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

[Pogle]

"10% cuts across the board on contractors rates" are not as "across the board" as clientcos would have everyone believe.
It depends how useful they think you are.

[cojak]

"10% cuts across the board on contractors rates" are not as "across the board" as clientcos would have everyone believe.
It depends how useful they think you are.

WPS

So DA should just say 'No'.

And see where it get him...

[darrenb]

A few years ago I got hit with a 15% cut and declined, went off and had a holiday, done a pretty interesting 3 month contract and ended up back at the rate cutting place for more than my initial rate.

This is a good example of how it works. Tell everybody they're getting a cut. For those who decline, "punish" them by terminating them, then hire them back with a bonus because they're probably good. For those who accept the cut, "reward" them by keeping them on for a couple of months, then present them with another cut or just get rid of them entirely. Is it so hard to figure out?

It's a strategy. I'm not saying it's a good strategy. Actually there are probably a lot of first-rate mathematicians who could make the IBs millions, but who are slightly naive, take these cuts at face value, and are never given the chance by their bosses to achieve anything. Conversely there are a lot of first-rate blaggers who understand the game, face down the cuts, get promoted, and produce mountains of the sprawling unmaintainable code for which the IBs are famous.

The sad thing is it's the only strategy the banks know. They have no way of judging technical talent, so they just fall back on what they know. Those who can fight are to be kept; those who can't fight are to be crushed underfoot.

[EternalOptimist]

"10% cuts across the board on contractors rates" are not as "across the board" as clientcos would have everyone believe.
It depends how useful they think you are.

WPS

Last time I was 'offered' a 10% cut I stormed into the idiot MD and gave him both barrels.
It was tough for the next few months having to cope with my 20% cut

[SimonMac]

Can't be arsed to read 5 pages of thread, I assume the concensuses of opinion is either put up with it or find another gig?

[eek]

Thinking about it your rights may have violated. There is one easy way to check.

Speak to Matrix Chambers from the matrix chambers (nowadays you can approach barristers directly) as they specialise in human rights. I'm sure she will happily take on your case and sue your employer on your behalf.

[Sysman]

It would surely depend on the terms of the contract and how they impose the cut. If he has a 30day notice period and they are giving him 30days notice of the cut, that's fine. If they are trying to change the rate sooner than the notice period, or if there is no notice period, that could be dodgy.

Yep, it depends on what the contract says.

When a bank did this to me the agency cancelled the current contract, giving the correct amount of notice and reissued a new contract at the new rate.

How that cancellation was worded was that I could have simply not turned up for work for the next 2 months and still have been paid. The way morale plunged at that place had me regretting continuing. I should have taken the money and run.

When the final crunch came and the whole department got the push I found myself competing with my former colleagues for available contracts.

If I had bailed early I wouldn't have have faced that competition, and it was a niche sector. That is something else to consider.

[SueEllen]

Can't be arsed to read 5 pages of thread, I assume the concensuses of opinion is either put up with it or find another gig?

When you feeling of need of light relief read a few pages.

And yes that's the conclusion. Oddly this is in the new as well.

[Sysman]

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.

But don't proper gangsters pay cash?

[Sysman]

"10% cuts across the board on contractors rates" are not as "across the board" as clientcos would have everyone believe.
It depends how useful they think you are.

Yup. An agency once offered me a 10% cut and I refused. They didn't tell clientco and clientco expected me at my desk on the first of the next month.

Result? Agency rang me on that day telling me I shouldn't be there, I wasn't insured* etc. and should leave immediately.

I told 'em where to go and wasn't particularly polite about it, and carried on at the old rate. What probably helped me was that I was in charge of implementing some very expensive software at the time.

* Insurance: This was in Switzerland where the agency covers you for accident insurance, and accident insurance is separate from normal medical insurance. Get ill and your medical insurance will cover the bills, slip and fall in icy weather and that's accident insurance.

Note to anyone contracting in Switzerland: if you decide to take some well earned rest or work on your Plan B in between contracts you should make sure you have accident insurance for that period.