Rate Rise Advice – How can I get a rate rise mid contract

Rate Rise Advice
Rate Rise Advice

Rate Rise Advice

Keving has asked us for rate rise advice on his current contract.

I‘m half way through a year-long contract and I reckon I‘ve done pretty well.

I had been on the bench for three months before that so I took a low rate to start on.

However, I think that I have done pretty well so far and I know that they are pleased with what I have done.

I have solved several problems for them and I have helped and mentored their permanent staff.

Now I‘d like a rise.

How would I go about getting one Dr McLaughlin?

Dr McLaughlin‘s IT Surgery

Wow, that‘s a tough one.

I must say that I never got an increase midway through a contract. I don‘t know anyone else who did.

In fact I don‘t know anyone who even asked.

You couldn‘t even use the argument that the market has got better since you started the contract because if anything it has got worse, at least in terms of rates.

Determined to Get a Rate Rise

However, if you are determined to get a rise I would do some analysis to get your arguments in place.

You could say, firstly, that you are now more valuable to them. You now know the system and know their business.

You could say that you have taken on extra work by mentoring and helping the permanent workers.

Longer Term Contract

If they do really like you, you could say that if you get a higher rate you are ready to sign on for a long term contract which would take you well past the 6 month period that you have left.

This argument may hold some water with them if they definitely would like to keep you on a long term basis.

You could point out that this often happens in the football world where a player comes in and does even better than expected and the club offers him a longer term contract with more money half way through his existing contract in order to keep him for the long term.

Market Rate for Your Skills

Have a look at ITJobsWatch to see what the market rate is for your skills.

You say that you took a low rate, so if you are below the market rate on there then you could use this as an argument.

Don‘t try and threaten to leave but you could just say that if you went elsewhere you would be on the kind of rates that are there for your skills on ITJobsWatch.

You are not making any threat but you are showing your client that it might be attractive financially for you to go elsewhere.

No Harm in Asking for Rate Rise

I don‘t think that it can do you any harm in asking.

Even if your client tells you that they only renegotiate at end-of-contract time you have set down a marker for when you next come to negotiate.

Your client will already know then that you will not be happy without a rise.

He will know that you could get a bigger rate on the marketplace.

More Contractors

He will also know, presumably, that he wants to keep you on.

So, go for it.

All that can come out of it is good.

Maybe more contractors should try it.

So, that’s our rate rise advice.