ANOTHER BANK CUTTING IT CONTRACTORS RATES

ANOTHER BANK CUTTING IT CONTRACTORS RATES

We are pleased to report that we have not seen any knee jerk reaction from our client base post Referendum. We have however been closely monitoring the news with regards to Asset Managers, Wealth Managers and the Challenger Banks, for clues as to which way these companies might behave over the short to medium term.

 

Thinking about the Challenger Banks in particular, one half of the financial media points to the Challenger Banks having a “terrific bullish attitude” and saying that they “remain unfazed by Brexit” whilst the other half seems to be highlighting the “Challenger Bank vulnerabilities” and “Brexit exposure.”

 

A percentage rate cut across the board isn’t exactly revolutionary in terms of a tactic to reduce or control the perceived headline costs of the contractor workforce. We haven’t had a single rate cut across our entire client base since the Referendum, in fact we haven’t even had any discussions about rates! Presumably the bank pays its permanent staff differing salaries depending on role type, experience, seniority etc. and we would be very surprised if any bank were able to maintain or attract contractors of the right calibre with a singular standard uniform rate as its stated approach.

 

Written By Natalie Bowers, co-founder of Bowers Partnership, an expert in contract recruitment.

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