Has been a very tough few months for the contract market (see state of market thread). Last time I experienced anything like this was back in 2008. How long will this last and how long until things recover to how they were in 2022?
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Will the contract market recover? If so when?
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Will the contract market recover? If so when?
Last edited by NorthWestPerm2Contr; 30 May 2023, 13:46. -
From memory the contractor market in 2022 was supposed to be the worst to date wasn't it? Were we hoping to get back to the what the market was like in 2020 at that point?
Answer to your question? Who knows, end of the war, some countries swapping ruling parties, end of a global pandemic? Possibly maybe. Maybe it never will?'CUK forum personality of 2011 - Winner - Yes really!!!! -
Originally posted by northernladuk View PostFrom memory the contractor market in 2022 was supposed to be the worst to date wasn't it? Were we hoping to get back to the what the market was like in 2020 at that point?
Answer to your question? Who knows, end of the war, some countries swapping ruling parties, end of a global pandemic? Possibly maybe. Maybe it never will?
I would've expected in a recession and cost cutting (redundancies) that it would lead to increase in contracting, but i'm really not hopeful.Comment
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Originally posted by JustKeepSwimming View Post
People were actually claiming 2022 was bad? Best year I can ever recall beyond a few niche market specific events.
I would've expected in a recession and cost cutting (redundancies) that it would lead to increase in contracting, but i'm really not hopeful.
Talking about 2022, the market thread has had it's moans and here is an example of an article from 2022
https://www.contractoruk.com/news/00...tion_sets.html
But even then it really depends on who you ask. Here are three more articles from 2023
March - Doom
https://www.contractoruk.com/news/00...remy_hunt.html
April - Doom
https://www.contractoruk.com/news/00...uk_hiring.html
May - Boom
https://www.contractoruk.com/news/00...pril_2023.html
One month is suddenly doom from boom? I very much doubt it so who knows what the 'market' really is.
Way to survive? Be the best at what you do, get the choice gigs and forget worrying about what the 'market' does.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Probably never. I would not recommend contracting to my younger self if I was coming through now. Most of the benefits have been eroded away.Comment
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I'm optimistic:
* Things aren't as bad as 2001-2003
* If Labour win the next election they might kick off a whole bunch of public sector projects
* We could have an "AI boom"
* Plenty IT failures -- British Airways and Home Office in last week alone -- indicate a lack of investment
Cats are evil.Comment
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Originally posted by swamp View Post* If Labour win the next election they might kick off a whole bunch of public sector projects
'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by JustKeepSwimming View Post
People were actually claiming 2022 was bad? Best year I can ever recall beyond a few niche market specific events.
I would've expected in a recession and cost cutting (redundancies) that it would lead to increase in contracting, but i'm really not hopeful.
I doubt I'l see those conditions again for a very long time.Comment
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2025 would be my best guess.
Although if by some good luck, inflation numbers in the UK fall enough, it could be much sooner.
I suspect there are many projects that have been put on hold, so there is a lot of pent up demand that will be released when confidence returns.
In the US there is a new boom based on AI, venture capital funds are throwing big money at AI projects, but i don't think that is going to help us much here in the uk.Last edited by Fraidycat; 30 May 2023, 16:50.Comment
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Originally posted by edison View Post
I agree, mid-2021 to summer 2022 was red hot from what I saw. Many of the agencies I was speaking to at the time were bumping up their percentage fees as they had so much work on (perm as well as contract.) Perm market was crazy at the higher end, some recruiters had waiting lists for taking on new mandates although you could get to the front of the wait list by paying in full in advance.
I doubt I'l see those conditions again for a very long time.Comment
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