Anyone Worried?

[elsergiovolador]

To paraphrase Harold Macmillan, "the most difficult thing about being a contractor has always been events, old boy, events."

Every few years there's some major business or political crisis - dot com boom, 9/11, sub prime financial crisis, Eurozone crisis, Brexit, Covid-19, the list goes on. And all that is in just 20 years.

What the pandemic is showing is that existing business and technology trends are being accelerated. Working in a field like IT, it's imperative you continually renew and update your skills because so much of what you learn will risk becoming obsolete in 5-10 years.

I can't think of any other field of work that consistently changes at this rate but the relative rewards for all this don't appear to be as good as in the past.

There is also huge lobby to take as much profit away from you as possible. Everyone is looking to pinch some of that hard earned money. The biggest leech is of course the taxman who thanks to the IR35 changes will be entitled to over 50% of what you make at current market rates and then you have multiple intermediaries, each wanting some of the fruits of your hard work.
At one point you realise there is no more sense in devoting time and energy into upskilling when most of the effects of that hard work will be enjoyed by people who didn't even lift a finger.

[edison]

I have been contracting since 1988 with very few voids. This time around it has been over a year. First Brexit, then IR35, have both taken their toll on the market, the latter more so. So I have not been just sitting on my bum and contemplating my navel. I now have a business introducing people who need finance to the right people. Predominantly property related including BTL, Holiday Homes, Residential Mortgage and Re-Mortgage. Also development loans for you self builders out there. So feel free to get in touch if you need anything.
The point I am trying to make is that there are always opportunities out there if you look and although I have been in IT since 1973 it is never too late to take up new challenges outside of your normal world.

To paraphrase Harold Macmillan, "the most difficult thing about being a contractor has always been events, old boy, events."

Every few years there's some major business or political crisis - dot com boom, 9/11, sub prime financial crisis, Eurozone crisis, Brexit, Covid-19, the list goes on. And all that is in just 20 years.

What the pandemic is showing is that existing business and technology trends are being accelerated. Working in a field like IT, it's imperative you continually renew and update your skills because so much of what you learn will risk becoming obsolete in 5-10 years.

I can't think of any other field of work that consistently changes at this rate but the relative rewards for all this don't appear to be as good as in the past.

[Lance]

Those that are struggling should really think about a plan b or a complete change of career. For the many, there isn't a lucrative future, not in Boris's Buggered and Broken Britain anyway.

FTFY

[DimPrawn]

Those that are struggling should really think about a plan b or a complete change of career. For the many, there isn't a lucrative future in IT, not in Boris's Buggered and Broken Britain anyway.

[The Tartan Cottage]

I have been contracting since 1988 with very few voids. This time around it has been over a year. First Brexit, then IR35, have both taken their toll on the market, the latter more so. So I have not been just sitting on my bum and contemplating my navel. I now have a business introducing people who need finance to the right people. Predominantly property related including BTL, Holiday Homes, Residential Mortgage and Re-Mortgage. Also development loans for you self builders out there. So feel free to get in touch if you need anything.
The point I am trying to make is that there are always opportunities out there if you look and although I have been in IT since 1973 it is never too late to take up new challenges outside of your normal world.

Yes, very good point well made.

[pmasoft]

Time for a change

About finding another contract?

I see there’s a bit of bravado on here and I don’t want to look like a wee fearty but my resources are finite. I can last a year and that’s it and judging on the market activity of the past 3 months I’m not going to find anything in that time.

I’m worried, it keeps me awake at night and I’m hoping for some positive words.

I have been contracting since 1988 with very few voids. This time around it has been over a year. First Brexit, then IR35, have both taken their toll on the market, the latter more so. So I have not been just sitting on my bum and contemplating my navel. I now have a business introducing people who need finance to the right people. Predominantly property related including BTL, Holiday Homes, Residential Mortgage and Re-Mortgage. Also development loans for you self builders out there. So feel free to get in touch if you need anything.
The point I am trying to make is that there are always opportunities out there if you look and although I have been in IT since 1973 it is never too late to take up new challenges outside of your normal world.

[barely_pointless]

I’ve got a contract

I can’t believe it. I’m so relieved!

It’s for 3 months, not likely to extend as I’m just coming in to bring a team up to speed but a good rate and 100% WFH.

Looks like I’ll be flying up front on my next holiday

well done! !!

[ladymuck]

I’ve got a contract

I can’t believe it. I’m so relieved!

It’s for 3 months, not likely to extend as I’m just coming in to bring a team up to speed but a good rate and 100% WFH.

Looks like I’ll be flying up front on my next holiday

Nice one!

[The Tartan Cottage]

I’ve got a contract

I can’t believe it. I’m so relieved!

It’s for 3 months, not likely to extend as I’m just coming in to bring a team up to speed but a good rate and 100% WFH.

Looks like I’ll be flying up front on my next holiday

[SussexSeagull]

It is quite easy for a lot of people who have done this for years to build up a war best as they quite possibly haven’t got a mortgage. Also gaps between contracts, which are become more common, will reduce your money.

This whole old contractors good new contractors bad thing is a bit tedious. There were contractors who had been there a decade when I was still Permanent 15 years ago. It certainly isn’t a new thing.