bumping rates due to inflation

[dsc]

I'm sure there'll be different opinions on this, from "nah I'm just happy I have a contract" to "feck em, if they can't afford me I'll get 1908370 new contracts within 3hrs, so can leave". So what's your take?

Personally I've been extended several times on the current contract and it's a niche market and a whole new industry, so still on the fence re what to do.

[ladymuck]

It's always worth asking. The main thing is to know what you'd do in the event of a negative response - stay put or walk?

[Lance]

Ignore inflation. That's a consumer issue. You're a business. Your business doesn't pay for food, or fuel (generally speaking).
if your skills are in higher demand than they were then they are worth more but only to those willing to pay.
And if you told me as a client you want more money due to inflation I'd say that I have actual products I need to buy that are costing more so if anything I want to pay you less.

Some business contracts allow for regular price increase, but are usually capped at 1 or 2% a year. More common and business contracts that require the supplier to cost less year by year. So be careful how you ask.

In short. If you think you're worth more, or simply want more, then treat it like any rate increase negotiation (for which there are loads of threads on here). Leave inflation out of it because, IMO, it will get you nowhere.

[ensignia]

Ignore inflation. That's a consumer issue. You're a business.

Bad advice. Businesses increase their costs all the time because of inflation, nothing to do with the fact that it's a consumer issue.

[Lance]

Bad advice. Businesses increase their costs all the time because of inflation, nothing to do with the fact that it's a consumer issue.

only if their incoming costs also increase. Which for a contractor isn't the case.
Have you ever got an inflation based rate increase?
Do you know anyone who ever did?
That sort of increase is for permies.
So I respectfully disagree with you.


Anyway. before you just glibly say 'bad advice' like you always do. How about give the OP some useful suggestions. Just disagreeing with me isn't helpful, and the number of times you just disagree with others on here is getting to the point of trolling.

[northernladuk]

Bad advice. Businesses increase their costs all the time because of inflation, nothing to do with the fact that it's a consumer issue.

They are also looking to shave costs because the market is getting tougher. I'm with Lance on this one. There will be no rate rises because of inflation, more chance of the opposite. Clients tend to have rate cards and they aren't going to move them a few percent to keep in with inflation. IMO contractor rates are too far from inflation to be affected. I don't think I will be rocking any boats for a few quid here and there. Get the first piece of work done and then pressure the agent for any rises as we have always done.

Surely the WFH option has swelled the coffers more than a few percent hike on your rate? Does that not cover it?

[northernladuk]

Anyway. before you just glibly say 'bad advice' like you always do. How about give the OP some useful suggestions. Just disagreeing with me isn't helpful, and the number of times you just disagree with others on here is getting to the point of trolling.

Ensignia doens't do suggestions or useful advice. Just complains at everyone that is trying.

[TheDude]

I am due for renewal in a months time and have prepared a powerpoint presentation explaining that the family haven't been skiing for two seasons, my children are having to make do with a Playstation 4 and my wife's Macbook is running on Intel silicon.

If I don't get a rate rise then quite frankly my manager is an ogre.

[ladymuck]

I am due for renewal in a months time and have prepared a powerpoint presentation explaining that the family haven't been skiing for two seasons and that my children are having to make do with a Playstation 4 and my wife's Macbook is running on Intel silicon.

If I don't get a rate rise them quite frankly my manager is an ogre.

Ahem?

[TheDude]

Ahem?

Sorry - I meant the bloke who signs my timesheets.