State of the Market

[sadkingbilly]

TL: DNR

and this has what to do with the 'state of the market'????

[SussexSeagull]

Anyone thinking that £900 a day Inside going into the office 3 times a week is a bad deal might be in for a shock when they are next looking for a new contract.

[TheDude]

Anyone thinking that £900 a day Inside going into the office 3 times a week is a bad deal might be in for a shock when they are next looking for a new contract.

Every bank in London seems to have stopped looking for contractors.

Most contracts bank contracts are for half that rate in Northampton, Birmingham, Edinburgh et.

[ShandyDrinker]

Every bank in London seems to have stopped looking for contractors.

Most contracts bank contracts are for half that rate in Northampton, Birmingham, Edinburgh et.

It's amazing what a trade deal can do with the intra-company transfers abuse still continuing as it has done for the last 15 years. UK contractors cannot really compete. I don't blame the individuals doing it as they're just trying to better their lives, like everyone else. However, I do blame our dear leaders since 1997 for this being the reality. Having worked with many offshored workers, when they're brought in on ICTs they're usually treated like dirt, with the carrot of indefinite leave to remain if they play their cards right.

Personally I think it's a travesty.

[ShandyDrinker]

Trouble is, it's both inside and onsite most of the week.

Is that £ 900 umbrella really as good as £ 600 outside?

If you can max out pension contributions, especially with carry forward, you can mitigate the worst of it.

However, once you've maxed it out, you really have to think about whether the rate is worth it.

£900 umbrella was and is a good rate, even now, unless you're very niche in something AI related.

I've recently finished a contract on a rate approaching that and, being a realist, expected the next contract to be at a significantly lower rate. I've got contractor friends who have finished contracts over the last 24 months who've had to take contracts paying just over half their previous rates, just to keep cashflow.

In this market, which I believe to be significantly worse than any I've experienced since 2008, and that includes the GFC, uncertainty around Brexit and finally covid, is not going to get much better any time soon.

My advice to anyone is buckle up, don't be proud and take what you can. Until the uncertainty around AI subsides and more importantly how much Labour are screwing the economy, it isn't going to get better any time soon, unless of course you're permanent in the public sector where it's pay rises and strikes all round.

[hungry_hog]

Every bank in London seems to have stopped looking for contractors.

Most contracts bank contracts are for half that rate in Northampton, Birmingham, Edinburgh et.

Citi is still hiring them, the disadvantage of that is you have to work at Citi

[SchumiStars]

Citi is still hiring them, the disadvantage of that is you have to work at Citi

I've heard it's not great.

I worked for BNP Paribia which was awesome. Gym, restraunts and cafe shops in the building. Not much work however to do.

[TheDude]

Two interviews yesterday, both Inside IR35 and both around half the day rate of my previous couple of roles. The upside is that both are largely remote with occasional travel to the office.

Both roles I could do in my sleep but I don't feel that either interview went particularly well so let's see what happens.

Knocked back for one role - the other is still in process but usually if they want you they are pretty quick to make an offer.

Really annoyed with the first knock back though - the interviewer was a complete gatekeeper looking to impose his status at every step. I think he probably picked up on my irritation.

[oliverson]

I've heard it's not great.

I worked for BNP Pariba which was awesome. Gym, restraunts and cafe shops in the building. Not much work however to do.

I've been there as well, not bad but the clocking in systems was laughable. Sports bar next door too.

[GJABS]

Sports bar next door too.

Handy to drown your sorrows.