Beware Of Permalance: Here’s What To Consider Before Taking The Job
So, you landed a job. Congrats! The position is with a good company, it’s a full 40 hours a week, but…wait, no benefits? Welcome to the world of permalance.
The term refers to a full-time freelance position at a company that has the potential to turn into a salaried position. Depending on your industry, permalance may be more or less prevalent, but the position essentially allows you full-time pay without any extras, like paid time off, sick days or more serious benefits like health care.
Why would you want this position?
We’ll start out with the positive elements of a permalance position, because there are a handful of them.
The credential: If you score a position at a big-name company or brand, it’s a little tough to turn it down. Sometimes the benefits of having a prominent name behind you outweigh the lack of benefits you would receive in a normal position.
The “promise”: A company may start you off in a no-benefits full-time position with the condition that if you perform well, you could become one of a salaried employee. Permalance positions can be called by other names, like a “fellowship.” In these cases, permalance is a step toward a potentially really cool job.
Why would you not want this position?
If you see the word permalance on a job description, you can expect a bunch of risks to come with the opportunity.
The security: Unless you see the potential of a performance-based salaried position in writing, you can’t be sure that the position will be secure, even for the amount of time the company indicates you’ll be there in your paperwork. Permalance is still freelance work, and you can be let go at any time.
The pigeonhole: Another stipulation of taking a permalance job is that you could feel pigeonholed down the line when you are ready for a full-time salaried position. You might not know what are typical benefits for your experience because you lived without them for so long, and your next company may lowball your pay or benefits for the same reason.
What’s important is that you consider all angles before taking a permalance position. It could come with some pretty sweet benefits, or it could leave you hanging when you least expect it. Whatever you decide, make sure it’s the right decision for you.