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Forced pay-cut :D

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    Forced pay-cut :D

    I work for a finance industry client and they haven't been doing amazingly this year- in fact over the few months lots of permies & contractors have been let go.
    Now they want us remaining contractors there to take a pay cut, I'm not sure what percentage it's going to be, maybe 10-15% I'd speculate.
    I was considering my options, I have only ~3 months left in a multi-year contract.

    My options are:
    a) Stay with them till the end of my contract. I guess this is being professional, but I'm a bit concerned that it will look bad on my next contract interview being on a lower rate for a while..?
    b) Leave as soon as. I may well be able to get a similar rate as per current, so win-win?
    c) Or take 2-3 months break. This suits some travel arrangements I have pre-booked and I could even try out an idea or two of my own I've had for a while- but I'm also concerned here that it might look bad being "out of work" for a while and having to explain my situation. (although I can probably blab about running a startup etc )

    Am I right about some of my concerns here, or am I over-thinking this?

    Thanks!

    #2
    It happens.. A lot... Welcome to contracting. Make your decision, stick to it and carry on as normal.

    A lot of people with bluff and bluster but 95% of the contractor will turn up and carry on as normal.

    Have a look at this website to see all the other clients that have done the same.

    http://www.egos.co.uk/contract-breakers.htm

    P.s post in the professional forums, not here.. You'll see why soon
    Last edited by northernladuk; 28 January 2016, 21:30.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #3
      How on earth with they know you are on a lower rate at your next interview???
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #4
        Originally posted by nicholas22 View Post
        My options are:
        a) Stay with them till the end of my contract. I guess this is being professional, but I'm a bit concerned that it will look bad on my next contract interview being on a lower rate for a while..?
        Why would they know your rate? I would have thought that they would be more concerned about why you left early...
        Brexit is having a wee in the middle of the room at a house party because nobody is talking to you, and then complaining about the smell.

        Comment


          #5
          Originally posted by nicholas22 View Post
          I work for a finance industry client and they haven't been doing amazingly this year- in fact over the few months lots of permies & contractors have been let go.
          Now they want us remaining contractors there to take a pay cut, I'm not sure what percentage it's going to be, maybe 10-15% I'd speculate.
          I was considering my options, I have only ~3 months left in a multi-year contract.

          My options are:
          a) Stay with them till the end of my contract. I guess this is being professional, but I'm a bit concerned that it will look bad on my next contract interview being on a lower rate for a while..?
          b) Leave as soon as. I may well be able to get a similar rate as per current, so win-win?
          c) Or take 2-3 months break. This suits some travel arrangements I have pre-booked and I could even try out an idea or two of my own I've had for a while- but I'm also concerned here that it might look bad being "out of work" for a while and having to explain my situation. (although I can probably blab about running a startup etc )

          Am I right about some of my concerns here, or am I over-thinking this?

          Thanks!
          a) Keep earning. Your rate is not something that you need to discuss with a new client. Just state your usual rate.

          b) Nose face spite nobhead

          c) So, you're a liar? Do what the feck you want.
          The greatest trick the devil ever pulled was convincing the world that he didn't exist

          Comment


            #6
            P. S. It's a rate cut. Only you can give you a pay cut.... Just saying like.
            'CUK forum personality of 2011 - Winner - Yes really!!!!

            Comment


              #7
              Thanks, these suggestions make a lot of sense

              I might just stick with (a) as it makes the CV look good, and yeah I agree it's none of anyone's business.

              Yeah (b) is a bit stupid I reckon...

              As for (c) has anyone taken a few months off mid contracts?
              Did you have to fend off lots of questions about it by agents / interviewers / etc?
              How is it generally perceived.

              Comment


                #8
                Originally posted by northernladuk View Post
                P. S. It's a rate cut. Only you can give you a pay cut.... Just saying like.
                Heheh! Thanks mate, that's an uplifting thought!!

                Comment


                  #9
                  Originally posted by nicholas22 View Post
                  Thanks, these suggestions make a lot of sense

                  I might just stick with (a) as it makes the CV look good, and yeah I agree it's none of anyone's business.

                  Yeah (b) is a bit stupid I reckon...

                  As for (c) has anyone taken a few months off mid contracts?
                  Did you have to fend off lots of questions about it by agents / interviewers / etc?
                  How is it generally perceived.
                  I was out from June - September 2012. Diamond Jubilee, Olympics and then summer holidays. Easily enough explained.
                  The greatest trick the devil ever pulled was convincing the world that he didn't exist

                  Comment


                    #10
                    I took 3 months before last gig. Agent and client didn't bat an eye lid as I was the right person for the gig. If a few months break after a long gig is worrying them then Id bet they are not so sure about you in general.
                    'CUK forum personality of 2011 - Winner - Yes really!!!!

                    Comment

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