To renew or not to renew

[nomadd]

Six months ago I asked for advice on whether I should renew my London-based .NET dev contract or hold out for something better (the rate is some 15% less than what I was getting in 2008). The answers I received back then were very helpful and now another six month renewal is on offer, so I will push my luck and ask the same question again.

Thanks in advance for your thoughts.

What area? Banking? Rates are much higher this year than last. My new gig is paying over 10% more than my last gig (and the rate there wasn't too shabby.) IB rates at the moment are rising fast. Outside of IB, I've no idea; try Jobserve as a guide. Still, if you are happy where you are and the rate isn't a million miles away from market, just renew. I'd happily take a six-month'er and see what post-election cutbacks await us at the moment.

[cojak]

So next time you won't need to ask, will you?

(Because I will let NLUK loose if you do...)

[icarus]

My question was "should I renew in the current market", so it wasn't really the exact same question as last time.

Anyway, if anyone was wondering how this story ends...

The offer from ClientCo was "do you want to renew?" - no mention of rates. But they seemed happy with me and I figured "if you don't ask you'll never know" so I waited a few days and then asked my pimp to propose to the client a 7.5% increase. What do you know, the client agreed. So all's well that ends well.

[kaiser78]

Six months ago I asked for advice on whether I should renew my London-based .NET dev contract or hold out for something better (the rate is some 15% less than what I was getting in 2008). The answers I received back then were very helpful and now another six month renewal is on offer, so I will push my luck and ask the same question again.

Thanks in advance for your thoughts.

If you feel it is right to push your luck do so, but be prepared for alternative options, such as looking for other contracts. Only you know what your priorities are, ie having a role so as not to be on the bench vs having a role at the right rate.

[BolshieBastard]

Im just amazed someone who's supposed to be a contractor is asking the same question 6 months later!

[northernladuk]

so I will push my luck and ask the same question again.

I would love to reply but unforuntaly the beady eye of cojak is here so can't make any comments around actually learning something from the last round of advice and actually sticking your neck out and making your own decision which at the end of the day is based purely on YOUR situation so our advice is close to useless at the end of the day!

Instead I will be nice

Personally at this moment in time no.1 priority to me is work. If I have it on a plate I am happy as pig int' muck. I don't normally have an aversion to risk and look forward to new contract challenges at the end but for some reason just in this period right now a gig is king. There would have to be a very very good reason for me to turn down an extension at a client that I like working for, am comfortable with and can live on the pay!!!

[stacks]

my current 3 monther is only 5% less that what I was on at the start of 2009 but it's 85 miles from home. I fully expect to be offered a renewal in May for another 3 months.

However, had a phone interview and got a face to face next Tueday for a 9 monther, 15 mins from home and a 13.5% rise.....hmmmm, that will be a touch choice if I get offerd it

[lukemg]

Forget the rate, I am getting 30% less and 15 is well within the variation expected. I think you need a good reason to leave, either the location is away from home or you really can't stand the place or people. If not, then I would stay. No harm in going fishing as the end-date approaches though. One other thing, my CV looks like a patchwork quilt with a few months here then there, I am slightly concerned it looks like no-one wants to keep me too long, decent solid block of say 2 years at the right place would do a lot to stabilise that. Make sure you keep an eye on the market, a year can be a long time for some sectors and if the market has cooled, better to know now rather than in 6 months when you are out. As far as recovery is concerned, no doubt it has picked up but there is more pain to come I reckon.

[Scrag Meister]

A lot of people have taken a hit over the passed couple of years, I personally took a 15% cut back in Nov 2008. The nature of the credit crunch I guess.

My approach would be to renew and start looking for something better. I presume you are on a months notice for both sides.

A regular recommendation is to stay put for now cos of the market conditions, but as far as I can see things are picking up and quite a bit of work is available.

If you are happy where you are and the money is sufficient, then stay but start checking with agents about what is available.

[cojak]

You start looking one month before - if there are contracts out there and you can step into another on the following Monday then feel free.

If that's not the case however...

What does Jobserve say?

[icarus]

Six months ago I asked for advice on whether I should renew my London-based .NET dev contract or hold out for something better (the rate is some 15% less than what I was getting in 2008). The answers I received back then were very helpful and now another six month renewal is on offer, so I will push my luck and ask the same question again.

Thanks in advance for your thoughts.