Reply to: State of the Market

[pjt]

Just seen a role thats my ideal fit basically by niche. Problem is the rate is a third what I was getting on my last gig and its inside IR35. Thats lower than the rate I took for my first contract way back.
Not going to apply but the thing that really shocked me was the jobs be on for less than an hour and its had 8 applicants already.

[TheDude]

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?

I have worked for Investment banks for most of my career and have never seen lack of banking experience as a deal breaker for developers.

[simes]

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.

Which tends to make a complete mockery of the question asked by an agent who is randomly calling every contractor if they 'are still available and what do you want to do next?'

Aside from, 'Stop calling contractors and get first a client', there is in answer to the question, 'You see my CV, I will next be doing exactly what I have already done.' Like there was a bloody choice about it... Deary me.

[sreed]

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?

Imho, no it wouldn’t be a problem for an SA role as long as they had FS experience so they could speak the regulatory lingo, as that’s one aspect which appears to creep in everywhere, though I’m basing that just on this stint.

Even so, the people who make the hiring decisions appear to be adamant that they need insurance experience AND don’t want to pay what a good SA would ask for, irrespective of whether they were a perm hire or a contractor.

The end result of working without sufficient SA resource is comical, because they end up going to market to procure expensive systems/solutions based on flawed/sub-par/incomplete requirements and design cobbled together by BAs+PMs. In the long run, that’s going to cost them hugely.

[TheDude]

Similar - recently a 1st and then 2nd interview. Both went well, then ...silence, despite chasing by the agent.

That is the new normal. Just forget about it and move on.

[gables]

That’s what I’ve seen as well at my current client, a mid sized insurance firm. They’re short of PMs, BAs, senior risk/compliance personnel, and struggling to recruit Solution Architects. In all cases, the factor that makes it harder for them to find the right person is insurance experience.

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?

[unixman]

Had exactly the same. Initial teams call and then face to face, that was two weeks ago. Also, interviewed very well I thought. But the same, not got back to me. You kinda accept it with contracts. But when somebody has had two interviews, it's common decency to send a quick email to say thanks but no thanks. Quite annoyed by it.

Similar - recently a 1st and then 2nd interview. Both went well, then ...silence, despite chasing by the agent.

[sreed]

Insurance seems to have been the standout sector in a sea of despair since last summer, especially roles with London Market experience. Previous sector experience is very much preferred though, more than most other sectors.

That’s what I’ve seen as well at my current client, a mid sized insurance firm. They’re short of PMs, BAs, senior risk/compliance personnel, and struggling to recruit Solution Architects. In all cases, the factor that makes it harder for them to find the right person is insurance experience.

[edison]

Another week has gone by, looking for a new gig. Still only seeing roles that require extensive FS/Insurance experience. The requirements all look good until I reach that one line in bold that tells me my CV will go straight in the bin.

Not that I really want to work in that industry but I'd be prepared to make an exception in the short term.

Insurance seems to have been the standout sector in a sea of despair since last summer, especially roles with London Market experience. Previous sector experience is very much preferred though, more than most other sectors.

[edison]

Could be longer than 10 months. General election has to happen by 28th January. Don't think it will be after Christmas but who knows with this self serving government.

Hard to see an election after xmas 2024. The campaign will be around four weeks long and the electorate is highly unlikely to be responsive to a campaign running in late December or early January. Also the higher chances of poor weather might dampen turnout.

Mid-Nov seems more plausible which would be just six weeks after the Tory party conference and avoid a clash with the US election. But who knows!

[avonleigh]

Could be longer than 10 months. General election has to happen by 28th January. Don't think it will be after Christmas but who knows with this self serving government.

[TheDude]

The bank/division in which I am currently gigging held a global town hall yesterday and announced impending headcount reductions and they are looking to deliver more by appointing/retaining highly skilled/experienced staff.

This is slightly odd because:

1. I have worked for many banks and the first thing you know about job cuts is when people just disappear...

2. Every cost saving measure I have seen tends to think out the ranks of senior/high earning VPs as well as under performing junior staff.

My contract ends in July and I hit the 90 week engagement limit. I was planning a bit of time off but I could be tempted by a decent perm role.

[Unix]

Agree, it probably won't be until (a few months, minimum) after a GE.

Yes I agree, corporation will be keeping their cash until the US and UK has their next administrations in place. So my guess is 2025 before things start improving.

Im in contract till August but I've put myself open for work on LinkedIn as I need a change, but would stay in current place till things pickup if needs be.

[jamesbrown]

I reckon 10 months at least; six could still be before a general election.

Agree, it probably won't be until (a few months, minimum) after a GE.

[edison]

We are 22 months into this slump.

I wasn't counting exactly at the time, but i reckon the slumps that happened after 1991 and 2001 lasted around 30 months (give or take a few months) each.

So we got 6 to 10 months left before this one ends if it equals the previous worst ones. Unless this one sets a new record and lasts longer, lets hope not, lets hope it ends sooner. The FTSE 250 closed at 20,400 today.

I reckon 10 months at least; six could still be before a general election.