Is that a muddy, smelly swamp I see at the end of the lowest-price highway?

In a recent conversation with a recruitment agency owner, we were discussing the latest demands for margin reductions. He informed me that one of his clients wanted to include his agency on the (ASX-listed) company’s PSA to supply IT contractors. On the surface, this would appear to be good news. However the sting in the tail was that the PSA margin bei…