State of the Market

[BoggyMcCBoggyFace]

Very very intesrting thanks for sharing

1) Is this in FS in London
2) Is that 80K base or including bonus?

I ve been contracting for 8 years plus with 15 years FS experience and a comp sci degree - My rate was always 650 and I am not joking when I expect 120K base and a 25K bonus plus 7% pension

Am I really crazy? Thi is front office IT system maintenance new feature deployment

Short answer may before covid not too crazy but post covid in current climate very difficult to achieve as no one wants to hire in London really and there is a lot of candidates for what there is.

[BritishLad88]

Short answer may before covid not too crazy but post covid in current climate very difficult to achieve as no one wants to hire in London really and there is a lot of candidates for what there is.

I think even before Covid, it does seem a bit crazy. sorry to say... but we got to remember we can't directly translate a day rate to an equivalent figure in terms of salary. Even if the job role is for a niche specialist, i think its rare for those kind of figures. 120K for an IT ? not so sure. For a banker/trader - for sure probably yes (i've a few friends who are traders and are earning exactly those numbers...)

[hungry_hog]

I think even before Covid, it does seem a bit crazy. sorry to say... but we got to remember we can't directly translate a day rate to an equivalent figure in terms of salary. Even if the job role is for a niche specialist, i think its rare for those kind of figures. 120K for an IT ? not so sure. For a banker/trader - for sure probably yes (i've a few friends who are traders and are earning exactly those numbers...)

Yep 120k in IT (FS) is probably director level, or even CTO

For normal bank (not GS/MS) you are talking:

BA 40-70
PM 60-90
Programme Manager 80-110
Director 110+

Bonuses are not very good for IT. Actually they're rubbish all around, unless you inhabit the tv show 'Billions'

[BigDataPro]

Personally from what I'm seeing as a hiring manager in London FS its going to get worse and possibly a lot worse, either late on this year or early next year I can see lots of redundancies coming. Covid and the fact everyone has had to remote work has put the offshore model on a strong footing. I think some posts I have read on here the posters need a reality check, I did have one position I needed to hire and for reg reasons needed to be UK based I had over 200 applications for the role many were very over qualified. The only people I have seen do ok is contract to perm conversions that were agreed before covid BUT we will have to wait and see if HMRC come a knocking for them.

The logic behind offshore model getting a strong footing is valid. However, I see a lot big-to-very-big companies started recruiting directly. That means, if a contractor stick to his/her normal rate they have more chances of working directly with the client rather than through an Agency or a Consultancy. Even an offshore resource is costing the client roughly around £700 while the local contractor is happy to work directly for £550ish

[coolhandluke]

My last gig the consultancy lost the contract to Eastern Europe. Had a half decent perm role in the wings, end client again has moved the project to Poland to save money.

Outside of London I'm seeing around 1 or 2 standard dev contracts a week, all at rubbish rates (£300 - £350). Lots of perm roles but all topping out at 75k, with most in the 50k to 60k range.

A few decent public sector roles at the DWP and MoJ but the application process is excruciatingly slow and requires page after page of documents and a covering letter detailing why you meet the 101 skills required.

[Excursion UK]

Hi all - 3 months out of contract here and fed up of watching my war chest hemorrhage. I'm ok for another 10 months or so but I need to stem the tide.

What's the general feeling about an uptick in the dev market once restrictions have been lifted?

I'm thinking I should be doing some damage limitation right now by finding an alternative income stream. Has anyone taken up alternative work during this crisis, e.g. be a white van man? Would be interested to know - I need inspiration.

Thanks.

[BritishLad88]

Outside of London I'm seeing around 1 or 2 standard dev contracts a week, all at rubbish rates (£300 - £350). Lots of perm roles but all topping out at 75k, with most in the 50k to 60k range.

I couldn't agree more. Exactly what I'm seeing, rates are low and rubbush but given current situation might be best to bite the bullet.
so I when saw the opportunity for a 80K, i bite my hand off for it.

for anyone who was interested, my role is not within the FS space. i found it more viable to go for a non-fs role as tend to pay a little bit more (quite ironic, I know, but in the tech landscape that's the way it is heading it looks like) and also can be more flexible in terms of negotiable.
As a technical person so as long as I had transferrable technical skills, switching businss industry is certainly not a huge problem.

A few decent public sector roles at the DWP and MoJ but the application process is excruciatingly slow and requires page after page of documents and a covering letter detailing why you meet the 101 skills required.

I applied to DWP end of last month and the slowness of response, well... I gave up waiting.

[SussexSeagull]

Thoughts at the end of week one: As expected not great but possibly not as bad as I thought it might be. Seems to be little twitches of life out there.

[elsergiovolador]

Now that everyone around the world is adjusting to working from home office, has anyone checked markets overseas?

How they fare?

[BritishLad88]

What's the general feeling about an uptick in the dev market once restrictions have been lifted?

like a phoenix rising from the ashes. will be getting stronger & stronger back again. there will always be demand for dev.

I'm thinking I should be doing some damage limitation right now by finding an alternative income stream. Has anyone taken up alternative work during this crisis, e.g. be a white van man? Would be interested to know - I need inspiration.

If you're into Football you can look into football index - a kind of investment on the football market. Normal stock market have suffered because of companies suffering to trade but football despite not much live football being played there's still lots of talks around football players in general. And football index is a stock market on footballers. I've been trading on there as an alternative income before i got back to perm job and earned quite a few extras to keep me going. So i'm chuffed to bits.