Should I Jump Ship?

Originally Posted by Unregistered

Just get call from hh, they change the package from 130k to 145k, 40+% increase in basic and 26% in total. Now struggling, should I go?

Not a good idea – 26% increase aint worth the downgrade status of contractor and business analyst. Even if optimistically they let you finish serving the contract, after that what are you going to do? Look for another bank to pay above 145k for a business analyst? All you need is a 3 month unemployment gap and all your “increase” will be wiped out. In the good old days contract conversion in banks are about 50%, now it’s almost 0% unless they really like you and a MD or SVP decide to bail you out.

Also IMO any company that can just instantly flip flop and jack up packages significantly means they are very short term and hire-fire mentality, i.e. if they need someone to do the job they will just throw money to hire someone ASAP, but that also means the moment you are not needed they will just dump you at the shortest notice. SCB and Citi are famous for this sort of hiring style.

Originally Posted by Unregistered

Not a good idea – 26% increase aint worth the downgrade status of contractor and business analyst. Even if optimistically they let you finish serving the contract, after that what are you going to do? Look for another bank to pay above 145k for a business analyst? All you need is a 3 month unemployment gap and all your “increase” will be wiped out. In the good old days contract conversion in banks are about 50%, now it’s almost 0% unless they really like you and a MD or SVP decide to bail you out.

Also IMO any company that can just instantly flip flop and jack up packages significantly means they are very short term and hire-fire mentality, i.e. if they need someone to do the job they will just throw money to hire someone ASAP, but that also means the moment you are not needed they will just dump you at the shortest notice. SCB and Citi are famous for this sort of hiring style.

100% agreed. Be prepared to look for a new job before your contract ends if u wish to proceed. U have been warned by many forum members.

when u join contract job, there may be option to convert to perm. why? cos perm is better than contract.

have u heard of a job where u join as perm then they convert u to contract after 1 year? no right?

so dont be stupid

I have to agree with most posters here, unless you have confidence the banking industry will recover within 1 year, better not to take the risk. Generic jobs like business analyst don't have high priority to convert unless there is a bull market.

You should look for jobs that can give you room to grow, going for a lousy and lower level job for the sake of higher pay and high risk of no conversion don't sound smart to me.

Hi, i dunno about contract role cos ive never been in one but bonuses are NOT guaranteed in perm roles. I switched to another bank and got zero this year. So whatever number they promise you beforehand, make sure the bonus number is stated in your contract. If not, you should just judge and compare using the basic only. Think long term about what you want to be and be patient.

The bonus is completion bonus and it will be in the contract. The base is about 40+% increase.

Originally Posted by Unregistered

I have to agree with most posters here, unless you have confidence the banking industry will recover within 1 year, better not to take the risk. Generic jobs like business analyst don't have high priority to convert unless there is a bull market.

You should look for jobs that can give you room to grow, going for a lousy and lower level job for the sake of higher pay and high risk of no conversion don't sound smart to me.

AML and compliance is still hot this year. Do you think it is still worth jumping?

Originally Posted by Unregistered

AML and compliance is still hot this year. Do you think it is still worth jumping?

Go ahead if u are risk loving. If not better play safe and stick to full time job

Originally Posted by Unregistered

Go ahead if u are risk loving. If not better play safe and stick to full time job

Forgot to mention I am 32 and not married

Ahhh..then it makes a difference. Not married, no kid, can take risks. Verdict: 40% jump in base, bonus guaranteed, better brand name, interest (some?) in the job scope. I will take it. If i get laid off later, at least i still have a good name on my CV (quite impt if u've never been in one) n negotiate for future roles based on this new high basic.

All the best mate, congrats and don't forget to help fellow singaporeans here in future when they need advice