Anyone here an IT daily rate contractor?

FledNanders

I'm currently a data analyst in the insurance industry with a permanent position which provides a decent salary, decent pension, bonus, 26 holidays per year, and healthcare for me and my family (wife and 2 kids).

I've recently been contacted by a recruiter who are offering a position as a daily rate contractor within financial services. The rate is €425-€475 per day.
It's a move I've always had in the back of mind but also always been a bit wary of in terms of losing the security I have at the moment.

I'd like to hear from anyone who has made a similar switch in career.
Of course the downsides would be not getting paid for holidays, having to do your own taxes, fund your own pension/healthcare etc.
But do the positives outweigh the potential negatives in financial and general terms? Is it generally as flexible as you would like it to be or do companies expect you to work 5 days a week as a normal employee would?

Any advice appreciated.

Dante

Facing a similar decision myself between a good permanent role vs a contractor role paying similar rates to what you posted. I'm curious to see what conclustion you came to, if any?

retalivity

Ive been a daily rate contractor for 6+ years, working in a variety of data focused roles. I didnt leave a ft role for a contract perse, i hadi moved back to Ireland and fell into a short term data analyst contract, which has since led to 4 different clients and relative stability. There is definite salary upside to the day rate way, i guess it down to your appetite for risk, as well as your motivation to self-train and sell yourself to companies/recruiters. Contracts are generally 6 months so youre always looking at whats available or whats required for an extension. I would frewuently be looking at an possibly applying for new roles in the last few months of contracts, just to keep me on my toes if anything. I've never been more than 3 weeks out of work as a contractor, i guess that could be a combination of luck, demand, contacts amd being a jack of all trades and master of none!
Pensions, health insurance can be a bit daunting at first, but once up and running, the freedom to manage them is a plus. I am married and do not have kids, so Id imagine i am more flexible, and would certainly not recommend it for everyone, especiallythose with dependants. Its down to the person and their own situation really, and whether they are confident enough in their abilities, and also if they feel they could get back into a perm position easily enough if its not for them.

Good luck!

Ranjo

I contracted for a while and unless the daily rate was VERY high, it was never as good as a permanent job.

Take your daily rate and multiply x 220 to get your annual gross, then start subtracting a lot of things both financially and subjective like health insurance, sick leave, accounting costs & time overhead, cultural integration of contractor v permanent, internal promotion opportunities, training budget.

Recruiters often try to tell you you're on nearly 100K a year if you get 450 a day. It is in NO WAY equivalent to a permanent position of 100k.

The subjective parts above can vary depending on the employer. I've had contractor roles where I'm welcomed & included in full-time staff events, but others can see contractors as guns for hire.

OMM 0000

Ranjo wrote: »

I contracted for a while and unless the daily rate was VERY high, it was never as good as a permanent job.

Take your daily rate and multiply x 220 to get your annual gross, then start subtracting a lot of things both financially and subjective like health insurance, sick leave, accounting costs & time overhead, cultural integration of contractor v permanent, internal promotion opportunities, training budget.

Recruiters often try to tell you you're on nearly 100K a year if you get 450 a day. It is in NO WAY equivalent to a permanent position of 100k.

The subjective parts above can vary depending on the employer. I've had contractor roles where I'm welcomed & included in full-time staff events, but others can see contractors as guns for hire.

How long have your "daily rate" contracts typically been for?

Ranjo

OMM 0000 wrote: »

How long have your "daily rate" contracts typically been for?

Mostly six months to start, then extensions of 6-12 months.