Contract Rate Rise
Getting a contract rate rise is obviously very important to contractors. To get that contract rate rise we give you the following advice:-
* If you believe you deserve a contract rate rise, ask for it at renewal time; don’t procrastinate or wait for your employer to offer it.
* Determine what you are worth in the marketplace by carrying out a survey of people with comparable skills by looking on the job boards. Never base your case on a need for more money.
* Be realistic in your assessment of what you are worth and what your client would be willing or able to pay. Have an exact figure in mind for your contract rate rise before entering into negotiations. Avoid comparisons. Never compare your rate to someone else’s.
Clients Want Contractors
* Remember that clients want Contractors who contribute to the Department’s success by: increasing productivity and efficiency, cutting out waste, getting on well with the customers and business users and generally boosting the image of the department, the project and those running it
* Carry out a detailed analysis of your job description. Be as objective as you can, identifying specific ways in which the company has benefited from your skills, qualifications, work, and experience in order to get that contract rate rise
* Anticipate difficult questions, by identifying weaknesses in your case and preparing positive answers.
* Know what standards your client uses for assessing performance and tailor your delivery accordingly.
* Prepare clear and concise documentation of relevant rate facts and figures, and details of the ways in which you are contributing to the project.
Importance of Negotiating Skills
* Be aware of the importance of negotiating skills: listen carefully to what your client is saying; don’t be confrontational; avoid ultimatums; and, if necessary, be prepared to compromise.
* Rehearse your performance with a valued friend who is prepared to ask you searching questions; criticise your delivery; and provide you with constructive feedback.
* If, because of circumstances beyond his control, your client feels unable at this time to give you a contract rate rate rise, thank him or her for listening and ask to have your rate reviewed within three months.
* Remember that you will have to work with your boss in the future; so, leave the meeting on good terms, and NEVER bang the door behind you.