Reply to: State of the Market

[Fraidycat]

What, as in both have been historically tulip

The FTSE 100 has been tulip since year 2000.

The FTSE 250 had been doing really well, killing the FTSE 100, both were around 6000 points in year 2000, but the FTSE 250 reached almost 25,000 while the FTSE 100 only reached 7000 by mid 2021.

That ended in late 2021 when the BOE raised rates. Then the FTSE 250 turned tulipe too , along with the contractor market, while the FTSE 100 has rallied to new highs.

But historically all contractor market slumps have been correlated with the FTSE 250 slumps, and this one is no different, i posted this chart of the FTSE 250 nine months ago, so its a little bit out of date on the right hand side, the 250 has rallied a bit since.

[pjt]

Got a PM on LI today about a contract which starts Q1 2025 they said they wanted to make sure things are in place. By lining up a contractor 6 months in advance? wtaf?

At least you have something lined up. At this rate I'll still be on the bench :-0

[GJABS]

... The UK Contractor jobs market and the UK stock market are historically very correlated.

What, as in both have been historically tulip

[Fraidycat]

FFS this is one tulip market. Think I will kill myself might be easier than getting a contract.

Hang in there, things will improve at some point over the next six to 12 months, maybe even sooner:

The FTSE 250 is finally breaking out to the upside (above 20,600) signalling the worst is over. The UK Contractor jobs market and the UK stock market are historically very correlated.

[dsc]

Got a PM on LI today about a contract which starts Q1 2025 they said they wanted to make sure things are in place. By lining up a contractor 6 months in advance? wtaf?

[Unix]

I was told this recently by an agent. He said advertising is too much hassle as you get so much crap coming in. He said he normally has enough candidates for roles already so advertising is a last resort.

I turned on open to work, for recruiters only as I am in contract currently, and got nothing. Last time I did that a few years ago had lots of messages. It's really dead out there .

[GJABS]

FFS this is one tulip market. Think I will kill myself might be easier than getting a contract.

Your worth to the world is defined by much more than what job you do.

[edison]

It's not a problem and has never been a problem - apart from the usual 'Insert Specialist SaaS Insurance Software' curve ball.

The problem with resourcing London Markets is that the working conditions are poor, that's why they can't fill the roles.

You'll always find people that will go into bat for London Markets but then you'll find they have to go into the office 3 days a week, suit, shoes Breitling watch with a 90+ minute commute. And then you realise you are in the City of London with all the crap that goes with working there.

I worked for a speciality insurer last year in Canary Wharf and thankfully it was the complete opposite to what you described. Unfortunately most of the insurance roles I see now are for London Markets and I don't have that experience. I'd even be willing to dust down my designer suit although I only have a TAG not a Breitling

[Bluenose]

Always an interesting one this along with the "must have banking experience" which I get in a way as these are highly regulated businesses and are so many others; but then I see the role description and specific insurance\banking experience wouldn't have any bearing.

So, in your view and experience of your client and presumably knowledge of the SA roles would not having insurance experience be a problem?

It's not a problem and has never been a problem - apart from the usual 'Insert Specialist SaaS Insurance Software' curve ball.

The problem with resourcing London Markets is that the working conditions are poor, that's why they can't fill the roles.

You'll always find people that will go into bat for London Markets but then you'll find they have to go into the office 3 days a week, suit, shoes Breitling watch with a 90+ minute commute. And then you realise you are in the City of London with all the crap that goes with working there.

[pjt]

I think there is a lot in that. I have had a good run for the last year or so while others have struggled but have struggled before while others weren't. The big change is the norm for many was walking into another contract within a couple of weeks of finishing the last. That isn't so common anymore.

Twenty suitable roles a day does sound a lot to be honest. Were they suitable for all of them?

I agree that applying on-line doesn't seem to work anymore. I tend to find agents tend to find me now which suggests a lot of contracts aren't even being advertised anymore.

I was told this recently by an agent. He said advertising is too much hassle as you get so much crap coming in. He said he normally has enough candidates for roles already so advertising is a last resort.

[edison]

FFS this is one tulip market. Think I will kill myself might be easier than getting a contract.

I'm starting to feel that way! Someone I know had an interview for a senior PMO role yesterday and it turned out the rate was just £150/day inside. Might as well stack supermarket shelves.

Seems the agent lied to him before his CV was sent over about the real rate...

Only thing keeping me going is a few friends have landed gigs in the last 3-4 weeks albeit at relatively low rates. Something has got to land soon

[edison]

I think there is a lot in that. I have had a good run for the last year or so while others have struggled but have struggled before while others weren't. The big change is the norm for many was walking into another contract within a couple of weeks of finishing the last. That isn't so common anymore.

Twenty suitable roles a day does sound a lot to be honest. Were they suitable for all of them?

I agree that applying on-line doesn't seem to work anymore. I tend to find agents tend to find me now which suggests a lot of contracts aren't even being advertised anymore.

Yes, most of the jobs he was going for were PMO related (Head Of/Lead/Manager etc) or Project Manager roles. He has lots of experience in both areas. I can only assume a fair proportion were not real roles.

[SchumiStars]

FFS this is one tulip market. Think I will kill myself might be easier than getting a contract.

[SussexSeagull]

I've often commented that there isn't one 'market' but multiple markets for different skillsets and sectors.

However, I'm struggling to reconcile the recent experiences of friends who are struggling to get any traction whatsoever for contract or perm roles that are advertised online. These are people I rate highly with good track records but in some cases they have applied for hundreds of jobs and barely had a sniff.

One of them has applied for up to twenty jobs a day over the last six weeks and not got a single interview. Miraculously, he managed to get hold of the recruiter for a couple of roles last week and now has two interviews lined up.

Applying online seems a waste of time now, you'd be better off spending the time on trying to make direct connections with recruiters or hiring managers at companies (however painful that is these days compared to only two years ago.)

I think there is a lot in that. I have had a good run for the last year or so while others have struggled but have struggled before while others weren't. The big change is the norm for many was walking into another contract within a couple of weeks of finishing the last. That isn't so common anymore.

Twenty suitable roles a day does sound a lot to be honest. Were they suitable for all of them?

I agree that applying on-line doesn't seem to work anymore. I tend to find agents tend to find me now which suggests a lot of contracts aren't even being advertised anymore.

[Peoplesoft bloke]

Just had a call for an urgent Workday contract role - start immediate and work until July but needs to have current Workday partner certification. The only way to have certification is to be employed at a Workday partner (or have left one within the last 2 years). More purple unicorn territory.