State of the Market

[CompulsiveArsonist]

My contract coming to an end in November (front-office technology role at a large US Investment Bank) and I've secured a new contract at another Investment Bank but it's only until the end of March (due to IR35)

All other contractors that I know have been told to eventually go permanent, or that their contracts will not be renewed.

Market is pretty dead at the moment in both contract and permanent roles, many agencies chasing the same role. I applied to one permanent role and was told that 8 agencies were chasing that role and 27 CVs had been submitted.

Friend at the same IB I am at has his contract ending in January and told to go perm, another friend not having his contract renewed after 18 months.

[PCTNN]

I think the contract market for all roles and locations is going to be extremely quiet borderline dead until April 2020.

As someone else has already said, after April contract roles will pop up again. At the end of the day, work needs to be done and projects/programmes need to be delivered.

Not all the big companies (especially banks) are going to offer permanent roles to their contractors, and even the ones that will offer permanent roles will see a fair number of contractors declining the offer and choosing to sit on the bench instead.

Market will pick up again, just not with the same favourable conditions as we know it.

[hairymouse]

Can anyone offer theories as to why the permanent market is supposedly dead at the moment? With all those contractors leaving, somebody has to do the work and there's plenty of budget to hire contractors.

I'd really like to hear from someone on the bench who has recently started looking for permie work. How's that market?

[BlueSharp]

Can anyone offer theories as to why the permanent market is supposedly dead at the moment? With all those contractors leaving, somebody has to do the work and there's plenty of budget to hire contractors.

I'd really like to hear from someone on the bench who has recently started looking for permie work. How's that market?

Brexit. All plans are on hold until a direction is set. I looked at a couple of perm roles but the top end salaries have very competitive competition, from perm counter parts looking for a sideways move or a foot up the ladder. Permie tractors with senior dev skills trying to chance a TA role to limit the cut on pay have no chance. I was a TA looking at perm TA roles.

[northernladuk]

Can anyone offer theories as to why the permanent market is supposedly dead at the moment? With all those contractors leaving, somebody has to do the work and there's plenty of budget to hire contractors.

I'd really like to hear from someone on the bench who has recently started looking for permie work. How's that market?

I'm finding completely the opposite. 90+% of the roles in my area on JS are for perm at the moment. Plenty around.

[PCTNN]

Can anyone offer theories as to why the permanent market is supposedly dead at the moment?

Companies are trying to offer permanent roles to their contractors, which means there are plenty permanent roles but they are not being advertised publicly.

The roles will eventually go public if/when contractors decline them and choose bench instead.

So, in the end, the permanent market is not dead in general, just roles are not advertised.

[GhostofTarbera]

Companies are trying to offer permanent roles to their contractors, which means there are plenty permanent roles but they are not being advertised publicly.

The roles will eventually go public if/when contractors decline them and choose bench instead.

So, in the end, the permanent market is not dead in general, just roles are not advertised.

Lloyd’s are offering about 10% of contractors perms roles (at good rates £92K for a BA for example) if not taken out these will 1st be offered to wipro to fill (they will fill any role with anyone) then role offered to inside IR35 contractors on rare occasion Lloyd’s laugh at person they offer


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[CompulsiveArsonist]

I applied to a couple of permanent roles, I was told by agents that there were a lot of applicants. Contract rate for my skills are usually £600-650p/d but salaries advertised for around £90k-£110k DOE.

A couple of my friends are going permanent, but for roles which are not publicly advertised. I had a conversation with my current IB about permanent where they spoke about "making a role for me" but unfortunately it didn't pan out as once it got to more senior people they said my line-of-business don't want to hire in London at the moment.

[mmo0690]

Wow, £90k upwards, that is great pay. Good for you lots.

I am a .net dev with some front end experience. In North West, I am hoping to try for perm roles at around £55K with good bonus and pension package.

[oliverson]

Wow, £90k upwards, that is great pay. Good for you lots.

I am a .net dev with some front end experience. In North West, I am hoping to try for perm roles at around £55K with good bonus and pension package.

It's expectations like this that make me consider topping myself. Aside from permie roles, who can survive on that kind of income? Am I just living in a different world?