Rates and the pound Quandry

This topic has 5 replies, 4 voices, and was last updated 15 years, 5 months ago by bcklad.

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March 11, 2009 at 9:17 am #2299

thinsub
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With a lot of the guys out there being paid in pounds just wondering what your thoughts on the current economic climate.

I personally am paid in pounds and reckon that I have at least lost out $200 to $300 dollars a day in pay in comparison to my american cousins with the rapid fall in the value of the pound.

Most of the companies are paid in dollar contracts as with the price of a barrel of oil.

So do we all demand a large rise in our pay, or is this wise in the current climate of company cutbacks.

March 11, 2009 at 12:20 pm #22388

luckyjim37
Participant

The pound Quandry is all relative to where you live. I am paid in pounds but live in the UK so therefore have not "lost" anything. Ok some costs have gone up recently but that is life.

As for asking for payrises in a climate where job cuts are suggested. I personally would not recommend it however there is the risk where, more for agency guys, the day rates fall due to less work and more available people which would be bad for the industry on a whole.

The positive thing reading another thread is companies seem to want to hold onto experienced people in certain fields during the downturn so hopefully a lot of salary staff will hold there jobs so the agency market does not become flooded with personnel which again will lead to rates falling.

The more you look at it and I hate to say this out loud but maybe the Euro is starting to look like the way to go as the pound does not seem to cut it alone on the world markets.

March 11, 2009 at 9:38 pm #22389

Des_b
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I would have to bet that Thinsub is agency so asking for more would be a logical approach… 😀 after all, prossies come in many forms don’t they???sorry couldn’t help myself… No, not all agency guys and gals are money grabbers but I would have to say you wouldn’t ask for a reduction if the shoes was on the other foot would you?
In my case I was gettting paid in Dollero’s and getting screwed by the exchange rate in the uk. Now its a different story….

Take the rough with the smoooooth…… 😉

and I dont mean that sexually! 😯

March 12, 2009 at 12:00 am #22390

thinsub
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No I’m not agency and never have been just wondering what opinions were as the rates about 6 months ago seemed to be pretty much levelled up as you got in dollars more or less what you could expect in pounds or euros.

But now pound is sliding down fast against the rest it makes traveling Holidaying from the UK alot harder.

I agree we had it good with the pound for a while, but the pound is at its lowest and no sign of Improvement. The rates are getting ridiculously low in comparison I cannot mind there being such a big difference in rates and I have been in the Industry a good few years.

I know there have always been some higher day rates around but this is the biggest differential I have seen which can be with guys working for the same company on the same boat just the fact that they work out of different offices.

March 12, 2009 at 7:36 am #22391

luckyjim37
Participant

There is now a massive difference between the rates in offices and with the pound and there are now noticable changes in where people are going on Holiday.

I normally use an airport taxi service to and from Manchester airport. The guy who owns the firm said he has noticed a dramatic drop in customers going on holiday where the Euro is used and more holidays in Turkey and other places which still have a decent exchange rate with the pound.

Des I was not suggesting ever asking for a pay reduction however the rates on offer recently do seem to be either slightly down or stagnant and with the sheer volume of guys in the industry now if work dries up a bit then the companies who need agency staff have the upper hand in rate negotiations so rates could drop as a supply and demand knock on effect of less work.

Is this now a good time to join the Euro??

March 12, 2009 at 8:30 am #22392

bcklad
Participant

Jim ,

If you get paid in pounds and live in the UK then isnt that big a concern , however if you live abroad then its a different ballgame and the pound isnt a good currency.

The euro maybe a slighty better option but then again if you read the various articles on the net about the current banking crisis then the Euro isnt a better option because if a currency does fold is more likely to be the euro as it will only take 1 Euro country to hit the shit and the whole euro currency will collaspe as the franc and marc will return as the like of France and Germany will not want to bail them out and protect their own interests.

Look at Austria and Ireland where their GDP to borrowing is alot worse than the UK…

If you live outside the UK or the Eurozone then the best bet is to get paid in US dollars in my humble opinion though I’m not a currency expert 🙂

Swings and Roundabouts:D
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