Career Option poll

[Asun]

Okay, hypothetical question here:

You have a stable job, earning okay money. Then some recruiters come and ask you whether you want a temp/contract job that pays about 40% more of what you're making now. The contract is only for 1 year. Just for kicks, let's say the contract job will pay your 6 figures. What would you do?

[fl4wless]

i am going to assume 40% more ....not 40% of what you are making, because that would be a very hefty wage decrease....

but really its tough to give advice in this situation without knowing your personal situation. Are you married? mortgage payments? car payments? any other big commitments? Job stability is really important to most for these reasons... Is there a chance that the contract is perpetual? if not could you survive without income after its over for 1 month? 3 months? etc until you found another job or contract?

Otherwise..there are some huge advantages to consulting on your own, but remember you likely wont be compensated with many benefits, but the salaries are generally much higher than you would obtain working for a company...depending on your skills.

[Asun]

Oh yeah, it's 40% more. Thanks and edited

[dealzuser]

I was in a similar situation. Lots more headhunters called for contract hires than fulltime jobs. I decided against Contract because I felt I needed more experience in my field. Examine the following factors:

1) Your level of experience in the field in the project they are hiring you.
2) The market demand for your skillset

The Number 1 reason why the rate is so high is because of your unique skillset and the company doesn't have to pay benefits. But one other main reason for the high rate is also because the term of work is limited.

When the contract is up, your experience and market demand for your skillset decides whether you are unemployed.

Remember, Head hunters don't care about your next project/job. They don't even really know if you are qualified, and companies expect a lot from Contractors! Remember, you don't owe Head Hunters.

Hey, if you are oogles of experience, and know there is strong market demand for your skills, then go for it. More money, more write offs, more job satisfaction.

[mbm]

Take a leave of absence from ur current position...u have to leave the country or u have to take care of ur elderly aunt or uncle who depend on u...or whatever the heck...going back to school to get an extra degree or to update and then go and work there and come back after year...enjoy the extra $$ and experience with another company and ur current job is waiting for u after 1 full year...win win situation imo

[B0000rt]

Consultant4Life!

Heh actually I've heard stories of guys at companies such as IBM who are such.

[Impossibles]

A 1 year contract is a long time. Your current employer can't guarantee you'll be there for 1 year. And if you leave on good terms, you may be able to get hired back. Or you may get another 1 year contract.

[jandumm]

It all depends on ur situation. Many of the folks I know who are consultants have spouses who have jobs with good benefits (gov't, teachers, etc.) - I think with a family, benefits and stability are really important.

[dark169]

It really depends, you need to look at the net gain from the move.
Is it a contract/term position as an employee or rather as a contractor?

After one year:

Contract: More $$$, no benefits, may need to pay your own CPP/EI, perhaps some nice tax writeoffs (if your a contractor), 1 year experience.

Staying put: Benefits, 1 year experience, perhaps a raise/promotion.

If your confident that after 1 year your ability to get a job at least equal to where you'll be with your current situation is pretty good and you don't mind throwing caution into the wind, I'd go for it. Take that extra money and put it against your mortgage, into your RRSPs or other wise save it, 40% is significant and can get you ahead of the game.

[Asun]

Thanks for the opinions guys and gals. Please keep them coming.

[wanton007]

Any updates from the OP?