I have an opportunity to work with a company doing exactly what I would like to do. Problem is, they only have a small team (3-4 people), but have a large client base. They are interested in me for a contract position, which may lead to a full time position, but not guaranteed. First project is 6 months. I read on Monster that you should add 30% to your salary (for benefits), and then divide by 2000 (hours in a year) for your hourly rate. So if you're making $100k * 1.3 / 2000 = $65/hr. My question is - what sort of uncertainty factor should be considered, since there is a chance that after 6 months, you'll be out of a job?
Looking at the main bbs...I would have swore you were switching from salsa to...? I don't have an acceptable answer to either of these questions.
In terms of your personal risk management, in the event the agreement is severed, you probably do have some negotiation room on hourly rate or number of hours because they know the risk, and they want you. Both parties likely understand the risk. But the overtime pay also covers your risk. What you should be thinking about is how much money do you need to survive for 4-6 months + unemployment without a job. They don't care. It's really on you. That's what you need in the bank to feel comfortable. That is going to come from your overtime, from you, or from your rate and you need to aquire it in a 6 month time.
The benefits are incredibly important. Seems to me that if these people want you badly enough, they’d offer a full time package, and if they won’t, someone else might. Maybe you should expand your search? Do you have responsibilities? Wife, live in girlfriend? Kids? Mortgage? Car note? Healthcare is vital. Got any preexisting conditions? Do you have a 401K you can add to during the 6 months, or draw from, if needed? What if the economy goes into a recession? There’s serious talk about the possibility. If they cut you loose, does your contract give you severance pay? Just some things to think about. I don’t know how young you are. If you’re in your early 20’s without responsibilities, then maybe it’s worth the risk. There’s a lot to think about.
That would assume 0 hours of vacation. If you got 15 days off now then you would do 2080-15*8=1960 + I assuming you don't get paid for for holidays so that is another 10 days so 2080-25*8=1880. you also need to adding 401k match: 6 or 7% Medicare+ss = 8% upto 130k. insurance would be about 5-600 a month for equivalent insurance. Obamacare sucks. Its expensive and it doesn't cover as much. If you were making 100k then you would need about 66/hr to break even.
A salad on the plate could be better than an hour in the bush depending on whose bush we are talking about.. ...
i never take 6 months to a year contracts. too much uncertainty. my buddies do it all the time and they're fine, but jump around too much.
I would make sure to sign a contract guaranteeing the amount of time you will have to work, don`t price yourself out of the market. Not sure what you do but I have relief Pharmacists who we pay a flat fee of $55/hr, but they have full time gigs and this is just 10-15 hours a week. Might be a good gig for 6 months while you keep looking for a FT position with benefits......
I was in a similar situation 3 years ago, but I was brought to manage a 1-year federal grant. After 1 year, it wasn't guaranteed, but the company would consider hiring me. Fortunately, I was hired after the year, however, two years later (3 in total), the company was downsizing and I was one of the 3 ppl to let go. The reason was due to the manner I was hired and the company was not able to continue to absorb my salary. My initial 1-year salary and travel were fully paid by the federal grant, not the company. I knew the risk, but it gave the experience and connections in the industry, so well worth it in my case.