Reply to: Anyone managed to reverse the 10% banking cut?

[KentPhilip]

Well I was down the pub with work colleagues tonight for someone else's leaving drinks, and I was able to announce that I was walking too.
What a great feeling it is, to give the finger to your asshole company client.
Even though I feel a little bad for my immediate managers who have been nothing but supportive the whole time...

[KentPhilip]

This is HR we're talking about. You give them too much credit.

Well if it was up to me I'd give it a try, as I have nothing to lose. But my managers are rather risk averse.

Another idea I've suggested is to leave for a month and then return - that way I would be classed as a new contractor, not one seeking an extension.

Also I've suggested getting a mate to apply for the contract at a high rate (which would be accepted) and then subbing all the work out to me, with us splitting the difference. But that was rejected by them too.

No I think I'm just going to have to leave them to it. At least this way I get a pay rise (at my next contract), plenty of time off, and another contractor is provided with a reasonably well paid gig.

[Cr1spy]

Just about to do a phone interview with a large corporate (14K staff globally). Checking their web site and the HR manager is listed in the companies top five "Big Players"!

Worried already...

[Bunk]

Trouble is the HR dept would tell from my passport that I am the same Kentphilip as the one wot left

This is HR we're talking about. You give them too much credit.

[Lockhouse]

I'm 20% down on what I was making three years ago in a similar role (IB) but the story is the same all over. I'm still doing OK compared to a lot of other people though. If I'm asked to take another rate cut I will change industries as working in banking won't be worth it for me any longer (long commute, working with pl@nkers, long hours etc).

[EternalOptimist]

10% of your contract is worth £300? The cuts were for IT contractors, not cleaners.

watch it. I'm psychotic me

[d000hg]

please dont make a mortal enemy for the sake of two or three hundred quid

10% of your contract is worth £300? The cuts were for IT contractors, not cleaners.

[EternalOptimist]

I didn't fight the cut because I knew I was leaving anyway, besides, them giving me a 10% cut would give me an added incentive to look elsewhere for better work so I don't see it as that bad a thing. Hell I may even aim for a 20% increase in my next role.

I never saw the point in taking a hit. I mean, it's not as if your costs have gone down by 10% all of a sudden.

I have never screwed a client when I had them over a barrell, I expect the same from them.
A deal is a deal. renegotiate at renewal time by all means, but please dont make a mortal enemy for the sake of two or three hundred quid

do youse idiots realise how much damage I could do? if I were so inclined

[sbakoola]

Worked for these guys about 12 years ago. (different name)

their servers had about 3 meg spare capacity. IT had to delete spreadsheets, just so accounts and the directors could create a new one

I sh!t you not

I didn't fight the cut because I knew I was leaving anyway, besides, them giving me a 10% cut would give me an added incentive to look elsewhere for better work so I don't see it as that bad a thing. Hell I may even aim for a 20% increase in my next role.

[EternalOptimist]

I had to call up LV about an insurance quote earlier this week only to be told they couldn't do any quotes because their "systems were down" (how very 1990's) does LV have a high Bob quota ?

Worked for these guys about 12 years ago. (different name)

their servers had about 3 meg spare capacity. IT had to delete spreadsheets, just so accounts and the directors could create a new one

I sh!t you not

[Troll]

Like RBS never happened

My guess we will see at least 3 more like RBS next year.

HTH

I had to call up LV about an insurance quote earlier this week only to be told they couldn't do any quotes because their "systems were down" (how very 1990's) does LV have a high Bob quota ?

[KentPhilip]

Because he knows from experience that he's not suitable for the job.

**** off
The client managers very much wanted me to stay, but their HR and senior management wouldn't budge on the rate. And the client managers didn't blame me for my rise request since I was previously on below market rate.
I think the issue for HR is that if they do then other contractors will try their luck.

There are some clients out there that try to live by intimidation - I won't have any of that...

Why don't you get your own name on the interviewee list?

Well indeed. Trouble is the HR dept would tell from my passport that I am the same Kentphilip as the one wot left

[northernladuk]

Problem is the cuts were imposed on the agents as well so isn't a matter of just renegotiating a rate rise with agents like usual. You can only reverse that amount if the agent is getting more and they aren't (I hope). Most banking agents are on fixed margins so it isn't even the agents pulling a fast one on you. You might be able to squeeze your agents margin (if he isn't already at the fixed rate) but 10% won't wash yet.

Question is will the agents start clawing the 10% back without telling you. I would hope they won't so the only way a rate could be re-adjusted is for a new starter. I am sure there are some tit head agents ruining that perfect scenario though so worth a punt if you are serious.

[Mich the Tester]

Like RBS never happened

My guess we will see at least 3 more like RBS next year.

HTH

There was an article in one of the Dutch papers at the weekend saying we now have what they called a 'Beun de Haas Economie', loosely translated as a 'Del Boy Economy'. Big corporations have realised that reputation doesn't count for anything any more, that if PR doesn't sort out the damage then a quick corporate rebranding job will sort things out; management are only interested in surviving the next quarter while doing things they know are wrong because they're told to, while directors only care about grabbing their bonus in the next quarter, whatever long term damage they have to do to get it. The attention of consumers is quickly occupied by something else anyway, so tulip doesn't stick as it did in the past.

You know I have to admit that for a moment I thought 'RBS, RBS...hmmm what was it again...hmm... wasn't that someone else ...no, it was RBS', so perhaps the article was right. It's a bloody disaster.

[nomadd]

Why don't you get your own name on the interviewee list?

Because he knows from experience that he's not suitable for the job.