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Reserve Funds and Contractors

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    Reserve Funds and Contractors

    So I am sure we all know the type I am about to describe.

    I worked for a Telecoms outfit last year and met some contractors who had been there for 5+ years. To say they had de-skilled was an understatement. I mean some of these guys were seriously tulipe - but on good rates [600-800 PD]. During the latter part of 2008 this particular outfit reported record losses and down came the contractor cull.

    What I found really interesting were the responses of the contractors their. Some wouldnt work for less than £500, others were moaning and bitching that the company were culling, and others were soo fixated with ONLY getting a role in a set area/region it trully was shocking.

    Yesterday I spoke to one of the guys whom was a lifer their. He has 3 weeks left and was genuinely worried! Now Im a fair guy but I couldnt help but wonder and also question WHY they were concerned to the extent they were? For 5+ years at 600-800 a day SURELY you have a war chest even as much as £80k MINIMUM? How arrogant can these people get to only want to work ro £500 a day in the current market?

    I went on to tell them that I was on the bench for 11 weeks and start a new role next week -and told them that it's not a market to be taken lightly and things are taking a heck of a long time to come to fruition...which was recieved with a "hmmmmm"

    When you guys work do you also siphon cash off for a "oh tulip I dont have a job" fund? I have done this from my first ever contract and have a pretty respectable reserve - but why doesn't every contractor do this? Surely it's the nature of the beast to expect to be off sometime?

    #2
    What type of work were they doing for this rate?

    (And yes I agree they ought to have enough in the bank to see the year out)

    tim

    Comment


      #3
      Originally posted by tim123 View Post
      What type of work were they doing for this rate?

      (And yes I agree they ought to have enough in the bank to see the year out)

      tim
      guy I spoke with yday was/is Security and Networks Architect. The others were a mixture of Enterprise Architects and Solutions Architects

      Comment


        #4
        Originally posted by zeitghost


        Decade.


        Century.
        If your company is the best place to work in, for a mere £500 p/d, you can advertise here.

        Comment


          #5
          Originally posted by Liability View Post
          ....why doesn't every contractor do this? Surely it's the nature of the beast to expect to be off sometime?
          'cos some people is stupid.

          Comment


            #6
            On those rates they should have closer to £200,000 in a war chest after 5 years.

            Comment


              #7
              Originally posted by DS23 View Post
              'cos some people is stupid.
              I never did. Lived the high life for the last 5 years.

              Comment


                #8
                Originally posted by DS23 View Post
                'cos some people is stupid.
                Its also been a very good run so most people probably thought they had the license to print their own money. I started work in IT back in 93. Until last October I had never seen a day on the bench. In fact I normally have a choice of 2 or 3 contracts to choose from at any time. So why would I or people like me waist their time saving a fighting fund that would more likely be taken up fighting my corner or stolen by Hector in an IR35 dispute.

                I'm going to be dry of all cash by the end of next month then the fun starts...

                My company will be tits up as well. Guess I will be in fine company

                Comment


                  #9
                  Originally posted by bobspud View Post
                  waist their time saving
                  How long does lunch take you?

                  Comment


                    #10
                    Originally posted by bobspud View Post
                    I started work in IT back in 93. Until last October I had never seen a day on the bench... why would I or people like me waist their time saving a fighting fund

                    I'm going to be dry of all cash by the end of next month then the fun starts...

                    My company will be tits up as well.
                    if that's true then you are either very stupid or have huge balls to run that kind of risk.. my advice, invest in a canoe and 2 bedsits next to each other..
                    The proud owner of 125 Xeno Geek Points

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