State of the Market

[oliverson]

Well, bored as I am, I thought I'd do something I haven't done in a long, long time - took a look on Jobserve.

OMFG, what an absolute disaster the market is even compared to 4 or 5 years ago I was last looking (pandemic)

Rates down and almost everything inside / umbrella.

I really think that's it for contracting! How can this dire situation possibly turn around?

[ShandyDrinker]

Well, bored as I am, I thought I'd do something I haven't done in a long, long time - took a look on Jobserve.

OMFG, what an absolute disaster the market is even compared to 4 or 5 years ago I was last looking (pandemic)

Rates down and almost everything inside / umbrella.

I really think that's it for contracting! How can this dire situation possibly turn around?

I suspect it's unlikely to ever recover.

With the persistent war on contractors, arguably since IR35 was first introduced, through the abuse of intra-company transfers, the off-payroll rules and the surrender of successive governments to the big business lobby and consultancies bringing in workers or offshoring work, it's a nightmare.

I suspect the next few years are going to be a rough ride for those of us being at just the wrong age. I'm 50 but know I can't realistically even consider retiring for another 9-10 years at the earliest, depending on the performance of my SIPP.

With a youngest child hopefully about to go off to university in October, I do keep seriously considering selling up in sunny Swindon and moving back up north, downsizing a little and becoming mortgage free. However, I know that given the push to return to offices, the ability to get to London may serve me well for a few years yet at least even if just to boost the pension that bit more.

I'm envious of your position oliverson. I'd say bask in the fact that you're well out of it!

[oliverson]

I suspect it's unlikely to ever recover.

With the persistent war on contractors, arguably since IR35 was first introduced, through the abuse of intra-company transfers, the off-payroll rules and the surrender of successive governments to the big business lobby and consultancies bringing in workers or offshoring work, it's a nightmare.

I suspect the next few years are going to be a rough ride for those of us being at just the wrong age. I'm 50 but know I can't realistically even consider retiring for another 9-10 years at the earliest, depending on the performance of my SIPP.

With a youngest child hopefully about to go off to university in October, I do keep seriously considering selling up in sunny Swindon and moving back up north, downsizing a little and becoming mortgage free. However, I know that given the push to return to offices, the ability to get to London may serve me well for a few years yet at least even if just to boost the pension that bit more.

I'm envious of your position oliverson. I'd say bask in the fact that you're well out of it!

True, I'm fortunate in the sense that we didn't have kids (and so is the world eh? :-). ), and as you say, in some respects we are fortunate.

[edison]

Or they are not as busy as they used to be?

Think I said previously, that talking to a restruamt owner, he said that his place is 40% down from before COVID.

Restraunts
Hotels
Events

Have less customers, so require less staff to run.

When money is tight, people seem to be prioritising experiences over hospitality etc. Global travel is back to 99% of pre-Covid levels.

[edison]

Citi is letting go of 1000 people in the UK, almost 10% of their UK workforce (mostly London), so those folks will be joining the queue. That doesn't include non-renewed or terminated contractors, which will be another few hundred.
Their ex-McKinsey CEO doing McKinsey things.

Meta announced 4000 job cuts the other day, equal to 5% of its workforce.

There's some speculation that the justification of weeding out lower performers is a smokescreen to reduce the number of more experienced/costlier staff and rehire younger, cheaper engineers, particularly in ML.

Looks like 2025 is going to be another significant year of tech layoffs.

[sadkingbilly]

Or they are not as busy as they used to be?

Think I said previously, that talking to a restruamt owner, he said that his place is 40% down from before COVID.

Restraunts
Hotels
Events

Have less customers, so require less staff to run.

I'd stick to caffs, - easier to spell

[sadkingbilly]

I really think that's it for contracting! How can this dire situation possibly turn around?

you're right! - it can't!
you're all DOOMED.

[SchumiStars]

you're right! - it can't!
you're all DOOMED.

Taking on Tadger Podgcar Or Eliud Kipchoge seems more possible than getting a contract these days.

[SussexSeagull]

From my, admittedly small, window on such things the permanent market is a bit better but not much more.

I suspect getting in temporary resource for a project, spike in work, maternity cover, etc. will always be a thing but the vehicle to do it may change.

[Bluenose]

Meta announced 4000 job cuts the other day, equal to 5% of its workforce.

There's some speculation that the justification of weeding out lower performers is a smokescreen to reduce the number of more experienced/costlier staff and rehire younger, cheaper engineers, particularly in ML.

Looks like 2025 is going to be another significant year of tech layoffs.

Layoffs cause market movement which is not necessarily a bad thing, assuming they are fairly isolated.

What is bad is the almost total economic stagnation in the UK+EU.

Read today about 6,000 IT workers being re-assessed at Lloyds tsb, not sure what to make of it.