State of the Market

[SussexSeagull]

One of the first bits of advice every old timer contactor gave me when I thought about going contracting was to expect my income to be a bit 'lumpy'.

I question whether contracting is really right for somebody if they panic about going back to a perm job after only 3-4 months on the bench. Every few years there is some major economic crisis. Covid, Ukraine war, 9/11, general recessions, financial credit crunch etc and that's just in the last 20 odd years.

Not many people predicted a global pandemic, 9/11 or the credit crunch, so all you can do is build up a good size warchest to ride out the inevitable lean periods.

I once had 10 months on the bench and another time six months, for family reasons. Both times my warchest was enough to keep me going. If I hadn't already had that financial cushion, I would have really struggled.

I have been contracting for 15 years and got over the financial crash in 2008, the Brexit referendum in 2016 and Covid so this isn't my first rodeo. The problem is my reserves have been depleted by having gaps between contracts and rates not being great to build them up again.

It eventually becomes a financial decision and as much as I would prefer to continue down the contractor path the sums aren't adding up anymore and my earning potential might be better realised in a permanent job.

Sad in some respects but there simply aren't the amount of opportunities available anymore for what I do. I know it is at best a straw poll but Jobserve has gone from sending hundreds of roles a day from my search criteria to low double figures.

[PCTNN]

One of the first bits of advice every old timer contactor gave me when I thought about going contracting was to expect my income to be a bit 'lumpy'.

I question whether contracting is really right for somebody if they panic about going back to a perm job after only 3-4 months on the bench. Every few years there is some major economic crisis. Covid, Ukraine war, 9/11, general recessions, financial credit crunch etc and that's just in the last 20 odd years.

Not many people predicted a global pandemic, 9/11 or the credit crunch, so all you can do is build up a good size warchest to ride out the inevitable lean periods.

I once had 10 months on the bench and another time six months, for family reasons. Both times my warchest was enough to keep me going. If I hadn't already had that financial cushion, I would have really struggled.

The main problem with a lot of contractors is that they say they know their income may be a bit lumpy and yet they behave like it never will be lumpy. A lot of contractors I know live way beyond their means, they buy expensive cars and change them every couple of years, and get big mortgages at the top of their affordability limit.

That's just plain stupid and I've got no sympathy towards them. When I read their desperate posts and help requests on LinkedIn I just think about my 24 months warchest, stroke my beard and laugh at them.

[TheDude]

That's just plain stupid and I've got no sympathy towards them. When I read their desperate posts and help requests on LinkedIn I just think about my 24 months warchest, stroke my beard and laugh at them.

It became obvious during Covid how many 'I'm alright Jack' commentators were only a few missed payments away from disaster themselves.

I also remember many contractors complaining about handouts for others when they themselves had justified their years of tax efficiency as necessary to build a up a warchest to ride out such scenarios.

It turned out they resented having to use it for living expenses and thought they should be bailed out as well.

I suspect if you spend a significant amount of time out of work whilst burning through your watches your callous smugness will qyickly turn to seething resentment and self pity...whilst stroking your beard and god knows what else.

[oliverson]

I have been contracting for 15 years and got over the financial crash in 2008, the Brexit referendum in 2016 and Covid so this isn't my first rodeo. The problem is my reserves have been depleted by having gaps between contracts and rates not being great to build them up again.

It eventually becomes a financial decision and as much as I would prefer to continue down the contractor path the sums aren't adding up anymore and my earning potential might be better realised in a permanent job.

Sad in some respects but there simply aren't the amount of opportunities available anymore for what I do. I know it is at best a straw poll but Jobserve has gone from sending hundreds of roles a day from my search criteria to low double figures.

I see two issues here, both of which clobbered me in the past and I've highlighted them both. So, change what you do and forget about Jobserve as a credible source of contracts would be my advice. With 15 years of contracting history, you must have a reasonable network?

[SussexSeagull]

I see two issues here, both of which clobbered me in the past and I've highlighted them both. So, change what you do and forget about Jobserve as a credible source of contracts would be my advice. With 15 years of contracting history, you must have a reasonable network?

Funnily enough I got an interview off the back of something off Jobserve in the last few weeks but that aside Jobserve hasn't been the thing it was for a while. I purely mention it as a rough poll of the market.

I do have a network but the problem I am finding is there was a big reset round about Covid time and a lot of the agents have disappeared. I was talking to a company I worked with during lockdown and almost all the peopleI worked with have moved on in the last 18 months.

[SussexSeagull]

The main problem with a lot of contractors is that they say they know their income may be a bit lumpy and yet they behave like it never will be lumpy. A lot of contractors I know live way beyond their means, they buy expensive cars and change them every couple of years, and get big mortgages at the top of their affordability limit.

That's just plain stupid and I've got no sympathy towards them. When I read their desperate posts and help requests on LinkedIn I just think about my 24 months warchest, stroke my beard and laugh at them.

I don't think I can be accused as living beyond my means!

[Bluenose]

I do have a network but the problem I am finding is there was a big reset round about Covid time and a lot of the agents have disappeared. I was talking to a company I worked with during lockdown and almost all the peopleI worked with have moved on in the last 18 months.

Indeed, many of them moved into HR and internal recruitment roles and don't do contract recruitment anymore.

[The Green View]

Funnily enough I got an interview off the back of something off Jobserve in the last few weeks but that aside Jobserve hasn't been the thing it was for a while. I purely mention it as a rough poll of the market.

I do have a network but the problem I am finding is there was a big reset round about Covid time and a lot of the agents have disappeared. I was talking to a company I worked with during lockdown and almost all the peopleI worked with have moved on in the last 18 months.

Yes, also the main clients that gave me repeat business over the years no longer hire contractors as they've drafted in bodyshops to do the work.

[SussexSeagull]

Was up for a very well paid FTC (hence worth stepping out of contracting for a while) and apparently had it until someone they used to work with became available last minute.

You really can't catch a break when you have been out for a while.

[The Green View]

Was up for a very well paid FTC (hence worth stepping out of contracting for a while) and apparently had it until someone they used to work with became available last minute.

You really can't catch a break when you have been out for a while.

That's a real bummer

I had an interview yesterday (2nd one in 4+months). Turned out he was calling from Chennai & couldn't connect to the arranged Teams meeting where I'd been waiting 10 minutes. Had to connect over WebEx but my mic just wouldn't work with it until I'd installed the WebEx app, rebooted and figured out a load of settings by which time he had 15 minutes left to talk. What a balls up.