Going direct...

Generality is irrelevant here, you need to know what this specific bank does.

Obviously. But I was interested to hear other people's experiences...

[TheFaQQer]

Do banks generally engage people directly?

Generality is irrelevant here, you need to know what this specific bank does.

[JRCT]

I would agree with most of what's been said. All of my contracts, apart from the current one, have been with large banks. I think going direct is a good way to establish a contact and to get some kind of separation from the crowd, but ultimately it's going to go through an agency. Two agencies in some cases (me - my agency - bank's preferred supplier agency - bank).

It is odd, though, that the banks have all these corners to cut, supposedly, yet they waste a lot of money on preferred supplier agreements which, on the face of it don't bring them any great benefit. In my last permie role, we needed to get about a dozen members of staff onto a 2 day training course. I sourced the course for around £800 per day for as many people as we could fit in a room. But all training had to go through the preferred supplier and they quoted over £1k per head for the same course. Needless to say, it just never happened.

[GillsMan]

I work direct with almost all my clients, but having contracted with Barclays (through an agent), I have to say I'd never go direct with a bank. Their suppliers have to jump through all sorts of hoops, be subject to audits, etc. Might just be Barclays, but I'd hate to have that sort of exposure with a client. Even with the agent in the deal, you tend to do alright out of financial clients; I got about 35% above market rate when I was contracting at Barclays.

[Wanderer]

How do I approach this one? The idea of an agency making £150 or so per day that could be going to my company fills me with horror! But equally, I don't want to try and go direct and make myself look like a mug who doesn't know the ropes... no matter how true that is

I've tried to work direct a number of times and clients won't engage me in that way BUT what I've found you can do is press your contacts at the client to try and get an interview. If you manage to get an interview then they will often negotiate a rate with you directly and then get you to contract via one of their preferred agencies where the agency takes a minimal markup (typically 5-7%). You will still get the rate that you have agreed with the client though because the agency's markup is on top of this and is between them and the client.

Good luck!

Thanks again, good advice.

[TykeMerc]

Most of the managers who will be resourcing their projects couldn't care less about your business acumen, unless that's the skill they require.
You can ask the question, but odds are after they check with their supply chain people &/or HR odds are the answer will be a no and that will just add delay.

Being a known factor to the client can give you some leverage with an agency, at best you can arrange a margin, but many these days have fixed margins agreed with the client.

Thanks for the advice, I thought that might be the case.

Since I'm ok with the payment terms, do you think it's worth asking the question? Do you think they'd see it as showing good business acumen, or just as a pain in the behind?

Also, I know that the contract has gone out through at least two agencies. Do you think it's possible to play them off against each other and screw a few extra £ out of the deal? I guess it would be tough to do, because they all seem to want you to agree for them to "solely represent" you.

[TykeMerc]

Possible, but fairly unlikely.

Most sizeable corporates use a Preferred Supplier List for engaging contractors and the agents will be on there.
It avoids them having to deal with all the invoices, payment chasing and contract T&C's that multiple suppliers would subject them to.
Plus it's a shield against people trying to get Employee Rights (not that they can, but many corporates just avoid the risk by using a 3rd party).

Oh and going direct means you need to work with payment terms you may hate, 30 days is a maybe, 60 or 90 not unlikely.

[northernladuk]

It isn't always true that you will get less through a agent than going direct. In fact in many cases, particularly with fixed margin arrangements the amount allocated for the contractor will be the same. If the agent isn't involved the client saves the agents cost. If they give £X for the contract or £Y for the agency why would they give the contractor £X & Y going direct?

Also in my experience with larger clients you may hear about the role directly but when you apply they will put you through the agent anyway. I am sure some will take you direct but it's a bit daft having an agent to provide that service and then spend time and resources managing your own contractor.

[aytri]

A guy I'm working with has told me about two roles at the bank I used to work for as a permie.

He found out about it via an agency... but I'm wondering if I could go direct? I'm sure I'd be able to find out the name/number of the person who's looking for contractors, but do you think they'd go for it?

Do banks generally engage people directly? Or would they just refer me to the agency?

I've already spoken to a C-level executive there, who I used to work for when I was a perm there. She's more than happy to put in a good word, so that should help things along.

How do I approach this one? The idea of an agency making £150 or so per day that could be going to my company fills me with horror! But equally, I don't want to try and go direct and make myself look like a mug who doesn't know the ropes... no matter how true that is