Increase Day Rate

[GigiBronz]

The guy asking the question seems rather clueless about banks considering he has been offered such a high salary.

If this is for real then they guy must either have some serious quant skills or more likely to quote another post from the thread:



The last perm offer I received (December 2021) from a bank was a total comp of £170k with a salary of £130k and that is with 10 years of experience in some pretty in demand technologies.

I've posted on Blind too

Going to merge two of my posts together on bonus:

This salary is made of a base and a contractually guaranteed annual bonus, I didn't separate these as (1) it would make it much easier for people internally to ID me and (2) it would just over complicate things, as an output it just means the base is 190k

I didn't want to use the word Bonus as people (rightly) think that's discretionary or goes up and down, in this offer the exact amount is written into the contract so it's guaranteed money.

There is also a discretionary bonus, but I've been told in my role it is not something that I should expect to be big (I'm not in IB).

so it seems to be total comp but guaranteed.

as long as you have some in demand skills, usually 3-4y experience you probably can call yourself senior eng. VP level. if you add a runaway market 190k doesn't seem that much.

market is good now. 10-20% increase in offer over a few months is not unheard of.

[northernladuk]

so it seems to be total comp but guaranteed.

as long as you have some in demand skills, usually 3-4y experience you probably can call yourself senior eng. VP level. if you add a runaway market 190k doesn't seem that much.

market is good now. 10-20% increase in offer over a few months is not unheard of.

Can we get back on topic now.

[GigiBronz]

Can we get back on topic now.

we haven't that far to be honest. was just pointing what the permi market is doing, based on which we calculate our rates as well.

in conclusion:

inflation is through the roof, cost of life is through the roof, nobody can find decent workers (because most of them have figures out it's not worth doing grinding work for the privilege of paying bills) so salaries and rates are going up.

if you are not going to take advantage of this than with all due respect - you are a schmuck and probably shouldn't be in contracting in the first place.

plain and simple.

[northernladuk]

we haven't that far to be honest. was just pointing what the permi market is doing, based on which we calculate our rates as well.

Permie market has next to nothing to do with our rates and you were picking a few poor examples so not helping.

inflation is through the roof, cost of life is through the roof, nobody can find decent workers (because most of them have figures out it's not worth doing grinding work for the privilege of paying bills) so salaries and rates are going up.

if you are not going to take advantage of this than with all due respect - you are a schmuck and probably shouldn't be in contracting in the first place.

plain and simple.

So now you've had your say so lets get back to the OP's question.

[cojak]

Yes, back to the OP's question please.

[lecyclist]

Increasing day rate is the topic, but it should be considered as part of a larger work-life balance question: is there anything concerning money, personal terms, work conditions or any other aspect of your contract that you would like to improve? e.g. 100% working from home instead of 2 days in the office per week, or condensing your hours into 4 days instead of working 5?

Ideally, you should really have insider knowledge about the billable rates, or departmental-project cross billing rates, at the client.

Also, observe the personal terms / working conditions of your colleagues-- is there any benefit any other contractor has that would improve your situation? You may want to run ideas about rate increase etc. past your more experienced colleagues, to get a reality check also (although in the contractor world, there is a tendency not to talk about privately negotiated beneficial terms, so don't expect the truth).

So when you ask for the headline rate increase (if you want £50, it makes sense to ask for £100 and expect to be negotiated down), and if there is strong pushback, you have the opportunity to compromise on a lower headline rate increase combined with better personal terms.

And if you get a complete "NO" to all your requests (from the client, not the agency), you know you need to move elsewhere.

Negotiating with the agency, from a position of ignorance, is unlikely to be successful. For example, the following would be a typical exchange:

BBP - Hi, I'm being underpaid. I want £100 extra per day. I've been offered a better paying contract elsewhere. I'm the best at <blah>
AGENT - I'll speak to <blah> and get back to you <blah>
..
AGENT - Sorry, no possibility of a rate increase, you are already on one the highest rates there, and marketplace currently is <blah> with lots of <blah> available.
BBP - I'm considering taking the other role.
AGENT - Are you telling me BBP, that I should be advertising your role as available?
BBP - <blah>
AGENT - Do you want me to contact the client to let them know you are leaving? etc... <blah>

[d000hg]

£750pd for a pretty standard developer role sounds pie-in-the-sky to me, isn't that back to the glory days of the dotCom bubble? That kind of level suggests contractors have simply tacked on the IR35 costs to their rates, which is not what I thought had happened.

But then I've not been following the markets and especially not in London, has there been a steep rise (£500 being a reasonably typical rate for a non-specialist before)?

Maybe this should be pulled into its own topic though since it's a slight tangent.

[cannon999]

£750pd for a pretty standard developer role sounds pie-in-the-sky to me, isn't that back to the glory days of the dotCom bubble? That kind of level suggests contractors have simply tacked on the IR35 costs to their rates, which is not what I thought had happened.

But then I've not been following the markets and especially not in London, has there been a steep rise (£500 being a reasonably typical rate for a non-specialist before)?

Maybe this should be pulled into its own topic though since it's a slight tangent.

Well inflation is running at 20% so you add that onto previous rates and you get that

[ensignia]

GiGi Bronze or whatever his name is, seems to be a certified maniac

[cojak]

Well inflation is running at 20% so you add that onto previous rates and you get that

20%? Really?

The ONS says that it’s 4.9% https://www.ons.gov.uk/economy/inflationandpriceindices