Easy to Hire, Easy to Fire
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Contractors, also known as consultants (or temps), used to be easy to hire and easy to fire (though not very often). In today's market, they're easy to hire (though not very often) and even easier to fire.
The five jobs I have had in London in the past six years have been contracting jobs. It used to be so easy to be hired. I would be called about a job from an agency or from a previous boss, go to the interview, be asked to start right away, and give one week's notice to my current employer. But then, as a contractor it was also easy to be fired - with only one week notice - which happened to me twice.
Contracting is the easiest way to find work, whether you are an accountant, analyst, or secretary. Lots of time employers need someone for short-term projects, so a contractor will easily fill the role, with both the employee and employer knowing that the contract will come to an end either in a few months or (the contractor hoping) perhaps longer. This happened to me a few times when I filled roles that were of unknown durations and my contract was extended several times.
Companies ditch contractors when demand drops, but turns to them first when demand picks up.
So has demand picked up?
This contractor can tell you it has not.
Over the past few months, I have known lots of contractors who have lost their jobs, most of them have yet to find another contracting (or permanent) job, or even a temporary job, and not just a job in their field, but any job. But really, finding a job in another field isn't possible, because contractors have been laid off in all fields, so there is an abundance of contractors on the market. Ones looking outside their field won't even be considered.
When demand for contractors in all fields pick up, we can be almost sure that the demand for permanent workers will follow, and the job market recession will be coming to an end.
And what will this contractor do?
Find a permanent position.
Contracting is the easiest way to find work, whether you are an accountant, analyst, or secretary. Lots of time employers need someone for short-term projects, so a contractor will easily fill the role, with both the employee and employer knowing that the contract will come to an end either in a few months or (the contractor hoping) perhaps longer. This happened to me a few times when I filled roles that were of unknown durations and my contract was extended several times.
Companies ditch contractors when demand drops, but turns to them first when demand picks up.
So has demand picked up?
This contractor can tell you it has not.
Over the past few months, I have known lots of contractors who have lost their jobs, most of them have yet to find another contracting (or permanent) job, or even a temporary job, and not just a job in their field, but any job. But really, finding a job in another field isn't possible, because contractors have been laid off in all fields, so there is an abundance of contractors on the market. Ones looking outside their field won't even be considered.
When demand for contractors in all fields pick up, we can be almost sure that the demand for permanent workers will follow, and the job market recession will be coming to an end.
And what will this contractor do?
Find a permanent position.
Here Is The Writer : Tim Baros
Tim Baros has worked in the derivatives industry for several large financial institutions in both the U.S. and the U.K., and one now-defunct financial products company. Tim moved from New York City to London in 2003 to take advantage of the many job opportunities that London had to offer in the banking sector, easily qualifying for a Highly Skilled Migrant Programme Visa. Unemployed but now a UK resident, Tim spends some of his day looking for another job in finance and other parts of the day either at the gym, in the pubs, clubs, or just about anywhere, really.
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