Forced To Take 10% Pay Cut In IB - Are My Human Rights Violated

[EternalOptimist]

I dont mind discussing rate rises, or rate reductions
contract changes
working conditions changes



but anyone who equates this to human rights can swivel around on my bell-end

[darrenb]

I'm always amazed by how many contractors imagine they are being paid well to be treated badly. Me, I am paid well because... *drumroll* I am good. As for the flexibility thing, well that is an advantage to me and not just the client. If I do something unreasonable, then sure, the client can get rid of me quickly. If the client does something unreasonable (e.g. violate the contract and try to cut my rate), then I get rid of the client and get a new one. I have done that in the past, and no doubt will again in the future.

I would strongly advise you never to put yourself in a position where you feel totally dependent on a client, no matter how much they are paying you. That is just pisspoor business sense. This applies even more in a recession than in a boom.

[sbakoola]

Your human rights are not being violated, you've had an adjustment on your daily rate either accept or reject it and leave.

I myself am in an IB and have fought off and accepted rate cuts at the same client site and although I don't like it you have to weigh up many different factors when you make your decision.

What I am not very happy about is that there seems to be a game in IBs right now of "how low can we go.." with contractor rates, there is also the game being played of "we as an IB will advertise and pay top (!) rates at £700 per day" as we know 2 months after they join they'll be taking a 10% cut and a further 10% down the line." ... essentially propping up rates to entice top quality contractors who then have to face the reality of what the IB is really willing to pay 2-3 months down the line - that really narks me off.

Don't nark off contractors, there was one in a different team who got lied to about the work he was promised at interview, he faked illness, for 2 months and they kept his position open whilst he already had a contract job somewhere else !!!! I say good on him.

[d000hg]

Are you saying £700 isn't a great rate to begin with?

[darrenb]

Are you saying £700 isn't a great rate to begin with?

From a purely pragmatic business perspective, I would sooner take £400/day from a legitimate enterprise than £700/day from a gangster. The reason being, the gangster might not pay what he promised. A gangster does not feel constrained by law, or he has bought out the law, which amounts to the same thing.

[AtW]

From a purely pragmatic business perspective, I would sooner take £400/day from a legitimate enterprise than £700/day from a gangster.

At what end do you put the banks?

[darrenb]

At what end do you put the banks?

Depends on the bank. Can a particular institution honour the contracts it has signed? That is the question that is most important from a contractor's perspective, and by the answer you will know how to classify that institution.

[eek]

At what end do you put the banks?

Well if gangsters pay £700 a day compared to normal businesses paying £400, I. Banks must be gangsters.

[AtW]

Can a particular institution honour the contracts it has signed?

Proper gangsters (those who pay £700 daily) often have their own code and those of them that don't honour promises don't live long usually.

[BrilloPad]

IBs are dead. Join a hedge fund.