Weekly or Monthly?

[Whatevs]

All, just wondering whether or not you prefer to be paid weekly or monthly?

My company is changing payments to contractors from weekly to end-of-the-month, and there is massive speculation as to how you (the contractors) will react.

Some are expecting backlash, others expecting people not being bothered.

Whats the frequency of your pay-schedule and would you mind it being changed from weekly to monthly?

Thanks

[singhr]

I predict a riot

[DiscoStu]

All, just wondering whether or not you prefer to be paid weekly or monthly?

My company is changing payments to contractors from weekly to end-of-the-month, and there is massive speculation as to how you (the contractors) will react.

Some are expecting backlash, others expecting people not being bothered.

Whats the frequency of your pay-schedule and would you mind it being changed from weekly to monthly?

Thanks

MyCo is paid weekly. The agency I'm working through is fairly new and because of this has a crap credit score.

When I'm paid weekly my maximum exposure for unpaid work, if the agency were to go under, is two weeks. If I were to be paid monthly it would be significantly more. For this reason I wouldn't be too happy if I were changed from a weekly to monthly payment schedule.

[stingman123]

I like to get it weekly....

[Jeebo72]

Weekly always. I got paid monthly in arrears once, and when payments where missed, which was frequent, it meant meant two months before I was paid. In this fiscal climate it's too much of a risk.

[pzz76077]

I have an unbreakable rule of weekly payment, 7 days max credit.

Learnt the hard way, so would walk if these terms were not met.

PZZ

[RichardCranium]

There are two contracts:

1. ClientCo to agency

2. Agency to MyLtdCo.

Changing contract (1) does not change contract (2). Are you referring to payment terms in contract (1) or contract (2)?

If (2), I would threaten to walk. It means the agency is going bankrupt, not might be, but is. They will have "issues" paying the first month's payments "because of the new system" and then get slower and slower then disappear. Or just disappear straight away.

[TheFaQQer]

All, just wondering whether or not you prefer to be paid weekly or monthly?

My company is changing payments to contractors from weekly to end-of-the-month, and there is massive speculation as to how you (the contractors) will react.

Some are expecting backlash, others expecting people not being bothered.

Whats the frequency of your pay-schedule and would you mind it being changed from weekly to monthly?

Thanks

Depends how you manage the contract renegotiations with your existing contractors - if you let it slip that you're doing this because you have cash flow problems, then you may get some reluctance to change. You may even need to offer some degree of incentive for the contractors to change - you signed the contract and now want to change the terms.

Personally, I prefer to be paid monthly - invoice Friday month end, expect payment to hit the bank the following week. If I'm paid weekly, it tends to be on 30 day terms anyway (which is nice when the contract ends and the money still keeps rolling in).

Of course, if your credit rating is poor, then the chances of contractors lining up to extend their exposure if you go bust is slim.

HTH.

[northernladuk]

My company is changing payments to contractors from weekly to end-of-the-month, and there is massive speculation as to how you (the contractors) will react.

Hopefully they will all put up with it and shut up. Complaining about changes in pay conditions is permie job. We have or own company pay/dividends which will stay exactly the same regardless of the our money is paid in to our accounts. We really wouldn't want to be seen as whinging money grabbing contractors by the permie staff now would we!

I would also hope that you negotiated a system whereby you can bill them anytime you wish.

Getting too wound up by this would lead me to believe you actually want to be in IR35?

[TheFaQQer]

Hopefully they will all put up with it and shut up. Complaining about changes in pay conditions is permie job. We have or own company pay/dividends which will stay exactly the same regardless of the our money is paid in to our accounts. We really wouldn't want to be seen as whinging money grabbing contractors by the permie staff now would we!

I would also hope that you negotiated a system whereby you can bill them anytime you wish.

Getting too wound up by this would lead me to believe you actually want to be in IR35?

Complaining about pay is a permie thing. Refusing to have your contract changed to your detriment is something that most businesses would fight.

And it's nothing to do with IR35, either.