Anyone working at UBS?

[Wanderer]

You think it works like that?!

Seriously we all know that we are disposable staff, its a case of if you think you can live without the contract then walk, otherwise suck it up and keep invoiving

There's no need to walk away from the contract.

One time I got told I was taking a 10% rate cut, this was being implemented across the board with no consideration to individuals and what they were doing. I just told them it's not happening. They asked if I was terminating the contract and I said no, I'm just saying that I'm not taking a rate cut, your move.

Queue a load of wailing and gnashing of teeth but my rate didn't get cut and I didn't get terminated either. If they had given me notice then I would have reconsidered but since they didn't I wasn't going to budge.

[perplexed]

There's no need to walk away from the contract.

One time I got told I was taking a 10% rate cut, this was being implemented across the board with no consideration to individuals and what they were doing. I just told them it's not happening. They asked if I was terminating the contract and I said no, I'm just saying that I'm not taking a rate cut, your move.

Queue a load of wailing and gnashing of teeth but my rate didn't get cut and I didn't get terminated either. If they had given me notice then I would have reconsidered but since they didn't I wasn't going to budge.

Out of interest, were extensions offered in that gig and did you receive an offer of one?

[Scrag Meister]

Its an interest situation, not that anyone is irreplacable but I would love to see what the situation would be if I went looking for a rate rise now.

I'm a team of 1 supporting a sadly dying but important part of ClientCo's client facing credit market middle office.

Bravado is tempting, ala Wanderer's comment, but I believe 90% of something is better than 100% of nothing.

Had a 15% cut last time I was at this client, won't be too keen to bend over again. No news on cuts here as yet. Time will tell.

[nomadd]

There's no need to walk away from the contract.

One time I got told I was taking a 10% rate cut, this was being implemented across the board with no consideration to individuals and what they were doing. I just told them it's not happening. They asked if I was terminating the contract and I said no, I'm just saying that I'm not taking a rate cut, your move.

Queue a load of wailing and gnashing of teeth but my rate didn't get cut and I didn't get terminated either. If they had given me notice then I would have reconsidered but since they didn't I wasn't going to budge.

Yep. Had two rate cuts raised a couple of gigs back. Refused to accept either of them, though the other contractors did. I got renewals both times. And at the end of the job, we all got let go at the same time. So that was 6 months of other contractors working for 10% less, then another 6 months of them working for another 10% less. Crazy, but their choice.

My first question to UBS management would be "Are your permie staff taking a 10% pay cut to...?"

As ever, know your own worth. And if you feel you are worth the money, be prepared to walk to get it (or stay and suffer the rate cut.)

[b0redom]

My first question to UBS management would be "Are your permie staff taking a 10% pay cut to...?"

Completely irrelevant. Do you also demand holidays, sick pay etc etc?

You're a business. If you thought you could get away with paying 10% less for your accountant/ADSL etc etc without compromising the service you would right?

That being said. I've only ever had a rate reduction suggested once. A lot of people capitulated, but as I had other agencies calling, I said, thanks but no thanks. End result was no rate cut for B0redom Co.

Not sure what I'd do now, although the 'phone does seem to be ringing a lot still.

[swamp]

I've dodged a couple of rate cuts in my time. The first time I somehow got missed and I managed to keep quiet On the second occasion they tried to cut my rate before I even started. I refused and got my way.

Rate cuts are bad for any contractor, but particularly at present because thanks to our inflation figures we are getting cut 4% each year anyhow

[nomadd]

You're a business. If you thought you could get away with paying 10% less for your accountant/ADSL etc etc without compromising the service you would right?

If UBS thought they could have paid 10% less "without compromising service" in the first place, then they would have, right?

As other posters have pointed out: the less skilled will take the cut and stay at UBS; service will be compromised. The well-skilled folk will simply move on - there are plenty of positions on Jobserve for people with good banking skills at the moment.

[Wanderer]

Out of interest, were extensions offered in that gig and did you receive an offer of one?

Yes, I got extended.

The reason I was so bolshie with them was that it sounded to me like some oik in procurement or at the agency came up with the money saving idea and there was no consultation with the project managers. No one is irreplaceable but losing me would have caused a lot of pain and delayed the delivery of a project worth millions. One of the senior managers apologised to me later on saying if he had known what was happening that the problem would have been swiftly dealt with.

The moral I took from this was that I should default to negotiating these things direct with my client unless they specifically delegate it to the agency.

[Crack Addick]

Looks like Hays have been busy at Citi. Contractors will be getting offered only 3 month contracts and a 10% reduction at their next renewal......

[v8gaz]

Looks like Hays have been busy at Citi. Contractors will be getting offered only 3 month contracts and a 10% reduction at their next renewal......

Yeah but the upside is going to be car park spaces and paid holidays. Anyone else get the HAYS RBS email last night? Morons.