That awkward rate moment when..........

[NotAllThere]

Why on earth would you discuss your rate with other contractors?

It seems pretty obvious to me.

Rates and margin are commercially sensitive information. Agents in particular like to keep such information secret, if they can, because they can exploit it to their own ends.

If you reveal your rate to another contractor, you risk them being able to undercut you. You also may be in breach of contractual conditions. However, if you've established a level of trust, mutual rate disclosure could benefit the lower paid of you to the detriment of the agent. You just have to decide whether the risks of disclosure to a fellow contractor outweigh the benefit.

Working out the mean rate as described above is an excellent way of minimising the risk of breach of contract.

[GeorgeB]

.......someone realises they are on substantially less than everyone.

During the quiet Xmas time, the contractors around us got chatting about our rates. Now in our team, we all work generally the same role, similar experience and apart from one person, generally work 8.30 till 5.30 (project depending). So we go around the table, and rates come out £500, £475, £525 etc. Then we get to the person who works long hours most days. Looking somewhat crestfallen, they said they were only on £280 PD - apaprently it is there 2nd contract role after being permie for 25 years and thought £280 was good!

Be an interesting conversation with there manager in January!!

What industry do you work in?

[xoggoth]

Think I recall an occasion like that, expect that, being in aircraft controls, ie something actually useful, the top person's rate was about you useless money shovers' lowest rate. The only time I got anything approaching £500 was for a direct two week contract.

[SneakySimon]

What industry do you work in?

Banking - investment generally.

[The Spartan]

I'm hoping to get Security Clearance next year hopefully that will lead to contracts with higher rates