Large Scottish bank

[d000hg]

I too have turned it down. Even if they turn around and say they want me stay @ same rate, im out.

Make sure you give them notice then.

[Pity the fool]

D000hg. They will be arguing on tuesday that they have given us notice even tho its not clear on the letter. I wont have any notice to give as its them terminating even if they change their minds and keep us at same rate.

[ascender]

I didn't think the email was particularly clear either as regards notice but I mailed them to ask and confirmed they have effectively given us all 7 days notice unless we accept the new assignment. The way the Lorien time sheet system works, you won't be able to book any time past next week unless you accept the new assignment anyway, so it is very clearly your notice you've been given.

Also in terms of the wording, apparently they just sent out what RBS passed them.

What I don't get it is that you have until next Thursday to give them an answer and where does that leave them with the guys who no doubt will leave it until then to see if they can get a new gig? One day to do handovers of all project work to someone else? If they have anyone else?

[borderreiver]

What I don't get it is that you have until next Thursday to give them an answer and where does that leave them with the guys who no doubt will leave it until then to see if they can get a new gig? One day to do handovers of all project work to someone else? If they have anyone else?

The client should have thought about that before giving everyone such short notice, then ...

Of course as enterprising businesspeople, you could always offer to do a fixed-term handover after the notice period elapses ... at your previous rate, of course

[Pity the fool]

They should have just said contracts are terminated wef cob 25/2 and we now have notice of this with option of signing new contract with reduced rate rather than sending some convoluted mail straight out of clientco which leaves more questions than answers.

I think they are using the termination clause as a guise here because they cant invoke any clause around rate reduction. Is that even legal?

[BlasterBates]

They're terminating your contracts using the termination notice period. You can check your contract but they will almost certainly have made sure your contract has a weekly notice period.

It's up to you whether you decide to sign the new contract. You're not obliged to continue at the lower rate. No doubt some contractors will leave.

Fairly standard procedure in the banks I'm afraid. Yes it is legal (well normally).

My advice is if you want to leave, check the market, financially it usually makes sense to continue and leave at the next opportunity. It isn't the only bank that's doing this so the market may not exactly be booming. If you have a big war chest and were planning a summer break anyway, not a bad time to go.

If you are prepared to leave then you can make them an offer to continue at the same rate and see what happens.

[Underscore Pt2]

If you sign up and then just leave once you find another gig you'll be black balled for a while. Its a standard thing in there. From those I've spoke to many more than normal are saying walk and using it as an excuse to get out. As others have mentioned they are way understaffed and now paying less than most. Also there is no shortage of other roles with other banks at the moment.

[Pity the fool]

They're terminating your contracts using the termination notice period. You can check your contract but they will almost certainly have made sure your contract has a weekly notice period.

It's up to you whether you decide to sign the new contract. You're not obliged to continue at the lower rate. No doubt some contractors will leave.

Fairly standard procedure in the banks I'm afraid. Yes it is legal (well normally).

My advice is if you want to leave, check the market, financially it usually makes sense to continue and leave at the next opportunity. It isn't the only bank that's doing this so the market may not exactly be booming. If you have a big war chest and were planning a summer break anyway, not a bad time to go.

If you are prepared to leave then you can make them an offer to continue at the same rate and see what happens.

my question regarding the legaility of this is, can they use the termination notice period as a way of reducing the rates? The termination clause typically covers a range of scenarios, but not, from my recollection when clientco decides they want to have their cake and eat it. The simple fact that the contractors have a new contract sitting their on the portal is testament to the fact that we are not in fact being terminated for typical termination reasons.

[v8gaz]

my question regarding the legaility of this is, can they use the termination notice period as a way of reducing the rates? The termination clause typically covers a range of scenarios, but not, from my recollection when clientco decides they want to have their cake and eat it. The simple fact that the contractors have a new contract sitting their on the portal is testament to the fact that we are not in fact being terminated for typical termination reasons.

Yes. Happens often. Live with it.

[Mulder]

If there is no work that needs doing then they don't have to provide you with any and even if there is you can refuse to accept it.

Most companies aren't that tulipty though. So they either pay then notice period, interpreting it as a penalty clause in the contract, or ensure you have work that fills most, but not necessarily all, of those 7 days.

When a Royally Screwed bank trialled outsourcing BAs to India (yes really) they paid me 7 days notice but as they had been winding down my work before hand, I didn't need to come in just invoice it.

I learned that outsourcing BAs to India worked even less well then when they outsource IT to India so I believe that policy has been reversed.

Given the Royally Screwed Bank rates are low and this is no longer in returned for virtually guaranteed renewals, I refuse to go back until they pay market rates again. Its a shame as they have good canteens in Edinburgh and I enjoyed working for them. So I would go back but for the right price!