State of the Market

[SueEllen]

On a related note, I once went for a contract role (at Nomura, I think) and they queried my A-level choices of maybe 20 years previously, as if that was a useful insight into whether I could do the job

Sounds like you got someone used to interviewing young graduates.

[SchumiStars]

Market update: It's dead and nothing on the horizon.
No idea how recruitment agents are earning anything in this market.

With previous downturns there as always been an upturn, not too long afterwards however this feels very much different i.e. there was always a valid reason. This time the market has turned without notice and without much warning either.

So to sound so doom and gloom but I started the day with another load of applications out of the door and only single recruitment calling. I actually had the time to talk to him

[Fraidycat]

Market update: It's dead and nothing on the horizon.
This time the market has turned without notice and without much warning either.

The market has been in a slump for 19 months now. The warning sign was in hindsight obvious when the BOE started to raise rates 25 months ago when inflation spiked.

It looks like nothing is going to change until they actually cut rates back to at least half of current levels, and even then it might take 6 to 12 months after that for the market to return to something that resembles the good old 'normal' day

UK growth is projected to be only 0.6% this year.

By rights this slump is really the Covid slump we should of had between 2020 and 2022. But in reality it seems they just delayed it for a few years by flooding the economy with money beginning in 2020.

[WTFH]

The market has been in a slump for 19 months now. The warning sign was in hindsight obvious when the BOE started to raise rates 25 months ago when inflation spiked.

It looks like nothing is going to change until they actually cut rates back to at least half of current levels, and even then it might take 6 to 12 months after that for the market to return to something that resembles the good old 'normal' day

UK growth is projected to be only 0.6% this year.

By rights this slump is really the Covid slump we should of had between 2020 and 2022. But in reality it seems they just delayed it for a few years by flooding the economy with money beginning in 2020.

Hate to break it to you, but "normal" inflation and interest rates are around the 5% mark. We've lived in a false economy for quite some time with rates that were unsustainably low.

[TheDude]

I have had several calls over the last few weeks.

50% Indian recruiters with insultingly low rates.
50% Banks and fintechs

[ResistanceFighter]

Market update: It's dead and nothing on the horizon.
No idea how recruitment agents are earning anything in this market.

With previous downturns there as always been an upturn, not too long afterwards however this feels very much different i.e. there was always a valid reason. This time the market has turned without notice and without much warning either.

So to sound so doom and gloom but I started the day with another load of applications out of the door and only single recruitment calling. I actually had the time to talk to him

Calls from recruiters starting to pick up (and by pick up I mean gone from 0 to 2/3) but none of that has translated into any interviews.

I have a perm offer pretty much in hand from a guy I worked with at a previous client who has since moved on. Money not the best but starting to think something might be better than nothing at this point

[TheDude]

I have a perm offer pretty much in hand from a guy I worked with at a previous client who has since moved on. Money not the best but starting to think something might be better than nothing at this point

Being paid (say) £100 a day less than your previous gig is better than being paid nothing.

[pjt]

I've been contracting solid for the past 16 years. My last gig ended at the end of December so I've been on the hunt since. First time I've been on the bench and its not a good place to be at the moment. Sending out applications daily but not getting much in the way of bites. Not many roles for me to actually apply for anyway. Thanking my lucky stars my war chest is healthy as I'm thinking it could be a fair wait for the next gig unless something changes soon.

Have to say the search is mentally taxing I'm not enjoying this one bit.

[edison]

A few more agents that I don't know have been getting in touch but not to discuss specific roles. I suspect some of these may be at risk of getting the boot and are scrabbling around trying to look busy.

My network of agent contacts is very quiet and my usually reliable industry network has dried up.

However, the founders of two consultancies I know are seeing things pick up after a really poor Q4.

With the constant state of political and economic uncertainty in the UK, I struggle to see how things will improve significantly until interest rates start falling again and we have a general election.

I've used up a big chunk of my war chest since late summer and am looking at roles on much lower rates, perm etc but am seeing very little even to apply for.

[pjt]

A few more agents that I don't know have been getting in touch but not to discuss specific roles. I suspect some of these may be at risk of getting the boot and are scrabbling around trying to look busy.

My network of agent contacts is very quiet and my usually reliable industry network has dried up.

However, the founders of two consultancies I know are seeing things pick up after a really poor Q4.

With the constant state of political and economic uncertainty in the UK, I struggle to see how things will improve significantly until interest rates start falling again and we have a general election.

I've used up a big chunk of my war chest since late summer and am looking at roles on much lower rates, perm etc but am seeing very little even to apply for.

Have you been on the bench since the Summer? Has it been this bad all that time? You must be going mental!