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Switching from salary to hourly

Discussion in 'BBS Hangout' started by Big MAK, Aug 19, 2019.

  1. Big MAK

    Big MAK Member

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    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?
     
  2. Buck Turgidson

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    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.
     
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  3. dmoneybangbang

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    Yea I'm more lost than ever now.
     
  4. dmoneybangbang

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    Better read the fine print, they might be able to cut your hours as they see fit.
     
    Deckard likes this.
  5. Invisible Fan

    Invisible Fan Contributing Member

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    Never been that spot. Ask if the hours are fixed and what the process for overtime’s is.
     
    Rocket River likes this.
  6. Asian Sensation

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    Ask me again in 6 months.
     
  7. PhiSlammaJamma

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    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.
     
  8. tochiee22

    tochiee22 Contributing Member

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    I’m poor. Someone get me s job like this guy
     
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  9. Schmidt

    Schmidt Member

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    Use 2080 hours/year, not 2000.
     
  10. Sajan

    Sajan Member

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    LOL So I am not the only one who thought that.
    I was like ohh i wonder this thread is about..
     
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  11. Deckard

    Deckard Blade Runner
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    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.
     
  12. Buck Turgidson

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    Salsa versus Tango is a very tricky proposition. Depends on how hot she is.
     
    Sajan likes this.
  13. Air Langhi

    Air Langhi Contributing Member

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    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.
     
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  14. bobrek

    bobrek Politics belong in the D & D

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    I read it as salad....
     
  15. Buck Turgidson

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    What salad?

     
    Deckard likes this.
  16. Pistol Pete

    Pistol Pete Contributing Member
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    A salad on the plate could be better than an hour in the bush depending on whose bush we are talking about.. ...
     
  17. Jontro

    Jontro Member

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    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.
     
  18. ROCKSS

    ROCKSS Contributing Member

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    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......
     
  19. Riz

    Riz Contributing Member

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    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.
     
    da_juice likes this.
  20. Buck Turgidson

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