State of the Market

[cablarnshowntone]

Couple of agents have admitted that the market is dead and they both put it down to Brexit.

[jamesbrown]

Article in the FT today on offshoring of IT by the big banks:

Banks increase outsourcing of IT jobs in attempt to cut costs - FT.com

If you don't have a subscription, Google "Banks increase outsourcing of IT jobs in attempt to cut costs" and you should be able to open the article via Google.

[cablarnshowntone]

Article in the FT today on offshoring of IT by the big banks:

Banks increase outsourcing of IT jobs in attempt to cut costs - FT.com

If you don't have a subscription, Google "Banks increase outsourcing of IT jobs in attempt to cut costs" and you should be able to open the article via Google.

Fair enough but it's not just banks that aren't hiring!

[jamesbrown]

Fair enough but it's not just banks that aren't hiring!

It wasn't a response to your Brexit post. I'm sure Brexit is having an impact. However, there's underlying weakness too. This slowdown was happening well before February.

[MrMarkyMark]

Brexit, serial bank holidays both have an effect...the same as elections, Olympics etc.
The urgency and efficency of blue chip business

However IBs only buying risk, compliance, regulatory, Chief Executive directive, must dos, currently, at the better end.
Plenty on that market due to terminations / layoffs too.

[uk contractor]

Had a call from an agent earlier who shortlisted me for a role in financial services. They also asked about how I am finding the market & then let slip its not just candidates struggling some of the bigger agencies are downsizing a little & shedding roles in response to the lack of vacancies (I call it a full blown recession but number fudging by the HM Gov says otherwise ).

[LondonManc]

Had a call from an agent earlier who shortlisted me for a role in financial services. They also asked about how I am finding the market & then let slip its not just candidates struggling some of the bigger agencies are downsizing a little & shedding roles in response to the lack of vacancies (I call it a full blown recession but number fudging by the HM Gov says otherwise).

I'd say it's more fear of the unknown come referendum as well as the mass off-shoring by multiple banks. The knock-on effect of shedding 20k+ roles across London banks is huge.

[uk contractor]

I'd say it's more fear of the unknown come referendum as well as the mass off-shoring by multiple banks. The knock-on effect of shedding 20k+ roles across London banks is huge.

Yeah I agree 20K + high paying jobs going in London is going to stuff the market for sure. If we Leave EU I think its going to lead to a gold rush IT contracts wise. I want us to leave & if we do (I think we will) its going to create a lot of IT contract opportunities. If we stay it will create fewer job opportunities & more intense competition for fewer roles. So Leave EU to me is a Win Win scenario we can adopt a fairer Work Visa system & more IT work will be created to implement the outside EU changes.

Australia would have already long ago cancelled any Work Visa's for foreign IT workers (they have done this before several times) as they look after their own first & foremost!

[ShandyDrinker]

Yeah I agree 20K + high paying jobs going in London is going to stuff the market for sure. If we Leave EU I think its going to lead to a gold rush IT contracts wise. I want us to leave & if we do (I think we will) its going to create a lot of IT contract opportunities. If we stay it will create fewer job opportunities & more intense competition for fewer roles. So Leave EU to me is a Win Win scenario we can adopt a fairer Work Visa system & more IT work will be created to implement the outside EU changes.

Australia would have already long ago cancelled any Work Visa's for foreign IT workers (they have done this before several times) as they look after their own first & foremost!

I don't necessarily agree with you about contract opportunities even if we do leave. All that will happen then is companies will cry skills shortage and more will be brought in from India and the usual suspects.

We are facing a race to the bottom right now as banks in particular try to control costs. As I stated on another thread why would you pay London rates for people when you can get equally good quality people in locations such as Dublin for lower cost.

[stevieshaker]

I can only give my recent experience on this and that is its pretty buoyant.

I was served notice mid contract with a weeks notice on Tuesday last week, my CV was in at half a dozen clients by Thursday, and two interviews confirmed. Interviewed one of them last Friday and got offered on the way home.

Points which may be salient are, I was terminated mid contract by a FS Client (perhaps indicative of that current sector), I'm based oop North, Yorkshire to be precise and all the immediate interest I had was with non FS companies.