Recession - Personal experiences

[Barrichello]

contracting has really picked up in the last 6 months, the agencies are spamming, taking good cuts, and plenty of good rates to be had.

I've been getting loads of agency contact in the last couple of months - things definitely looking up for the contractors.

Have to agree. Just this week im getting agencies ringing i not spoken to for ages. Mostly contract jobs (Banking sector) - im perm at the moment but have thought about trying the contract game again when things do pick up.

[Saracen]

Very little effect on me personally .... so far. But we aren't out of the woods yet, and much of the pain is still to come, and much of it won't come in until after we're technically out of the recession.

My prediction is that unemployment will continue to rise for a while yet, and could end up much higher than it is yet. Some of the measures (like quantitative easing) are inflationary and that has yet to come down the pipeline and hit all us in the wallets, but it will. Taxes are going up next year (and some are already announced, like NI changes and VAT going back up), and my bet is that a fair few things that haven't been announced yet are coming too. We'll find out about them after the election.

I could go on, but most of you have heard much if it from me (and others) before. So suffice it to say that even those that haven't suffered yet are going to feel some pain, and as a country, well be feeling aspects of it for years to come. It's just not yet clear how much pain, or for how long. But I'd caution anyone about feeling too confident they won't get caught just because they haven't yet, because I'd bet we all will, and some very harshly.

Wouldn't I be great fun at a dinner party if someone asked the wrong question? Talk about doom and gloom.

[peterb]

contracting has really picked up in the last 6 months, the agencies are spamming, taking good cuts, and plenty of good rates to be had.

I've heard mixed reports about the rates, with some companies/agencies trying to push rates own, but I guess that depends on the particular sector.

<--- snip

Wouldn't I be great fun at a dinner party if someone asked the wrong question? Talk about doom and gloom.

Pity the wrong questions weren't asked a political level, then this mess might not have been so bad.

"We have banished boom and bust" - Oh really?

[noTHINGface]

We've cut almost 40% IT staff for 2009/2010/2011. All non capitalised contractors are out end 2009. I work in pharma. I've never seen it so bad in my 13 years experience.

[j.o.s.h.1408]

yup we have no more contracts in our place too

[Phage]

We terminated all of the contractors and are now having to hire them back. Brilliant management strategy.
I am rather glad that I can hopefully hand back some of the vendor management stuff...like getting quotes on Apple stuff...

[bsodmike]

Thankfully, unaffected - after all I'm back home now.

I hope things improve in the UK though.

[Baggio18]

Well, pay freezes at work, more work with fewer people. Also lower interest on savings, but thats happened to everyone.
That aside, no real impact yet, although I doubt there will be any chances of promotion/pay rises this year, even though I feel mine is way overdue.

[HSK]

Well, as of this Friday, I no longer have a job.

Because we were a service based company - with monies owed by clients (who have suffered due to recession)...couldn't pay us.

Forcing the MD to end it all.

The insolvency people will be in next week to rip the place apart, and pay whoever we owe.

[Bugbait]

Surprisingly the contractors at the bank I work at have outlasted the permanents, many who have been with the company for near or over 10 years. The out-sourcing company I contract through has let several permanents go (redundancy) but no contractors so far. I've fortunately been relatively unaffected (except for a rate freeze) by the recession so far and have been extended until Q2 next year. Although I've asked for part time as I'm bored of what I do and want to spend more time at home with the new baby.

My friends in the Engineering sector (contractors - process engineering) seem mostly unaffected as well. They've both been on the bench for the past month but are still being paid good rates.

Biggest thing I've noticed is how few people save for a rainy day. When times were good people ramped up their lifestyles and many are now paying for it.

[Zadock]

How has the recession in the UK affected you personally?

For me, the demise of the engineering industry has meant unemployment and the incumbent financial woes. Jobs in the field around here (east) are scarce and it's meant I've had to re-think my career path as an option, but having a large-ish young family the options are a trifle limited.

Same as you mate, I was working for a civil engineering consultancy though as an environmental consultant... my sector is all but dry at the moment as well but if its any consolation the agencies I am signed on with have been telling me that there are signs that things are going to pick up.

In some ways I am more fortunate than some in so much as my out goings aren't huge and I don't have a family to provide for. I know what you mean about career paths, I've been applying for different things like admin and recruitment jobs as a stop gap but there is an inherent problem in doing that as you end up selling yourself solely on the basis of transferable skills and if someone who has those skills and experience in that are comes along (at lets face it, current climate, the odds are high) you don't stand much chance of even getting an interview chance.

I've got 3 years experience in what I do which means I'm not a graduate yet I find myself applying for graduate jobs, perhaps a tad unfair to people trying to get into my industry but you've gotta look out for yourself I guess.

The other thing I am noticing in my sector are the frankly comical salaries on offer! for example I saw a position the other day for a ecologist; they wanted: full IEEM membership (takes about 5 years), a bat license (5 years to accquire and highly specialised), proven track record in project management, botany skills... the list went on, salary? £17 - 22K. I think a lot ofg graduates won't get out of bed for that let alone a senior ecologist.

crazy, just crazy.

[Flibb]

£17 - 22K. I think a lot ofg graduates won't get out of bed for that let alone a senior ecologist.

crazy, just crazy.

Depends how desperate they get, we've had people with MSc in a relavent subject applying for £17k a year jobs.

The last time we recruited (just before things got really bad) the vast majority applicants had good chemistry degrees, with experience, and they were applying for £16-18K jobs that largely boiled down to cleaning and simple calibrations.

[noTHINGface]

I started in pharma 12 years ago with a PhD. Starting salary was £22.5K. Graduates need to level their expectations.

We find if we're being made redundant next week. Fingers are crossed.

[SiM]

Grads in investment banks start out at £40-45k excluding performance bonus.

I graduated from uni last year, but I'm already on my 3rd job - that is what the recession has done to me!

[Barrichello]

Grads in investment banks start out at £40-45k excluding performance bonus.

I graduated from uni last year, but I'm already on my 3rd job - that is what the recession has done to me!

Even though we not been to badly affected, many grads here at our bank i not seen around for a while, somebody mentioned that there is nobody to pop out to Pret any more - sure it will get better in time.

[HSK]

blurghh last day tomorrow. I prob won't stick around though, will go in, tie up a few things, give my keys and f'off.

Then time for job hunting.