Reply to: 10% rate cuts in Investment Banks

[d000hg]

In my first UK IT job I got paid £7 per hour.

That sounds about right.

[AtW]

So you'd work for £50/day gross profit? I suppose you are an E.European Bob at heart.

In my first UK IT job I got paid £7 per hour.

In my second job I had £30k salary but much further commute without car, the end result was that I was able to save around £1000 per month which works out £50/day profit.

Those savings over few years help me boot strap SKA.

The rest as we shall say is almost history

[ChimpMaster]

This will leave my rate particularly low (which previously, I already thought was fairly low for a City contractor job). Considering the number of rate cuts in the past few years, are some people ending up with rates that just aren't that interesting any longer?

Ahem

http://forums.contractoruk.com/busin...ing-rates.html

and of course the other few dozen posts on the same subject...

[Lockhouse]

I've been very lucky, was first told not being renewed but then they back tracked so got renewed, then some how they seemed to have forgotten about me when it came to the rate cuts and I didn't get one, must be an admin error because I should of, not saying anything though and hoping they don't notice.

Happened to me once, missed the cut, just kept schtum.

[Bumfluff]

I've been very lucky, was first told not being renewed but then they back tracked so got renewed, then some how they seemed to have forgotten about me when it came to the rate cuts and I didn't get one, must be an admin error because I should of, not saying anything though and hoping they don't notice.

[Mich the Tester]

Big banks are sacking people but still hiring a few contractors here in NL.

Life in a sleeping bag under a viaduct still looks more enjoyable though.

[TheFaQQer]

Considering that I was already towards the bottom of the range I had requested (400/day), do I have any argument to maintain that?

Possibly. Depends how good you are at negotiation, though, and how good you are.

If you can provide some justification why you shouldn't be included, then provide it. Either that or threaten to walk away with no argument and see if they cave first. Either that or take the cut.

No-one here can tell you whether you have an argument to maintain your rate or not - if I say it's a reasonable rate, would that sway you one way or the other? Probably not, and quite rightly so.

No doubt eventually (if it's not happened already) someone will tell you what you want to hear, though.

[d000hg]

£150 per day means anything above makes you quids in, just not as much as you expected.

So you'd work for £50/day gross profit? I suppose you are an E.European Bob at heart.

[moorfield]

Currently docked safely in permieland port waiting for my 10% salary increase/bonus coming next month. Sacking off tomorrow and maybe Monday with man-flu.

[AtW]

Then why do you say that as long as he gets a revenue, that's better than being on the bench? You could be spending £150/day on average to be in London during the week, so it's not simply a case of "it's better than being benched".

Many reasons why someone who main sells his skills via contracting or permanent employment is better off on the job even if revenue is reduced - typically direct costs of sales (travel) in such cases way below revenues, so better have positive cashflow even at reduced rate than no money at all whilst still paying living expenses.

£150 per day means anything above makes you quids in, just not as much as you expected.

[d000hg]

Look mate, I've got a degree from ex-poly and a ex-Soviet uni, do you think they did not teach us the basics there?

Then why do you say that as long as he gets a revenue, that's better than being on the bench? You could be spending £150/day on average to be in London during the week, so it's not simply a case of "it's better than being benched".

[AtW]

AtW, never mind your qualifications. The fact is: you came up with an idea, developed your own software product, and started a business in the real world (not academia). That is way more impressive than any academic qualifications. That's what you should be telling people to suck-on!

Just wait for sasguru to admit he got it all wrong!

To be fair I did not have an idea when I came to this country ...

But I've got loads now and I am not talking about obvious stuff like selling overpriced sledges when snow falls

[eek]

Look mate, I've got a degree from ex-poly and a ex-Soviet uni, do you think they did not teach us the basics there?

To be honest I think its just a case of jealousy.

[Jeff Maginty]

..

[AtW]

AtW you run a proper business, you should realise it's about profit not revenue.

Look mate, I've got a degree from ex-poly and a ex-Soviet uni, do you think they did not teach us the basics there?