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HELP! Permanent to contract
Author:  Anonymous Medzilla Reader
Date:  12-17-16 06:31pm
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I currently work for PPD as a project assistant II. I was offered a contract position at Quintiles as a CTA. My current salary is 38,000. Quintiles is offering 47,000. At my current job I found out that another co worker in the same position as me and who has been there around the same time as me is making more than me. This and the fact that I'm burnt out and not feeling like I can advance is the reason I'm leaving. Should I take the contract job or stay?? Not sure what it's like at Quintiles
 

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  Author: Jess Jan 17, 2017, 03:07PM
 
    Re: HELP! Permanent to contract   Log In to Report Post
 
   I have never worked as a contractor in clincal research (always been salaried); however, I did work as a contractor outside of the industry straight out of college. It has its perks--that's for sure--but you must manage your money extremely well. Taxes, benefits, and retirement are all up to you and that can be tricky to adjust to. You also may be responsible for travel expenses, office supplies, computer, software, etc.

A $10,000 difference will likely not amount to much in this case.
 
 
 
  Author: Anonymous Medzilla Reader Dec 29, 2016, 06:55AM
 
    Re: HELP! Permanent to contract   Log In to Report Post
 
   If your contract, remember to reduce your salary by what you lose out on in benefits. For example, contractors don't get the employer match on social security so you'll be paying an extra $2,914 to SS off the $47k salary effectively reducing it to about $44k... then take out how much you lose from a 401k match- that brings it down to $43k.... then take out the difference in what you'll pay for healthcare, dental, life, disability, etc. and you're not much further ahead so that'll bring you down to about $40k depending on your family size.

I agree- you have to job hop to get those big increases and promotions in this industry, but this offer doesn't really seem to put you very far ahead of where you are now.
 
 
 
  Author: Anonymous Medzilla Reader Dec 28, 2016, 06:00PM
 
    Re: HELP! Permanent to contract   Log In to Report Post
 
   Really look into the cost of benifits with a contract position. Between taxes like SS, 401k match, health and dental insurance, life insurance, short and long term disability, ability to get unemployment, etc. If I went contract, I'd be left paying for all of that!
 
 
 
  Author: Anonymous Medzilla Reader Dec 27, 2016, 02:10PM
 
    Re: HELP! Permanent to contract   Log In to Report Post
 
   Take it! IF you are burnt out and not advancing, job hopping is the only way you will get a better salary especially in this industry.
 

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