GTA - where the possibility of getting contract job is higher .
Its sounds logical to me that permanent job's 40/hr < 40/hr in contract job . Looks like apart from the security , the contract job is a clear winner . I wonder what others would do if in such circumstances ?
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Fido.
For each his own..
From my exp
Perm job in canada in large companies =
Slow paced
Usually have bonus (5 to 12%)
3 weeks paid leave
5 days sick leave
Depending on how in demand ur skills are i say go for the contract.. esp as it is GTA.. U have a better chance of finding something here after ur contract runs out than in vancouver..
vancouver sucks dude for IT..
Quote:
Originally posted by Fido
Thanks DWMC ,
I appreciate your post and I take it in the intended sense
I wished to experience Vancouver plus the company there being bigger would look consistent on my resume for later jobs .
On the other side the contract job is more to my liking albeit with a smaller company but in the GTA - where the possibility of getting contract job is higher .
Its sounds logical to me that permanent job's 40/hr < 40/hr in contract job . Looks like apart from the security , the contract job is a clear winner . I wonder what others would do if in such circumstances ?
Yes I agree and thats why getting a permanent job offer from Van seemed so good.
But per the wage rates the contract job wins . Unless of course I have missed some things. Thanks .
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Fido.
Quote:
Originally posted by Fido
Looks like apart from the security , the contract job is a clear winner . I wonder what others would do if in such circumstances ?
Don't think its quite that simple. Some other things to think about.
1. Job Satisfaction - As a Incorporated contractor, you're generally really aloof from the team. You do your job, get paid and then move on to the next contract or get a contract extension on a different project. You miss out on the team component. Not that it bothers everyone, but it does some people.
2. Long term career growth - In a full-time role, if you perform or exceed, you're generally assured upward movement in terms of salary/bonus/stock options AND responsibility/authority. For instance, the IT hierarchy can take you up to a CTO position or in some instances even higher. As well, your growth is generally more well-rounded since you get exposed to a broader variety of responsibilities.
You don't have as much control over your responsibilities/location while contracting. If your contract in the GTA ends and you want to be in the same line of work, you may have to consider moving. Either that or you have to take another role that's not exactly what you want to work on.
As well, it is unsual for a contractual position to expose you to management responsibilities if its something you're interested in.
3. Vacation, Health and other coverages - You don't get this stuff as a contractor as you're aware. The disability coverage/insurance isn't something you ever hope to ever use, however if you ever need to, its available. There's a guy in the company I worked for who fell off the roof of his house and hurt himself pretty bad. Got full pay for 90 days and a pretty decent slice for the next 90. And his job was waiting when he recovered and got back. This obviously would not happen if he were contracting.
Which is not to say one is better than the other, I'm just saying you have to look at factors other than just rates. And like someone said, also weigh in risk. When the job market isn't as rosy, the first positions to get hit are generally contracting positions, that's where the layoffs start.
I've done independent contracting in the past and the parts I loved were
1. Tax breaks on pretty much EVERYTHING
. Your take-home is higher.2. Lower stress levels generally. You don't manage resources and usually work on defined projects. You work more hours, you get paid more hours (usually).
3. If you're getting a good rate and have confidence about your ability to land/extend contracts, you can take take longer breaks if you want to for vacations (say 2 months or so). VERY DIFFICULT if not impossible to do with employee positions.
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