Merrill Lynch contractor 11% rate cut

[OwlHoot]

What are you calling small? Some of these issues are very serious global problems, which we're trying our best to solve!

Exactly, and we're better at it than most barbers and taxi drivers, and certainly the Government.

[Sysman]

Come on folks, they do have to protect their bonuses somehow:

City bonuses defy credit crunch and hit new record of £13bn

[DodgyAgent]

Much as I empathise with the principle that rates should go down as well as up according to economic climes. I also believe that generally a lot of this is about politics. I am not sure that a client is going to gain anything by cutting contractor rates. Maybe they will save a few quid but they will end up demotivating their contractors and thus compromising (what little there is ) quality. basically I am not sure that it is worth the hassle unless the whole contractor market is going down (which it is not).

You can spin it any way you like but contractors are not businesses. This is not a negative point that I make, because on the [positive side many of them are very loyal. Contractors may be independent in many ways and different from permies but they are still individuals. Contractors will not look at this in a business like manner (if they do then they will look at other options). Instead they will take it personally and any loyalty will go straight out of the window.

Any decision to reduce rates for contractors is therefore more than likely to be some pathetic gesture from some pathetic middle manager trying to stick his nose in the sunniest hole to save his own skin.

[oracleslave]

Much as I empathise with the principle that rates should go down as well as up according to economic climes. I also believe that generally a lot of this is about politics. I am not sure that a client is going to gain anything by cutting contractor rates. Maybe they will save a few quid but they will end up demotivating their contractors and thus compromising (what little there is ) quality. basically I am not sure that it is worth the hassle unless the whole contractor market is going down (which it is not).

You can spin it any way you like but contractors are not businesses. This is not a negative point that I make, because on the [positive side many of them are very loyal. Contractors may be independent in many ways and different from permies but they are still individuals. Contractors will not look at this in a business like manner (if they do then they will look at other options). Instead they will take it personally and any loyalty will go straight out of the window.

Any decision to reduce rates for contractors is therefore more than likely to be some pathetic gesture from some pathetic middle manager trying to stick his nose in the sunniest hole to save his own skin.

Good post Dodgy

[swamp]

Very good point Dodgy. It's rare for contractors to leave mid-contract and quite disingenuous for Merill to cut rates mid-term. Anyone still there will not stop to think twice if they need to serve notice to get another contract.

If I had my rate cut mid-term I'd be enjoying long lunches. I'd also look for another gig with "immediate availability", and if I found one I'd phone in sick for four weeks.

[DodgyAgent]

Very good point Dodgy. It's rare for contractors to leave mid-contract and quite disingenuous for Merill to cut rates mid-term. Anyone still there will not stop to think twice if they need to serve notice to get another contract.

If I had my rate cut mid-term I'd be enjoying long lunches. I'd also look for another gig with "immediate availability", and if I found one I'd phone in sick for four weeks.

Merrill should now be an immediate target for any recruiter in the City arena (which unfortunately I am not)

[NickFitz]

Merrill should now be an immediate target for any recruiter in the City arena (which unfortunately I am not)

How is the Rutland market?

[eliquant]

I dunno Merrills is not a bad City employer although they shipped loads of IT staff to Camberley outside of London to cut costs which did create a little exodus here and there as I remember.

Just another bad management error I guess.

[BrilloPad]

At ClienctCo they discussed slashing rates by 10% - but then decided we were too poorly paid already!

[threaded]

Just another bad management error I guess.

Well, if they can cut everybody by 11% just like that, I would suggest there has been a large number of management errors for an extended period if they've been paying over the odds like that for everyone.

Like I say, any idiot can do such a job, all you need is the right brand of bulltulip.