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Should I Jump Ship?

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  #1 (permalink)  
Old 10-05-2016, 12:51 AM
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Default Should I Jump Ship?

Currently local bank, IT Project manager, 115k last year with bonus, 90k basic with 25k bonus. 8 years exp.

Just got an offer from tier 2 foreign bank, compliance dept (still doing aml system related work), 130K (115k base + 15k bonus), Business Analyst, 1 year contract role.

headhunter keeps pressing me to saying he give me around 29% increase for basic pay. It is super good, no brainer, should definitely get it.

In addition he mentioned:

- This tier2 foreign bank is way much better for my career
- Though it is BA role, he mentioned that even if i put PM in my resume, no one will know which I highly doubt so.
- Foreign bank pay higher basic, it will make my future job switching easier.

My concern:
- from perm to contract
- yearly increase only 13%, i expect 20+% since this is a contract role with much less benefit.
- Title from PM to BA which may not look good on my resume.
- I receive calls from over bank or SI recently, though market is not good, but compliance field is still hot. I may get better package later

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Old 10-05-2016, 12:58 AM
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Quote:
Originally Posted by youngcy View Post
Currently local bank, IT Project manager, 115k last year with bonus, 90k basic with 25k bonus. 8 years exp.

Just got an offer from tier 2 foreign bank, compliance dept (still doing aml system related work), 130K (115k base + 15k bonus), Business Analyst, 1 year contract role.

headhunter keeps pressing me to saying he give me around 29% increase for basic pay. It is super good, no brainer, should definitely get it.

In addition he mentioned:

- This tier2 foreign bank is way much better for my career
- Though it is BA role, he mentioned that even if i put PM in my resume, no one will know which I highly doubt so.
- Foreign bank pay higher basic, it will make my future job switching easier.

My concern:
- from perm to contract
- yearly increase only 13%, i expect 20+% since this is a contract role with much less benefit.
- Title from PM to BA which may not look good on my resume.
- I receive calls from over bank or SI recently, though market is not good, but compliance field is still hot. I may get better package later
bro how does head hunting work?

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Old 10-05-2016, 08:43 AM
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Quote:
Originally Posted by youngcy View Post
Currently local bank, IT Project manager, 115k last year with bonus, 90k basic with 25k bonus. 8 years exp.

Just got an offer from tier 2 foreign bank, compliance dept (still doing aml system related work), 130K (115k base + 15k bonus), Business Analyst, 1 year contract role.

headhunter keeps pressing me to saying he give me around 29% increase for basic pay. It is super good, no brainer, should definitely get it.

In addition he mentioned:

- This tier2 foreign bank is way much better for my career
- Though it is BA role, he mentioned that even if i put PM in my resume, no one will know which I highly doubt so.
- Foreign bank pay higher basic, it will make my future job switching easier.

My concern:
- from perm to contract
- yearly increase only 13%, i expect 20+% since this is a contract role with much less benefit.
- Title from PM to BA which may not look good on my resume.
- I receive calls from over bank or SI recently, though market is not good, but compliance field is still hot. I may get better package later
I would not take the offer. Downgrading from full time to contract is a big no. Contract can get cut anytime and bonus is fixed. Also there is no career progression for a contract role. You will not get promoted regardless of ur contribution. Stay in ur current role and wait for a full time offer or promotion.

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Old 10-05-2016, 11:45 AM
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I would not take the offer. Downgrading from full time to contract is a big no. Contract can get cut anytime and bonus is fixed. Also there is no career progression for a contract role. You will not get promoted regardless of ur contribution. Stay in ur current role and wait for a full time offer or promotion.
Big No No.

Never move to a contract with a downgrade in job title and no useful increase. The HH is just doing typical lying salesman talk, with the current banking downturn that will be around for at least another 2-3 years, the moment you switch to contract chances are you will either get busted after 1 year or perpetually renewed as a contractor without end in sight. Nowadays there is very little perm openings, I wounít move to a contract even if they give me 30% increase. Thatís my 2c.
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Old 10-05-2016, 12:12 PM
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Quote:
Originally Posted by youngcy View Post
Currently local bank, IT Project manager, 115k last year with bonus, 90k basic with 25k bonus. 8 years exp.

Just got an offer from tier 2 foreign bank, compliance dept (still doing aml system related work), 130K (115k base + 15k bonus), Business Analyst, 1 year contract role.

headhunter keeps pressing me to saying he give me around 29% increase for basic pay. It is super good, no brainer, should definitely get it.

In addition he mentioned:

- This tier2 foreign bank is way much better for my career
- Though it is BA role, he mentioned that even if i put PM in my resume, no one will know which I highly doubt so.
- Foreign bank pay higher basic, it will make my future job switching easier.

My concern:
- from perm to contract
- yearly increase only 13%, i expect 20+% since this is a contract role with much less benefit.
- Title from PM to BA which may not look good on my resume.
- I receive calls from over bank or SI recently, though market is not good, but compliance field is still hot. I may get better package later
I wouldn't take it based on job security. Banks are going through a tough patch and first to go are highly paid contract staff. Then again also depends on your age/family profile.

From experience recruiters are like any sales people and will paint you the rosiest picture for them to secure their commission.
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Old 10-05-2016, 02:35 PM
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I wouldn't take it based on job security. Banks are going through a tough patch and first to go are highly paid contract staff. Then again also depends on your age/family profile.

From experience recruiters are like any sales people and will paint you the rosiest picture for them to secure their commission.
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?
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Old 10-05-2016, 02:40 PM
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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?
Then at least get a 2 yr or more contract.

Otherwise 1 yr later, what are you going to do?
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Old 10-05-2016, 02:54 PM
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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?
Going from 115k to 145k is quite good really. I understand your predicament.

Are there also stories that contract staff gets converted to full time staff? Unless HR made it clear there's no conversion.

Still, it's at least a improve monetary wise.
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Old 10-05-2016, 03:29 PM
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I will say no as many mention full time to contract is a no no unless you hate your current job and no way you can progress, but what are you going to do after a year, 1 year is very fast, end up no job and use the additional cash to stay alive, to me not worth it at this current market. Money is never enough, you don't want to eat, your Wife or kids also need to eat.
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Old 10-05-2016, 03:41 PM
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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?
Still not worth. Contract has no career progression. Many ppl already stated that u will be first to get cut. I will hang on to the full time job unless u hate it and boss hates u
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