Curious as to what you'd choose?
I am aware of the differences being stability vs pay and what's more important to you etc.
Keeping in mind that the contract job has potential for extensions as do a lot of public contract work.
Which one would you pick and why?
Around 70k per year or $55 per/hr.
Thanks y'all
Don't forget super too. Your take-home pay isn't the same thing as your total pay.
Yeah this guy seems to be using ozbargain as a trouble shooting forum
Could've asked on Whirlpool.
Im surprised you didn't
OP needs to give us a cut of their salary, like a recruitment agency. given the time OP spent here…
Contract FTW as long as you don't panic three months before your contract is due to expire.
$55/hr is around $115k/year - I'd actually probably take the contract job. As long as you are a healthy person, and you have no kids (or you do but your partner has a job with sick leave who can stay with them if they're home from school sick).
Depends on the contract, but it's likely $55 an hour inc super and no leave entitlements vs $70k + super + leave entitlements.
So it'd be $50 an hour once you take out super and if you take out the 4 weeks annual leave and ~13 public holidays a year then it's back down around $85k.
They you need to start looking at things like sick leave, bonuses, job security (I was made redundant 2 years into a job, 6 weeks pay tax free was fantastic, started a new job a week after leaving the old one and treated myself to a new PC, TV and bulked up the holiday fund), training opportunities any other perks for full time employees at the company.
Still probably worth taking the contract job at $15k a year more, but it's closer than it sounds.
Yes I was taking all that into consideration
Is FT job inc. or ex. super? it should be ex., with minimum 10% super - per current Govt. super guarantee rates but some private companies are dodgy and package to effectively give you a pay cut when the guarantee rate changes (Jul1 2022 it's supposed to go to 10.5 %)
$55/hr is better money on paper, but calculate it out based on a 44 week working year as you're not going to get paid for public holidays unless you work them, and you wont get annual or sick leave. Also, that rate will be super inclusive.
Right now, I'd probably take contract, but it's not for everyone. it really depends on the detail of both offers, culture, future opportunities etc. And your lifestyle, dependants and liabilities.
^^ This guy knows his stuff.
I've been contracting for 4 years now. Its a bit stressful coming to the end of the the contract period and wondering "what if". There is usually no notice period, however i would discuss and negotate this before starting, ask for minimum 2 weeks.
As noted above. 52 weeks in a year, less 4 weeks annual leave, less 2 weeks sick leave, less 2 weeks public holidays. There are only 44 working weeks you should base it off for comparible salary.
44 weeks * 40 hrs * $55 = $96,800, OR $91.960 if they only work 38 hour weeks
If you dont take any sick leave, you can work an extra 2 weeks and pocket an extra $4k.
Take the contract role, get paid more whilst learning the job. Then you are in much better position to negotiate salary if it goes permanant. (Then you can ask for 90 salary ;))
Good luck!
Edit: Remember to save up cash buffer, they can let you go without warning.
Is it $70k plus public service super? which could take it to $80k or so
then your hourly rate is $115k less super, so about $105k plus. Less some sick leave less whatever else you need to pay for (eg who is covering workers comp, income insurance, tools)
If you have a family go the full time
If you don't have a family take the contract and relish the freedom of being able to give them 24 hours notice (or them giving you 24 hours notice)
$55 an hour is a significant hourly rate.
I started in gov as a contractor and waited until they gave me a full time role.
It's one of the only ways to get the high up roles.
Depends on your personal circumstances. Got a mortgage, car loan, mouths to feed? Stability might be better. Considering a career change or taking an extended world tour? Contract gives you flexibility, but at the risk of not having it renewed when YOU want.
My partner was on contract for several years. Didn’t know what was coming for the next year until very late in the contract. Was a bit stressful despite us being able to survive without the additional income, it would have meant very limited holidays, less eating out etc. HD we relied on the income for loan repayments it would have been very stressful. Partner is permanent now and means we can plan longer term rather than year to year financially.
Stability is far more important to me, unless the contract work is significantly higher salary and at minimum 2 year contract.
There's far more factors to consider though. Work atmosphere, culture, projects, role, team dynamics, tools, progression etc.
Also, unless you're watching the F1, get some sleep and stop overthinking it. Get the contract tomorrow and consider it with a fresh head.