When is a 12 month contract not a contract!

[BlasterBates]

It looks like it is from the client, no not a lot you can do, the margin is dictated by the bank. The best you could have done is 1 or 2%, but not worth the hassle. You're not a VIP developer in the bank, so I would see virtually no chance of the bank moving on it. Once you have some experience, you can "go shopping" for new contracts, this is the way to get a high rate, get interest from several banks.

[TheFaQQer]

Chris, thanks for the options, I just had a meeting with the agent and tried to take their 9.89% cut down to maybe 6% but they said they can't move as their books are open with the client and therefore all the contractors would ask for the same fee rate.

No agency is going to work for 6% commission - unless you aren't expecting them to factor payment or take any risk. 10% isn't high, either, so there's no chance of moving their margin in this case.

The agent said if I continue with the first contract then he will terminate that immediately, pay me the notice period and then he'll make sure I never work for them or this bank again! Nice ay!!

Well, legally, he probably doesn't have to pay the notice period, so at least you would get something. Chances of them actually remembering in the future and blacklisting you are slim, though - if they need someone, they'll take someone, regardless of what happened in the past. It's business, FFS!

The IB and agency have given me lots of apologies today but I'm still out of pocket( a little bit) and more to the point got a bitter taste in my mouth about working for them now after all this palaver!

So - start looking for something better straight away, and as soon as anything comes up, jump ship. You can at least say that you told them early that you needed a higher rate but no-one wanted to listen.

[2BIT]

Hi all,

I desperately need some help with a major problem I've got. I'm a first time contractor and in the process of setting myself up

I got a contract job offer by an investment bank back in Febuary after direct face to face interviews. They explained that they use NSC Global as an agent to pay all their contractors (fair enough). They instructed NSC Global to issue a contract to me with the relevant daily agreed rate which they emailed to me and a counter-signed copy from them is in the post. So I've handed my notice in at BT and my last working day is April 8th. - This was over 2 weeks ago

I receive an email late friday night (18th) from NSC Global stating that the investment bank got their number wrong and this is now the new contract with new LOWER daily rate!

The lower rate is only my second worry here. How can they rip up a 12 month agreed and issued contract just like that!?? I'm sick with worry and not sure what to do...

pls advise...

many thanks

Jay

to set your mind at ease double-check with someone you know in HR at your perm role if you are able to retract your resignation any time up until the last day of work (i think its legal for anyone to retract) as certainly being able to earn at your current place if it all goes south will be the most important thing for you

[TykeMerc]

to set your mind at ease double-check with someone you know in HR at your perm role if you are able to retract your resignation any time up until the last day of work (i think its legal for anyone to retract) as certainly being able to earn at your current place if it all goes south will be the most important thing for you

That's sound advice.

[escapeUK]

The agent said if I continue with the first contract then he will terminate that immediately, pay me the notice period and then he'll make sure I never work for them or this bank again! Nice ay!!

Take this as a warning and do not take the contract. If someone would treat you like this at this stage, how will it be in the future?

[Wanderer]

The agent said if I continue with the first contract then he will terminate that immediately, pay me the notice period and then he'll make sure I never work for them or this bank again! Nice ay!!

Yeah, they all say that. Don't sweat it.

The IB and agency have given me lots of apologies today but I'm still out of pocket( a little bit) and more to the point got a bitter taste in my mouth about working for them now after all this palaver!

Well it seems to be clear that the client has driven this rather than the agency trying to drive up their margin and they have been open and honest about margins etc so I would be inclined to accept it with good grace. It is a tulipty way for them to do business but most likely some bean counter has said to them "knock 10% off that" and they have to comply, there is bugger all they can do about it.

Don't let things like this eat away at you or you will not survive, you've got to take a deep breath sign the contract and get on with the job. When renewal time comes though.....

[Wanderer]

No agency is going to work for 6% commission - unless you aren't expecting them to factor payment or take any risk. 10% isn't high, either, so there's no chance of moving their margin in this case.

My agency is currently only taking 7%... I agree that 10% is not excessive though.

[Scrag Meister]

Agencies so far have taken 9% and 11%, not sure what the current one takes as I went direct and they didn't do anything to get me the role, and were added in the mix by the client afterwards.

[mavster07]

Thanks all for your feedback.

Chris, thanks for the options, I just had a meeting with the agent and tried to take their 9.89% cut down to maybe 6% but they said they can't move as their books are open with the client and therefore all the contractors would ask for the same fee rate.

I've decided to "bend over" and take the hit as its only a 10% difference but its just the whole way of being treated like that and contracts not being honoured that has scared me off contracting a bit. The agent said if I continue with the first contract then he will terminate that immediately, pay me the notice period and then he'll make sure I never work for them or this bank again! Nice ay!!

The IB and agency have given me lots of apologies today but I'm still out of pocket( a little bit) and more to the point got a bitter taste in my mouth about working for them now after all this palaver!

Thanks again

I think you've been a bit rash here.
I would definitely query, before you sign, with the agency/client/or both why the rate has differed from what was offered. You are entitled to do that as its considered 'bad faith' to negotiate a contract on one rate and then issue a document with that rate to only later recant.

If you don't do this then they'll have you by the ****. You are within your legal rights to query it and if they blow you over, then ask the agency if you can refer the matter to the REC or APSCO for investigation to ensure all is above board with them and the client.

Otherwise, speak to the client and express your displeasure and be prepared to walk away. This sounds like the agency pulling one over to me......

[matte033]

NCS Global

Thanks for this post i have been offered a interview with this crowd but i have to go to London between 12 and 5pm tommrow and seemed a bit sceptical about it <mod snip>
Internal Recruiter for NCS Global called me after i filled in a redirect from netacad as i was the first person in my academy to pass the Exploration CCNA last year as a trial for the college i attended.

I was told they had a job in Leicester for a bank and i'd do site survey's, install and config work for £100 a day at £17 overtime which seemd to good to be true even when they stated that i wouldnt need to setup a umbrella company and pay my own tax (basically it sounded esy work configuring a few ip telephones).

I'm not sure if any of you gus are working for this crowd and if indded that is true but judging by a quick google on job staisfaction boards and forums, the management seem to be incompetent, training is non existent and why pay £100 a day for work thats anyone with the entry cisco or cnet could do???

Glasscelling, goggle search and others seemed to paint that there recent so called sucesss on the ciso site in the checzh republic for a investment bank isnt what it seems and i belive ncs had to get outside recruitment help.

sorry is the spellings out i'm a typical computer geek and dyslexic.

a number of things concern me working for this crowd

1) the interview was to be hel at Clarendon Pub London Victoria when their registered office is round the corner (makes me think there hq is just a mailing box ) i have never sat a interview in a pub before

2) they needed a security and finacial check and aparently having a previous bankrupty (discharged) from 2006 wont fial this which is weird as other recuriters fial me staright away on this.

3) there not a meber of rec or aspco or any other recuitment body.

4) if they are threating the chap who openeded this thread not a company i wont to work for really.

5) aparently i needed to sit a pratical and mutli choice test, when i quized them on what id be doing and a job spec or the client name i could not be given this so how can i research for a interview.

6) the pratical was multichoice and required no coding or computer - so how is that a pratical?

I would certinaly give this crowd a wide berth bassed on they rang me within 10 minutes of a referal there obviously have a very high turnover .

If there is anyone who can give a positive feedback id like to know