Ten Top Tips for Renewing your Assignment Contract

It’s an inevitability of temporary work that assignments and contracts come to an end; but if you’d prefer to renew your current contract rather than find a new one, here’s some tips on what you can do to maximise its value:

1. Have a plan B

Showing that you have other contract options available to you will greatly strengthen your negotiating position when it comes to renewing. Apply for numerous other contracts when going for a renewal and you are more likely to leverage better pay for yourself in line with evidenced market rate.

2. Remember to sell yourself

It is important to reinforce and reiterate your value to the end client when renewing, and make sure you’re speaking to the decision maker when you do.

3. Don’t be too eager to renew

Even if you’re really keen to renew, try not to look too desperate as this could undermine your negotiating position! It’s important to find that right balance – showing too little interest could be equally damaging.

4. Plan your timing wisely

Don’t start your renewing negotiations too early, otherwise you will diminish your ability to line up alternative contract options. As a general rule, wait until at least 4 weeks before the end of your current contract before bringing the subject up.

5. Build a financial safety net

It’s best practise to always have at least six months of income set aside. This is to cover you in case things don’t go entirely to plan with renewing. You may like to consider having your Holiday Pay accrued rather than advanced.

6. Don’t hold your client to ransom

If not renewing your contract would damage an end client’s project, don’t use this as a threat to leverage better pay. Burning bridges will ultimately lead to less work for you in the long term.

7. Renewal length is key

If demand for your skills is high, than carefully consider if you want to lock yourself into a long contract with one end client. Conversely, if there are limited alternative roles available that suit you right now, a longer term contract might be preferable!

8. Evaluate your bargaining position objectively

It’s vitally important to evaluate your position without bias. Assess whether the end client is eager to retain you, how important you are to them and their ability to offer you more work/ more pay. Ask yourself how valued your skills are in the marketplace, how many other opportunities are available to you, and whether your pay is in line with market rates.

9. Get the paperwork for your renewal

It is vitally important to have the proper contract paperwork in place and signed when you renew. Without this you will have no legal recourse should their be a difference of opinion.

10. Keep your payroll provider informed

If you’re employed and paid by an umbrella company like Exceed Contracting, make sure you keep them informed of any change in your contracts, assignments, rates of pay, hours etc, so that your pay and deductions can be adjusted correctly.

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