State of the Market

[gables]

Can only speak for myself but I want to hear how a cross section of people are doing. I actually am more worried when nobody is finding anything as that is the market and not anything I can do much about, which at times on here has been the case. The people who used to be on here claiming to never have breaks between contracts and always have a rate bump either aren't anymore or keeping quiet about it.

I'm not sure I've claimed this on here but I might have, the reason I'm unsure is that I don't like to brag or tempt fate\jinx myself and in general keep quiet about it - but in the past any extended breaks have been by choice, rate bumps at contract renewal did use to happen in the 90s\early 00s for me but then things were wildly different back then, although I did have one in 2016 because the role had changed demanding a different (more expensive) skillset. I got renewed last November for a year but not sure how that will hold as there are changes underfoot, although I'm hoping it does. And whilst December 2025 seems a while away yet I am keeping a more active eye out for roles than I usually would at this point.

[SchumiStars]

I'm actually wondering whether I have had it good for so long the market is teaching me a lesson

I started contracting in 2008 and apart from COVID (12mths) was never out of work for more than 3mths at a time. Even during COVID I had a permi job and a few contracting months.

Currently 2yrs out of contract. Positive in other parts of my life except cycling training which is showing me that I am getting slower

[SussexSeagull]

I'm not sure I've claimed this on here but I might have, the reason I'm unsure is that I don't like to brag or tempt fate\jinx myself and in general keep quiet about it - but in the past any extended breaks have been by choice, rate bumps at contract renewal did use to happen in the 90s\early 00s for me but then things were wildly different back then, although I did have one in 2016 because the role had changed demanding a different (more expensive) skillset. I got renewed last November for a year but not sure how that will hold as there are changes underfoot, although I'm hoping it does. And whilst December 2025 seems a while away yet I am keeping a more active eye out for roles than I usually would at this point.

I only started contracting in 2008 so can't comment about what went on before that but I do remember in some downturns we had some stories about people getting renewed with a rate increase while the rest of us were hanging on in our current contracts as the market was so bad. Not to say it didn't happen but I seriously had my doubts at the time.

[Dorkeaux]

I'm not sure I've claimed this on here but I might have, the reason I'm unsure is that I don't like to brag or tempt fate\jinx myself and in general keep quiet about it - but in the past any extended breaks have been by choice, rate bumps at contract renewal did use to happen in the 90s\early 00s for me but then things were wildly different back then, although I did have one in 2016 because the role had changed demanding a different (more expensive) skillset. I got renewed last November for a year but not sure how that will hold as there are changes underfoot, although I'm hoping it does. And whilst December 2025 seems a while away yet I am keeping a more active eye out for roles than I usually would at this point.

I'm with you. Hubris awaits the indiscreet.
We're not flash either, except for the self-indulgent long breaks in the past. Expensive, in retrospect.

I haven't had breaks between contracts in many years now. Not because I'm awesome, but because I can't chance it.
I start the search when the work is finishing, but while still under contract if I can manage it.

Even in the bad old days I don't recall ever getting a rate bump from a client.

[hungry_hog]

I only started contracting in 2008 so can't comment about what went on before that but I do remember in some downturns we had some stories about people getting renewed with a rate increase while the rest of us were hanging on in our current contracts as the market was so bad. Not to say it didn't happen but I seriously had my doubts at the time.

Every industry, client and team is different. For FS, the credit crunch actually created a lot of projects as clients had to manage their counterparty credit risk (margin calls - so exciting they made a film ) and credit risk (more prosaic credit / lending) better. So they invested loads of money into those areas. In my clients we had teams of ~20 contractors (c.f. 5 perm), lots of extensions and rate rises.

This was over 2009 - 2018 across 3 clients.

After a while questions were asked about the perm to contract ratio and most of the people I know still in those places have converted to perm (if they stayed).

[Dorkeaux]

Every industry, client and team is different.

Exactly.
During the lockdown, many people were out of work and contractors didn't benefit (much) from the furlough scheme..
But many got great gigs in Pharma, the ONS and so on. They probably aren't lying to you.

[SussexSeagull]

Every industry, client and team is different. For FS, the credit crunch actually created a lot of projects as clients had to manage their counterparty credit risk (margin calls - so exciting they made a film ) and credit risk (more prosaic credit / lending) better. So they invested loads of money into those areas. In my clients we had teams of ~20 contractors (c.f. 5 perm), lots of extensions and rate rises.

This was over 2009 - 2018 across 3 clients.

After a while questions were asked about the perm to contract ratio and most of the people I know still in those places have converted to perm (if they stayed).

As I said, I am sure it happened but you don't hear of anyone saying it hs happened anymore.

I live on the Sussex coast and the City has historically dictated the Contracting industry in the South East as it probably employed a fairly high percentage of contractors. I don't think that is the case anymore.

Of the people I have worked with in the last few years, the ones in Cambridgeshire and Bedfordshire seem to be fairing quite well.

[MyUserName]

Can only speak for myself but I want to hear how a cross section of people are doing. I actually am more worried when nobody is finding anything as that is the market and not anything I can do much about, which at times on here has been the case. The people who used to be on here claiming to never have breaks between contracts and always have a rate bump either aren't anymore or keeping quiet about it.

It is also echoed on LinkedIn in multiple English speaking countries (I imagine I don't get non-English speaking posts on my timeline so don't know about the rest of the world). There have been what seems like a lot of economic shocks caused by events starting with the crash in 2008, plus places like India are on the rise. There is only so much resources in the world and they are claiming theirs.

I came back to contracting about 3 years ago. Stayed with a blockchain company for almost a year before it went sour and I bailed back into investment banking. I have been there ever since. The Rust market is pretty good, especially if you can combine it with blockchain.

[TheDude]

I'm actually wondering whether I have had it good for so long the market is teaching me a lesson

I started contracting in 2008 and apart from COVID (12mths) was never out of work for more than 3mths at a time. Even during COVID I had a permi job and a few contracting months.

Currently 2yrs out of contract. Positive in other parts of my life except cycling training which is showing me that I am getting slower

In this situation I would be asking myself - 'what if it is not them - it's me?'

Your skill set may no longer be relevant and/or you may have unrealistic expectations about what it is worth.

My main skill - scala - is in decline. I am still getting approaches but I am also equipping myself for the future by learning other skills.

Apologies for stating the obvious.

[TheDude]

During the lockdown, many people were out of work and contractors didn't benefit (much) from the furlough scheme..

Many did benefit from ruthless tax efficiencies during the good times and justified their actions by the need to build up a war chest for the bad times.

Of course when the bad times arrived they moaned like hell about having to spend the money they had accrued for this very situation.