Reply to: Which is the best site to find contract work in UK

[RobScott]

People have been saying the contract market has been on the downturn since I made the jump in 2017. I recently returned to contracting in October - I handed my notice in on the Thursday, and by the Monday I had two outside IR35 offers on good rates.

I'd love to say that was down to my magnetic personality and incredible CV, but sadly I think it was more reflective of a (very) buoyant market. Rates are 20-25% higher than when I stopped contracting in 2020, and there seems to be a lot more outside IR35 roles now the dust has settled (at least in my industry, insurance). I didn't see anything like those kind of rises as a permie...

If you want to go contracting, now is as good a time as any imho...

good luck

[avonleigh]

The easiest time to change sector is during the bull markets, when clients are finding it hard to find good people. Your tech skills still have to be a good match, although its easier to blag during bull markets as well..

Been contracting 25 years never had one call back in all that time for roles in either investment banking or insurance. Pretty much worked in every other sector. Don't apply for either anymore.

[Fraidycat]

I've never had so much as a sniff of an interview in another sector but tend to find interviews for insurance contracts pretty easy to come by.

The easiest time to change sector is during the bull markets, when clients are finding it hard to find good people. Your tech skills still have to be a good match, although its easier to blag during bull markets as well..

[fiisch]

Yeah insurance is the most common industry i'm seeing for the last few months. No idea if it's more than normal but it definitely stands out.

What's going on in the industry? New regs?

Not really - GDPR and Brexit caused some wonderful headaches which kept plenty of contractors gainfully engaged.

As Edison says, it's quite a closed market - most contracts demand previous experience. I seem to find myself somewhat locked in - I've never had so much as a sniff of an interview in another sector but tend to find interviews for insurance contracts pretty easy to come by. I have been curious to try other sectors as insurance, especially London Market, is probably behind the curve in terms of technology although there are signs that is starting to change...

[edison]

Yeah insurance is the most common industry i'm seeing for the last few months. No idea if it's more than normal but it definitely stands out.

What's going on in the industry? New regs?

Same here. I did a spell in insurance a year ago for the first time.

It seems that compared to other FS sub-sectors, insurance is a bit less advanced in recent digital transformation efforts. I think this applies more to B2B such as commercial insurance broking, Lloyds market etc than B2C like general insurance (cars, household and so on.) A lot of these roles do ask for specific sector knowledge though.

I mentor an early stage B2B insurance startup that has been getting some traction recently and got its first paying customers so that seems a small sign that the sector is breathing unlike most others.

[JustKeepSwimming]

There's your magic sauce, from what I've read elsewhere this is the only industry that's alive and kicking.

Yeah insurance is the most common industry i'm seeing for the last few months. No idea if it's more than normal but it definitely stands out.

What's going on in the industry? New regs?

[dsc]

[...](at least in my industry, insurance)[...]

There's your magic sauce, from what I've read elsewhere this is the only industry that's alive and kicking.

[fiisch]

People have been saying the contract market has been on the downturn since I made the jump in 2017. I recently returned to contracting in October - I handed my notice in on the Thursday, and by the Monday I had two outside IR35 offers on good rates.

I'd love to say that was down to my magnetic personality and incredible CV, but sadly I think it was more reflective of a (very) buoyant market. Rates are 20-25% higher than when I stopped contracting in 2020, and there seems to be a lot more outside IR35 roles now the dust has settled (at least in my industry, insurance). I didn't see anything like those kind of rises as a permie...

If you want to go contracting, now is as good a time as any imho...

[ensignia]

Considering 90% of people here are probably inside as a bum on seat, yes, lets just stop kidding ourselves that everyone is a proper business, supplying services / products There's almost no outside contract nowadays anyways, so contractor in the UK effectively means short term employee.

It's incredibly ironic given that he's one of the biggest permietractors going.

And to your second point, there are still Outside contracts available (just about), but yeah we're still effectively bums on seats. There are practically no discernible differences to a client/employer between an Outside contractor vs PAYE so your terminology is absolutely correct. We are all basically employees in their eyes.

[dsc]

Employers? jobs? Have I logged in to the wrong forum?

Considering 90% of people here are probably inside as a bum on seat, yes, lets just stop kidding ourselves that everyone is a proper business, supplying services / products There's almost no outside contract nowadays anyways, so contractor in the UK effectively means short term employee.

[northernladuk]

I still think it's going to be an employer's market as I very much doubt there will be enough positions for all the contractors currently out of a job (or out of a job when the hiring starts).

Employers? jobs? Have I logged in to the wrong forum?

[dsc]

[...]We will go from few companies hiring to everyone wanting to hire at the same time..[...]

I still think it's going to be an employer's market as I very much doubt there will be enough positions for all the contractors currently out of a job (or out of a job when the hiring starts).

[agentzero]

The current prediction is that rates will remain "high", whatever that is, until late 2024 at the earliest. The commercial property market is going through a shock now. I'm ignoring the general positive US sentiment, they have a lot of economic problems too.

If contractors are struggling now, LinkedIn seems to be where jobs are getting sent by messaging on LinkedIn. Pre covid, jobserve was king. Now, it's definitely sporadic and you being known by name by agencies.

[Fraidycat]

There is going to pressure on the central banks to cut rates before the UK and US elections next year.

So the stock markets are hoping for a rate cut in the first half of next year, maybe even in the first quarter.

April 2024 could be the start of a new contractor bull market..

[Sub]

Yeah UK GBP grow has been flat for the last 18 months.

Plus companies belt tightening because they have to pay more debt interest. So many new projects on hold.

But those projects will still need doing, and we will be in high demand again at some point.

All those projects will get the green light at the same time..

We will go from few companies hiring to everyone wanting to hire at the same time..

That seems to best case scenario, even it is not clear, when such return going to happen. But we not seeing the bottom yet, unfortunately.

The period of higher interest rates started around last October gradually getting painful for credit holders around April this year. This means many businesses and individuals still enjoying lower rates on their existing contracts (mortgages, business / personal loans, even credit cards). This will be getting worse during 2024 as more of those contracts will have to be refinanced on higher rates, meaning higher costs, less sales and even less desire to run new projects. So, there is no real prospect of reaching bottom until end of 2024, considering that there is some drag to the process, probably beginning of 2025.

We already see raise in delinquencies, reduction of house prices and staff reductions and this will only accelerate over the course on next months. To me it seems that for contractors with less than 18 months of warchest, weathering out the storm not going to work - it is time to work on plan B.