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Apologies if there's already a thread covering this.....

Explicitly though, what are people's current experiences/anecdotes of being approached/seeing jobs advertised at the moment.

I'm definitely hearing a significant drop off in the salaries being offered in my area (software, Cambridgeshire) by recruiters approaching me at the moment.

For example there was a big rise late 2018-2020 where 65-80k was often the pitch for the sort of roles they'd approach me for. This was partially I believe down to the trashing of GBP after the referendum vote which made UK engineers extremely cheap for US firms. Its dropped right back down to 40-60k, which is more 2016-2017.

Anyone experiencing similar? Obvs can be at any end of the income spectrum....plenty of jobs might be being forced right down to minimum wage.

Edited by Frugal Git
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I am a contractor in telecoms and I would say a drop off of 50% in contact with recruiters.

I was asked to take a 10% drop in April but refused...I am still working for my pre covid rate.

Permys (those not furloughed) at the organization were given a 10% pay cut.

That along with Increases in saving, paying off debt has made me of the opinion that we will be experiencing Deflation over the next couple of years...at least until they can fire up the printers.

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20 minutes ago, Roman Roady said:

I am a contractor in telecoms and I would say a drop off of 50% in contact with recruiters.

I was asked to take a 10% drop in April but refused...I am still working for my pre covid rate.

Permys (those not furloughed) at the organization were given a 10% pay cut.

That along with Increases in saving, paying off debt has made me of the opinion that we will be experiencing Deflation over the next couple of years...at least until they can fire up the printers.

I do agree. On top of your opinions, I feel we are at the early stages of something quite big. It seems that every shop, online or not, is offering stuffs with 20ish to 30% discount. I was surprised that restaurants here in London are extending the Help eat scheme for the entire week. Business owners are going to start renegotiating rents with landlords for sure if those “new prices” are going to be the norm. I had a very enjoyable walk in Central London on Sunday. Walked from Hyde Park to the river. It’s a bloodbath, shops with a couple of staffs wearing their mask an a very unhappy face. 6 months of this and I don’t really know how half of the shops in zone 1-2-3 would stay in business. It was quite hot, so I went for a iced tea at Caffe Concerto in Trafalgar Square. That place was always full of people, every bloody day of the week. 4:30 PM and it was just me and 3 people sitting outside, inside the shop am old lady drinking and probably making the most from the air con. These places either shout down or renegotiate a hard discount on their rent numbers. I can’t see any other possible solution. 
I’ve got a cash back Amex and apparently they are now offering a five pounds discount on the first 10 pounds of your restaurant bill. Offer can go with the gov scheme. 
 

Edited by NoHPCinTheUK
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57 minutes ago, NoHPCinTheUK said:

I do agree. On top of your opinions, I feel we are at the early stages of something quite big. It seems that every shop, online or not, is offering stuffs with 20ish to 30% discount.
 

I noticed the discounting is heavy in a few places by chance. I went into a usually incredibly overpriced clothes shop (called something like rotund mug), which had an offer of up to 50% off on clothes - which would still make them expensive, but hey.

An article wasn't labelled as such, so out of curiosity I asked them to check if it was discounted. Turned out it scanned at 25% of the original price. The cheap git in me got a couple more items and got them to check that too. All discounted further too, but not advertised as such yet. 

Basically that was charity shop price for new, so I splurged for once. If it continues like this, you're quite right - it's not looking good (unless in a personal level you're cash and income rich with some degree of security).

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Contract roles are dead in the water here...only fake adverts to lure people onto recruiters books remain on my linkedin. 

 

With 1/3 of companies making roles redundant, contractors don't have a chance (especially within IR35).  Companies are adjusting size to be smaller - superfluous roles are being cut.  Remote working is a double edged sword as it also proves offshoring works (remote working being a localised offshoring option).

If only there was a parable about using the summer to prepare for a harsh winter instead of being pushed to eat out and party down the 'spoons.

 

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15 minutes ago, msi said:

With 1/3 of companies making roles redundant, contractors don't have a chance (especially within IR35).  Companies are adjusting size to be smaller - superfluous roles are being cut.  Remote working is a double edged sword as it also proves offshoring works (remote working being a localised offshoring option).

If only there was a parable about using the summer to prepare for a harsh winter instead of being pushed to eat out and party down the 'spoons.

 

Indeed, although with the GBP what it is - trash -I'm suspecting that certain sectors will be resilient now to the phenomenon. We aren't too expensive anymore, and we are very cheap compared to over the Atlantic. Not that we cant get cheaper still though. 

Yeah, I'd be *much* more concerned if I was a US worker...although maybe we are seeing the USD start it's decline....

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Watch out for favourite contractors being moved to different cost centres. Not allowed to cut perm staff if contractors are still there. Easy dodge is to move them around. 

I am certain people are going to be extremely shocked this winter. It’s building, you can feel it.

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4 hours ago, NoHPCinTheUK said:

I do agree. On top of your opinions, I feel we are at the early stages of something quite big. It seems that every shop, online or not, is offering stuffs with 20ish to 30% discount. I was surprised that restaurants here in London are extending the Help eat scheme for the entire week. Business owners are going to start renegotiating rents with landlords for sure if those “new prices” are going to be the norm. I had a very enjoyable walk in Central London on Sunday. Walked from Hyde Park to the river. It’s a bloodbath, shops with a couple of staffs wearing their mask an a very unhappy face. 6 months of this and I don’t really know how half of the shops in zone 1-2-3 would stay in business. It was quite hot, so I went for a iced tea at Caffe Concerto in Trafalgar Square. That place was always full of people, every bloody day of the week. 4:30 PM and it was just me and 3 people sitting outside, inside the shop am old lady drinking and probably making the most from the air con. These places either shout down or renegotiate a hard discount on their rent numbers. I can’t see any other possible solution. 
I’ve got a cash back Amex and apparently they are now offering a five pounds discount on the first 10 pounds of your restaurant bill. Offer can go with the gov scheme. 
 

I am seeing similar...its deflation for a while at least.

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1 hour ago, PeanutButter said:

Watch out for favourite contractors being moved to different cost centres. Not allowed to cut perm staff if contractors are still there. Easy dodge is to move them around. 

I am certain people are going to be extremely shocked this winter. It’s building, you can feel it.

My boss has briefed me that this is his plan B for me...however that conversation was several months/kilopounds ago. The project I am working on is seen as "special" and as such they may start recruiting externally again...no furloughs in the project but over a thousand in the company per site.

The fact that connys are still being used when permys are being given their cards is an indication to me of just how bloated and ungainly the permy workforce has become of late.

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4 minutes ago, Roman Roady said:

My boss has briefed me that this is his plan B for me...however that conversation was several months/kilopounds ago. The project I am working on is seen as "special" and as such they may start recruiting externally again...no furloughs in the project but over a thousand in the company per site.

The fact that connys are still being used when permys are being given their cards is an indication to me of just how bloated and ungainly the permy workforce has become of late.

Contractors can be capitalised, so looks better on the balance sheet.

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Some jobs still doing OK, a lot of AI and RPA firms seem to be busy. I guess the Remote Working/VDI stuff did well early in lockdown as humans needed remote working facilities, but now the bots can take over. 

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Is it true that some firms will more likely if feasible lose their older staff on permanent and more expensive contracts like BA......is it true that the older with experience job hunters are finding it more difficult to secure permanent work??

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I get several email updates every day from the major job sites across a range of job titles and have done for the whole of 2020.

One of them (Totaljobs I think) puts a red banner with 'BEST PAY' next to the highest paid role in that specific email update. Back in Feb/March, these were generally highlighting roles in the £80-£100k range, now it is generally in the £60s somewhere and Ive seen a few in the £50s.

The job titles and area have remained consistent throughout, so that is quite a drop. Part of this will be due to those in well paid roles are less likely to move on during such an uncertain time, but a bigger part of it is undoubtedly employers taking advantage of the current situation. Why wouldn't they?

Contract rates appear to have declined similarly with a lot of roles that were in the £500-£500 pd range now done to about £350.

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I would expect salaries to be pushed lower on the back of increased unemployment and competition from work, even as inflation builds.

OTOH, not in every job.  Some companies are actually doing well out of this, so far anyway.....  Just got a nice payrise myself but who's to say what things will look like this time next year?

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I am in a management level role in financial services and I look at senior management roles in the same job. 

After an initial flurry of opportunistic "There's going to be a load of activity post lockdown, let's meet to talk strategy" type stuff, my contact with recruiters has reduced from monthly at least contact re specific positions to occasional requests to connect on LinkedIn. 

That said, I suspect part of that is because recruiting itself is in such a shit state. We are constantly advertising positions internally. 

Salary wise, couldn't say. Haven't had our pay review yet (coming later in the month) but our finances say we're no worse off. Suspect that they will try it on as a pay freeze though, simply because nobody wants to move jobs particularly at the moment. No idea what the wider market looks like as the recruiters, irony of ironies, all seem to be furloughed or made redundant. 

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I've been surprised that we're still hiring. So far we're just as busy as 2019, and more contracts are coming in.

Maybe because we do a lot of infrastructure work that can't easily be put off or shut down.

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  • 417 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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