State of the Market

[Fraidycat]

6 months out of work and counting... anyone has similar experience? what's going on with the market?

Slow down due to raising Interest rates. Contracting sector taking it very hard for some reason.

Good economic news today for the US. inflation has fallen to 3%, but here in the UK it is sticky and more interest rates rises are expected.

If I was in your position I would not be picky on rate and consider perm roles as well. I reckon this slowdown is going to last until April next year at least and possibly much longer.

[JustKeepSwimming]

6 months out of work and counting... anyone has similar experience? what's going on with the market?

There are many in a similar situation. You only have to look on linkedin and see otherwise well credentialled SME perms being out of work for many months.

Rates have been heavily squeezed over the last 6 months from what I've seen. Down about 15-20% from 12 months ago.

I also think there are lot more people in roles job hunting to increase their pay due to cost of living who would otherwise wouldn't be so eager. So roles are getting substantially more applications.

[dsc]

[...]Rates have been heavily squeezed over the last 6 months from what I've seen. Down about 15-20% from 12 months ago.[...]

Imho prepare to see even more squeezing, if it's an employers market and people are out of a job for long periods, they will most likely agree to a lot, especially being squeezed financially by the growing interest rates and mortgage costs.

[JustKeepSwimming]

Imho prepare to see even more squeezing, if it's an employers market and people are out of a job for long periods, they will most likely agree to a lot, especially being squeezed financially by the growing interest rates and mortgage costs.

Yup and contractors are always squeezed first because it can be implemented immediately. Perm pay ranges tend to be sent annually and get frozen rather than lowered.

If you've only had a few interviews in months and only 1 offer it takes a brave soul to walk away from a low rate.

[MyUserName]

If it helps the crypto and blockchain markets seem to still be hiring.

Other than that when applying for new roles a few months ago I managed to land one which almost looked like it was written for me and I even had a friend who already worked on the team to recommend me so I was very lucky with that one.

Other than that the applications I sent out did not even get a single reply.

[TheDude]

If I was in your position I would not be picky on rate and consider perm roles as well. I reckon this slowdown is going to last until April next year at least and possibly much longer.

I think this is the new norm. Many a contractors view of their worth to clients (obviously excluding DreweG) has been distorted by a skills shortage and in many cases by their own financial alchemy with respect to tax.

[b0redom]

I've been contracting for almost 18 years now. In all that time I think I've only been out of contract for around a month.

I'm based pretty close to London, but I've mostly skilled up/done training to keep myself valid. Am I just extremely lucky? I can't imagine how stressful it would be being out of contract for months at a time (even though I've obviously built up a war chest).

This isn't a humble-brag, I just don't get how it's possible to be out of contract for that long? Are folks just fussy on day rate/skillset?

[Bluenose]

I just don't get how it's possible to be out of contract for that long?

Posted the answer pages back. In a market like this, it's down to luck.

That's why good people are out on the street for a year and others have been oblivious to what's going on.

[rocktronAMP]

6 months out of work and counting... anyone has similar experience? what's going on with the market?

My advice: search immediately for a permanent job instead and/or find alternative income quickly.

[Lance]

My advice: search immediately for a permanent job instead and/or find alternative income quickly.

Or retrain.
Or accept lower rate.
Or rewrite CV.

sometime it's not the market being poor. Sometime the skills/person are just not in demand. So alter the demand by changing the skills, the perception of the skills (CV), or lower the supply price to increase demand.