Originally posted by perplexed
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Previously on "15% cut rate for all contractors at Goldman Sachs"
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Surely it's more accurate to state the banks are looking to cut the amount they pay the agencies ( assuming you're not going direct ).
After all, if your contract is with the agency, isn't it kinda irrelevant what the client do? *
* Yeah, I know, I'm an idealist. But with a good wind, you may be able to reduce any cut in the rate you get from the agency if you can get pressure on, forcing them to absorb some of it... **
*** Yup, still an idealist.
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Originally posted by malvolio View PostOr do you think the banks don't talk to each other...?
They don't really need to talk to each other though - they can just get the details on CUK
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Originally posted by Nitrox View PostDifficult to be sure, but I reckon when I took the contract initially the top tier banks were paying around 20% over standard market rates. So, a 15% cut now only really puts me on what the general rates were in mid-2010. Not sure whether general market rates have fallen that much since 2010 though.
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Originally posted by escapeUK View PostSounds unfortunate, but Im assuming these rates are crazy high in the first place?
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Originally posted by JamJarST View PostYou could always accept the 15% rate cut in return for 15% less work. If you are doing 37.5 hrs a week for instance you could take off 5.6 hours
Originally posted by d000hg View PostThat depends how much you are spending on accommodation, transport, etc. Granted it's unlikely he's operating at such a low margin but regardless, it does mean profit drops by more than 15%, possibly a lot more.
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The point of a contract is to ensure that both parties know what they are getting into, and so protect them from insecurity while they are supposed to be concentrating on the work. Unless you really are doing your job very badly, there is no justification for a cut like this.
If I were you, I would quit -- even if the agent backed down and reaffirmed the original terms -- simply because no professional should be subject to these kinds of games. I believe it directly affects the quality of people's work, and consequently is bad for the clients as well as the workers.
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Sounds unfortunate, but Im assuming these rates are crazy high in the first place?
Personally I just negotiated a 33% increase, which was amazingly easy, but Im sure my rate is more modest than what Goldman would pay. Apparently they thought I was about to finish, as I had said I wasnt working at all in January next year and this was seen as me intending to walk away.
I also dropped things into the conversation such as "I like new exciting challenges" and "Im quite happy to find out what the market will pay me". No pimp in the way, and I deal direct with the owner of the company and directors.
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Originally posted by gemasp View PostThat is not true. Permies defenitely work longer hours here at GS, but not me. I am doing my 40 hours a week and no more. I dont have an illusive bonus at the end of the year to work for and show my loyalty. So no reason to sit there for 10 hours a day.
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Originally posted by Nitrox View PostIf you're working 37.5 hours a week you aren't working at Goldman Sachs.
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Originally posted by BolshieBastard View Post85% of something is better than 100% of nothing
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Originally posted by RaLaCon View PostGS is another one of the banks that are doling out the cuts but it is your choice whether to take it, attempt to negotiate or leave it.........
but if your contract is terminated, it could leave you short of options as things look to be getting worse before they are going to get better.
The wave of job cuts has only led to more workers moving into the freelance market meaning more competition for places. I have been in touch with contractors who have applied for over two hundred roles without landing a role.
It may be seen as cautious, but my opinion is to hold onto any role you can.....
One ICT is one too many!
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GS is another one of the banks that are doling out the cuts but it is your choice whether to take it, attempt to negotiate or leave it.........
but if your contract is terminated, it could leave you short of options as things look to be getting worse before they are going to get better.
The wave of job cuts has only led to more workers moving into the freelance market meaning more competition for places. I have been in touch with contractors who have applied for over two hundred roles without landing a role.
It may be seen as cautious, but my opinion is to hold onto any role you can.....
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Originally posted by BolshieBastard View Post85% of something is better than 100% of nothing so, you answered your own question in your last sentence.
You have my empathy, having just had a cut here too. There are a few bits and pieces out there, so if you are inclined start looking.Last edited by Scrag Meister; 15 December 2011, 08:54.
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