State of the Market

[edison]

What a waste of bloody time, at least get the facts right ffs I hate it as you prep for the interview and then it turns out the ad is a lie.

I think most agents are a bit better with being up front about the location than before Covid. It's usually one of the first agents mention to me now.

I once was asked in an interview about monthly travel to South America despite the agent telling me twice beforehand that it was a UK only role!

[PCTNN]

In banking I'm struggling to see any contracts that beat salary. They pretty much price the contracts at the total cost of a perm for that role. Minimal danger pay. Doesn't really make sense in the current market to contract.

Definitely this. I'm interviewing for a contract that pays 600 a day. They have the very same perm vacancy (same job spec) paying 65k. I've read somewhere that as a rule of thumb the total cost of employing a permie is 1.8-2.0 times the salary depending on benefits

Let's assume 2.0 times the salary for this role because the company has very good benefits

65k x 2 = 130k
600 x 220 = 132k

Very little difference

[JustKeepSwimming]

Definitely this. I'm interviewing for a contract that pays 600 a day. They have the very same perm vacancy (same job spec) paying 65k. I've read somewhere that as a rule of thumb the total cost of employing a permie is 1.8-2.0 times the salary depending on benefits

Let's assume 2.0 times the salary for this role because the company has very good benefits

65k x 2 = 130k
600 x 220 = 132k

Very little difference

Banks do tend to have good benefits. I don't think 600 = 65k though, I would put it at more 500=65k.

Many banks do use outside recruiters, AMS etc, and I know they are pretty hot on 'market rate' and do actually push back on the bank to update their rates.

[dsc]

I'm not implying the option of going there is better market-wise, but again, I'll be with my family, and I can decide my next move. I did the same during the pandemic for a few months.

The fact their economy is dipping heavily might not actually have a huge impact on the IT market, so there's that. It also doesn't mean life there can't be comfortable, similar to the UK, so it's all about the right opportunities. Anyways, good luck with the move if you decide on it

[dsc]

I think most agents are a bit better with being up front about the location than before Covid. It's usually one of the first agents mention to me now.

I once was asked in an interview about monthly travel to South America despite the agent telling me twice beforehand that it was a UK only role!

You'd think that such basic requirements as location would be on top of their list when lining up interviews right?

[RobScott]

When the clients became liable for determination AFAIK every bank went blanket inside, no exceptions. I've known instances of very well connected contractors being refused an exception. The bank just wouldn't budge and after months of negotiation they compromised on a FTC salary well outside the salary range for the grade.

You can't really blame them tbh, I think eek is right in that the way large companies are set up they just don't have the discipline structure or capability to ensure middle managers understand IR35 and don't **** it up. This was evident to anyone who worked for a bank in the outside days where managers thought 'Well they have a different employee ID and don't get their christmas lunch paid for, ergo they aren't employees!'.

it is safer for contractors.
why risk retro tax and penalties

[Fraidycat]

A small pop in the number of jobs on Jobserve, like 20% more jobs vs recently. Strange to see at this time of year. Would normally expect a 20% decline.

I would guess not unrelated to the stock market rally we had over the last couple of months, change of sentiment perhaps?

[avonleigh]

A small pop in the number of jobs on Jobserve, like 20% more jobs vs recently. Strange to see at this time of year. Would normally expect a 20% decline.

I would guess not unrelated to the stock market rally we had over the last couple of months, change of sentiment perhaps?

Possibly. Had a few phone calls over the last last two weeks. Before that had nothing for a couple of months. Probably a bit early to say whether the market is changing though.

[hungry_hog]

Definitely this. I'm interviewing for a contract that pays 600 a day. They have the very same perm vacancy (same job spec) paying 65k. I've read somewhere that as a rule of thumb the total cost of employing a permie is 1.8-2.0 times the salary depending on benefits

Let's assume 2.0 times the salary for this role because the company has very good benefits

65k x 2 = 130k
600 x 220 = 132k

Very little difference

What on Earth are the benefits to be worth 2x? lunch cooked by Michel Roux and massages from Shakira?

[plutocrat]

There's a bit of an upturn, wonder if it is related to tax change regarding full expensing for businesses plus inflation coming down a bit