State of the Market

[Ketto]

On a positive note had three calls this morning about good outside roles with good rates. Not been looking at all as in a good gig until December, but have not had a single speculative email or call about a role in last couple of months. Each recruiter said things were picking up so fingers crossed it’s not just a fluke one off.

[ladymuck]

This morning's call was for a Business Process and Data Analyst with extensive Procurement, Logistics and Supply Chain experience with Diageo. Six months rolling contract. £250 PAYE

Such a shame I don't have any such experience....

[dsc]

Based on where I am (green energy) and the chats I've had with people in IT / software dev (and outside as well actually), most companies are either sacking / re-orgin + hiring freeze. So if you are not getting sacked, count yourself lucky. If there's job ads announced, they go to internal hires, but they have to advertise outside to make it "fair".

[TheDude]

My manager has initiated an extension until November but until it arrives I am still applying for suitable roles I am approached about.

Two years ago I could pretty much guarantee an interview per application but so far silence.

[sreed]

Apparently the London insurance job market is doing pretty well - highest staffing levels since 2013. All driven by GWP numbers that are almost double what it was 10 years ago.

Article from May 2024 - https://www.ft.com/content/886e573f-...1-982fef730c3a

[SchumiStars]

Apparently the London insurance job market is doing pretty well - highest staffing levels since 2013. All driven by GWP numbers that are almost double what it was 10 years ago.

Article from May 2024 - https://www.ft.com/content/886e573f-...1-982fef730c3a

Where are they finding the relevant candidates?
I am sure that article can not be correct. From my knowledge, the insurance market follows the banking market. If there is an upshift in hiring in banking, there is an upshift in insurance.

This is my experience. It may not be correct and I am sure someone who is market savey may have more knowledge.

It's been over 12mths since my last contract. This is the longest time I have been out. I have just refreshed my CV, poked on LI and done the usual daily applications.

Nevermind job offers, or even getting an interview, the agents are seemingly not calling either. No idea, how they are are earning their money ATM.

[sreed]

Where are they finding the relevant candidates?
I am sure that article can not be correct. From my knowledge, the insurance market follows the banking market. If there is an upshift in hiring in banking, there is an upshift in insurance.

Sorry to hear about the tough time you’ve had looking for a contract.

The staffing and GWP numbers in the FT article are just that, make of it what you will.

I’m not sure the fortunes of the London insurance market (Lloyds of London, reinsurers, etc. types) necessarily follows the general banking industry.

And what I can see anecdotally from job ads that I keep an eye on on LinkedIn, at least for PM contracts, insurance clients continue to pay a good premium.

[SussexSeagull]

I'd also agree. To say I'm nervous about contracting going to forward is a major understatement. Every project I've worked on in the last 10 years has been initiated off the back of a business case, be it separation of business, modernisation, efficiency etc. It all pays for itself so shouldn't really be affected by a 'job market'. If it makes/saves money it happens. These initiatives shouldn't be affected by external influences but I'm seeing next to nothing out there. IMO something else is happening, not just external money/politics. These clients still want to save money, modernise etc so where is the work? All internal, TCS/wipro, managed service suppliers etc all stepping in and hoovering up?

I'm inside at the moment and as much as I hate giving notice I was ready to jump back outside and three months in I've not seen a single suitable gig. Not one.

My last two contracts - one private and one public sector with no real overlap between them - both needed external help to get done but in both instances they started to cut back on contractors for financial reasons before they were anywhere near finished. Last I heard the private sector one was getting in FTC (good look with that as they are in the middle of nowhere) and the public sector one just had to sort it out between themselves in my absence, keeping them away from their day jobs.

British business does tend to have a historical reticence to sign off on capital expenditure no matter how much money it will make/save them long term and I think that is in overdrive now. My suspicion is the days of floors full of contractors doing major projects has gone as offshoring has eventually learnt it's lessons but there is a place for us being the experienced head coming into smaller organisations who don't have the economies of scale to offshore.

I doubt that will be enough to sustain the contractor market at historic levels though.

[Fraidycat]

British business does tend to have a historical reticence to sign off on capital expenditure no matter how much money it will make/save them long term and I think that is in overdrive now. My suspicion is the days of floors full of contractors doing major projects has gone as offshoring has eventually learnt it's lessons but there is a place for us being the experienced head coming into smaller organisations who don't have the economies of scale to offshore.

A big part of this slump is caused by herd behaviour. If your competition is not starting new projects then that means you don't have to either.

You would think companies would take advantage and hire lower priced contractors during a slump, but thats not how things work. It is safer to just do what every other company in your sector is doing. Wont get fired that way.

It does mean that there will be projects and ideas that are hold. And the flood gates will open at some point because everyone will start projects at the same time, because thats what everyone is doing now.

[oliverson]

Whilst I'm not looking, having recently signed a 12 month extension, I received a couple of messages from agents on LinkedIn regarding developer roles, one perm, not sure about the other. The perm one looked an interesting role (not for me as I'm hardcore contract/outside IR35), with travel opportunities to USA, Australia and wait for it, Scotland! Again, not for me as I'm an old fart and I've done my share of traveling/staying away. But it's encouraging that some opportunities are appearing.