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Currently contracting through Hays for HBOS. Rates are to be reduced by 10% because of the """"""credit crunch""""".
Thoughts?
My thought is, "Not 'appy, and isn't it me who decides what my rate is to be?"
I agree with your thought. It's normal for the seller to decide the price, and the buyer to decide whether it's worth paying. But having been made a counteroffer, you need to decide whether to accept it or not.
If they want to reduce your rate 10% due to "credit crunch", it's tempting to respond by putting it up by 10% instead due to "above-target inflation". Two can play at macroeconomics!
This happened to me back in 2001 at Barclays. Just signed a new extention 4 weeks previous and was even told by the agent that some rates with the client were being cut but this 'only affected contractors on really high rates' when they introduced a 20% cut across the board, take it or leave it.
I told them to stuff their rate cut where the sun dont shine.
Be warned though, the market might not be in a good position and you may not find another contract straight away.
Nonetheless accepting a lower rate is really saying the client is controlling how much you are to be paid. Are you a permie? Would you say to the plumber you just employed to install the new heating system 'sorry things are a bit tight at the moment I'll be paying you XXX less'
If you've got reserve in the war chest I'd walk.... Their problems belong to them not you.
This happened to me back in 2001 at Barclays. Just signed a new extention 4 weeks previous and was even told by the agent that some rates with the client were being cut but this 'only affected contractors on really high rates' when they introduced a 20% cut across the board, take it or leave it.
I told them to stuff their rate cut where the sun dont shine.
Be warned though, the market might not be in a good position and you may not find another contract straight away.
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