Originally posted by avonleigh
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State of the Market
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If you haven't invested significant time into a plan B/C then you aught to be doing. My Plan B has been running successfully for 5 years now and while it's not making me rich, the additional income goes a long way in the current climate and helps me relax a bit more. However, contract work has a lot of uncertainty due to AI and the state of the western economies, so I'm currently deploying plan C (move abroad to a better place) and Plan D is now in it's inception. Plan D being another startup venture which has been only a concept to date but now looks a lot more attractive due to how bad the IT market is.Comment
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Originally posted by NorthWestPerm2Contr View PostIf you haven't invested significant time into a plan B/C then you aught to be doing. My Plan B has been running successfully for 5 years now and while it's not making me rich, the additional income goes a long way in the current climate and helps me relax a bit more. However, contract work has a lot of uncertainty due to AI and the state of the western economies, so I'm currently deploying plan C (move abroad to a better place) and Plan D is now in it's inception. Plan D being another startup venture which has been only a concept to date but now looks a lot more attractive due to how bad the IT market is.
As for AI, let's see. I can see it wiping out things like call centres but to heavily impact the IT industry it will need to get to a state that business and wider society are happy to let it run on and on updating itself without human intervention, by which point we are getting to the point a Universal Basic Income will need to be looked at as there won't be enough jobs to go round.Comment
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Originally posted by SussexSeagull View Post
It's good to diversify but getting any enterprise off the ground is going to present it's own challenge in the current market.
As for AI, let's see. I can see it wiping out things like call centres but to heavily impact the IT industry it will need to get to a state that business and wider society are happy to let it run on and on updating itself without human intervention, by which point we are getting to the point a Universal Basic Income will need to be looked at as there won't be enough jobs to go round.Comment
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Originally posted by NorthWestPerm2Contr View PostTaking into account inflation I'm looking at rates that are now 30-40% where they were 4 years ago which is a complete joke.merely at clientco for the entertainmentComment
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Originally posted by NorthWestPerm2Contr View PostWhat's shocking me most is that rates are dropping despite record inflation. Taking into account inflation I'm looking at rates that are now 30-40% where they were 4 years ago which is a complete joke.Last edited by Fraidycat; 18 May 2023, 15:52.Comment
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Originally posted by Fraidycat View Post
It is called Stagflation, and it is brutal for contractors. Falling demand pushes rates down while inflation is high.
The current market is such that the £600 rate in September is now £450 because the demand isn't there for contractors while the number of contractors seeking work is way more than in September.merely at clientco for the entertainmentComment
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Originally posted by eek View Post
It's not stagflation - that's what you get when you rate of £600 in September isn't increased to £660 or so on renewal in July.
The current market is such that the £600 rate in September is now £450 because the demand isn't there for contractors while the number of contractors seeking work is way more than in September.
Rates are absolutely shocking now. Brutal market. Staglation I could take, this is something else.Comment
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Originally posted by NorthWestPerm2Contr View Post
Software Engineers and Tech people will be needed for a long while yet. However, you will likely need less of them with the current advances in technology and by utilising AI. So there will be an impact.Comment
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Originally posted by eek View Post
It's not stagflation - that's what you get when you rate of £600 in September isn't increased to £660 or so on renewal in July.
The current market is such that the £600 rate in September is now £450 because the demand isn't there for contractors while the number of contractors seeking work is way more than in September.
It is especially brutal for contractors because contract rates can be adjusted down by 50% or even more. But permie salaries are never cut, if anything when inflation is 10%, permies (or at-least the ones who don't lose their jobs) will still get a pay rise, even if it is just 2%.
The last time there was a major bout of stagflation was the 70's, so its not something the contractor market has ever really seen before.Last edited by Fraidycat; 18 May 2023, 16:14.Comment
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