If your contract is coming up for renewal on December 31st, here are some tips to prepare for a win-win renewal process.
Define the Contract Term and Renewal:
It's a simple question, "What is the proposed duration of next terms contract assignment?"
How long do they need you? Or perhaps, how long do you want to stay? Do you have vacation or leave planned? These proactive questions allow you to plan your future.
If you are working on a critical project. Check to ensure that it is in the budget for next year, and what the expected end date is. Don't be afraid to ask. Even if the project ends, it's an opportunity to ask if there is other work suited to your skills. If it's truly over, ask for a referral when your assignment ends.
Determining your rate for renewal
This is always tricky, as you don't want to price yourself out of the market, but you don't want to undervalue yourself and miss money that might be on the table. Here are a few ideas to help assess your ideal rate:
Consult with a peer at another company. (Not your workmate, as this can cause instant job dissatisfaction for the person that is doing similar work, and if either of you is getting paid less, it's unsettling).
If you have an accountant that takes care of your books (highly recommended) see if they can give you an idea of what others in your profession are charging. They shouldn't give names or details, but they can tell you in general terms what the market is.
Consult professional associations and see if they have recent salary rates. Note: As a contractor your rate should be at least 25% higher than an employee position, as you are not receiving benefits or holiday pay.
Perhaps ask for an increase to keep up with the increased cost of living and inflation.
If your scope of work and responsibilities have increased, this may be a consideration. However, if your client has taken on new technology, and you have a chance to participate, this may not be a reason to ask for an increase, because it's of mutual benefit to you both.
Performance Tips
As a contractor, your performance must be at a high level. Professional behaviour is number one, you must be ready willing and able to deliver what the client demands, actively anticipating their requirements.
Your performance will be based on the quality of deliverables and everyday execution of project tasks. Keep ahead of the curve by investing in training to upgrade your skills.
Remote Work Considerations
As a contractor, you may be able to determine your remote work situation. However, do what is best for your client. If you are doing technical work that doesn't require much team interaction, remote work may be best. If you are a business analyst or a project manager, you might want to meet with your team and stakeholders on a regular basis.
Some considerations:
Will the current remote work arrangement continue, or are there plans to return to a hybrid or fully in-office model?
If remote work continues, are there any changes to the required equipment or software you use?
Wrapping up
If this information has been helpful, please like IntiSolutions on Facebook and follow us on LinkedIn. Contact us if you have any questions or feedback on this content.
Best Regards, Blair Shunk, Director and Co-Founder, Inti Solutions |  |
Comments