Gone very quiet
Discussion
cluckcluck said:
Just like covid, seems people are winning or losing, not much in the middle.
I work in IT and the market is bonkers this year. Wages are rising seemingly every month and there is a lack of developers for the jobs on offer.
We’re I work we have 6 vacancies and for 6 months unable to fill them. Applicants are applying already having 2+ offers already. Some underwhelming candidates are asking a lot and seemingly getting it.
Juniors are easily getting 45k+, mids 65K+ and seniors hitting 100k+
However.. I see some cracks in that this can’t continue and investors and pension funds are apparently withdrawing from tech stocks.
I’m genuinely bemused by the IT sector over the last few years, particularly this year and am at a loss to what it’ll do. I do think if it declines, it could be fairly rapid.
I’m reading of a lot of IT job losses particularly in the US and also in Europe with even names like Tesla mentioned I work in IT and the market is bonkers this year. Wages are rising seemingly every month and there is a lack of developers for the jobs on offer.
We’re I work we have 6 vacancies and for 6 months unable to fill them. Applicants are applying already having 2+ offers already. Some underwhelming candidates are asking a lot and seemingly getting it.
Juniors are easily getting 45k+, mids 65K+ and seniors hitting 100k+
However.. I see some cracks in that this can’t continue and investors and pension funds are apparently withdrawing from tech stocks.
I’m genuinely bemused by the IT sector over the last few years, particularly this year and am at a loss to what it’ll do. I do think if it declines, it could be fairly rapid.
PayPal just made over 300 redundant in Ireland
Has the bubble burst ?
https://www.businessinsider.com/layoffs-sweeping-t...
Earthdweller said:
cluckcluck said:
Just like covid, seems people are winning or losing, not much in the middle.
I work in IT and the market is bonkers this year. Wages are rising seemingly every month and there is a lack of developers for the jobs on offer.
We’re I work we have 6 vacancies and for 6 months unable to fill them. Applicants are applying already having 2+ offers already. Some underwhelming candidates are asking a lot and seemingly getting it.
Juniors are easily getting 45k+, mids 65K+ and seniors hitting 100k+
However.. I see some cracks in that this can’t continue and investors and pension funds are apparently withdrawing from tech stocks.
I’m genuinely bemused by the IT sector over the last few years, particularly this year and am at a loss to what it’ll do. I do think if it declines, it could be fairly rapid.
I’m reading of a lot of IT job losses particularly in the US and also in Europe with even names like Tesla mentioned I work in IT and the market is bonkers this year. Wages are rising seemingly every month and there is a lack of developers for the jobs on offer.
We’re I work we have 6 vacancies and for 6 months unable to fill them. Applicants are applying already having 2+ offers already. Some underwhelming candidates are asking a lot and seemingly getting it.
Juniors are easily getting 45k+, mids 65K+ and seniors hitting 100k+
However.. I see some cracks in that this can’t continue and investors and pension funds are apparently withdrawing from tech stocks.
I’m genuinely bemused by the IT sector over the last few years, particularly this year and am at a loss to what it’ll do. I do think if it declines, it could be fairly rapid.
PayPal just made over 300 redundant in Ireland
Has the bubble burst ?
https://www.businessinsider.com/layoffs-sweeping-t...
Earthdweller said:
cluckcluck said:
Just like covid, seems people are winning or losing, not much in the middle.
I work in IT and the market is bonkers this year. Wages are rising seemingly every month and there is a lack of developers for the jobs on offer.
We’re I work we have 6 vacancies and for 6 months unable to fill them. Applicants are applying already having 2+ offers already. Some underwhelming candidates are asking a lot and seemingly getting it.
Juniors are easily getting 45k+, mids 65K+ and seniors hitting 100k+
However.. I see some cracks in that this can’t continue and investors and pension funds are apparently withdrawing from tech stocks.
I’m genuinely bemused by the IT sector over the last few years, particularly this year and am at a loss to what it’ll do. I do think if it declines, it could be fairly rapid.
I’m reading of a lot of IT job losses particularly in the US and also in Europe with even names like Tesla mentioned I work in IT and the market is bonkers this year. Wages are rising seemingly every month and there is a lack of developers for the jobs on offer.
We’re I work we have 6 vacancies and for 6 months unable to fill them. Applicants are applying already having 2+ offers already. Some underwhelming candidates are asking a lot and seemingly getting it.
Juniors are easily getting 45k+, mids 65K+ and seniors hitting 100k+
However.. I see some cracks in that this can’t continue and investors and pension funds are apparently withdrawing from tech stocks.
I’m genuinely bemused by the IT sector over the last few years, particularly this year and am at a loss to what it’ll do. I do think if it declines, it could be fairly rapid.
PayPal just made over 300 redundant in Ireland
Has the bubble burst ?
https://www.businessinsider.com/layoffs-sweeping-t...
We took paypal off our website a couple of months ago after they started restricting what we could withdraw. We found it very odd that once you have £5k (ish) in your account they wont let you take it out for a month, by which time you have even more money and you end up with paypal basically paying you back on 30 days which is total bs. We need cash flow so bye bye paypal.
SirCarsAllot said:
Happening across the board for IT, get rid of the less capable so you can pay more to retain your best, stops the poaching thats been going on, push your best harder, another sign of markets crumbling.
There are an awful lot of less capable types in IT - it has no professional body and is more art than engineering, so someone can just say "I am a genius programmer in <fad xyz>" and unless you have someone who already knows <fad xyz> you probably won't be able to tell if they are telling the truth - or if fad xyz is actually a better way of doing things or not. But the job losses mentioned are I think less evidence of IT itself and more that venture capital is going to be tighter as central banks stop throwing money at banks (apparently they have decided to do literal helicopter money straight to consumers now). When there was a wall of QE cash looking for a home, every stupid tech idea was in with a shout of being funded along with the idea of "buying market share" by losing money for years. Now it's actual investors with a lot of their own money, there's going to be a lot more due diligence and the big players who have burned cash for years are going to be asked to start showing some returns.
It's going to be really messy.
Flooble said:
There are an awful lot of less capable types in IT - it has no professional body and is more art than engineering, so someone can just say "I am a genius programmer in <fad xyz>" and unless you have someone who already knows <fad xyz> you probably won't be able to tell if they are telling the truth - or if fad xyz is actually a better way of doing things or not.
But the job losses mentioned are I think less evidence of IT itself and more that venture capital is going to be tighter as central banks stop throwing money at banks (apparently they have decided to do literal helicopter money straight to consumers now). When there was a wall of QE cash looking for a home, every stupid tech idea was in with a shout of being funded along with the idea of "buying market share" by losing money for years. Now it's actual investors with a lot of their own money, there's going to be a lot more due diligence and the big players who have burned cash for years are going to be asked to start showing some returns.
It's going to be really messy.
For those of us that worked through and remember the dot com boom and bust it’s history repeating itself. Remember companies being valued based on page views lol.But the job losses mentioned are I think less evidence of IT itself and more that venture capital is going to be tighter as central banks stop throwing money at banks (apparently they have decided to do literal helicopter money straight to consumers now). When there was a wall of QE cash looking for a home, every stupid tech idea was in with a shout of being funded along with the idea of "buying market share" by losing money for years. Now it's actual investors with a lot of their own money, there's going to be a lot more due diligence and the big players who have burned cash for years are going to be asked to start showing some returns.
It's going to be really messy.
M1AGM said:
Flooble said:
There are an awful lot of less capable types in IT - it has no professional body and is more art than engineering, so someone can just say "I am a genius programmer in <fad xyz>" and unless you have someone who already knows <fad xyz> you probably won't be able to tell if they are telling the truth - or if fad xyz is actually a better way of doing things or not.
But the job losses mentioned are I think less evidence of IT itself and more that venture capital is going to be tighter as central banks stop throwing money at banks (apparently they have decided to do literal helicopter money straight to consumers now). When there was a wall of QE cash looking for a home, every stupid tech idea was in with a shout of being funded along with the idea of "buying market share" by losing money for years. Now it's actual investors with a lot of their own money, there's going to be a lot more due diligence and the big players who have burned cash for years are going to be asked to start showing some returns.
It's going to be really messy.
For those of us that worked through and remember the dot com boom and bust it’s history repeating itself. Remember companies being valued based on page views lol.But the job losses mentioned are I think less evidence of IT itself and more that venture capital is going to be tighter as central banks stop throwing money at banks (apparently they have decided to do literal helicopter money straight to consumers now). When there was a wall of QE cash looking for a home, every stupid tech idea was in with a shout of being funded along with the idea of "buying market share" by losing money for years. Now it's actual investors with a lot of their own money, there's going to be a lot more due diligence and the big players who have burned cash for years are going to be asked to start showing some returns.
It's going to be really messy.
kedcompany.com to chart the inevitable fall-out.
105.4 said:
How’s everyone doing after the Bank Holiday weekend?
Very quiet for me and the rest of the guys I’ve spoken to in the Yard. Most of the guys seem to be down around 33-50% on what they would usually expect.
We are very, very quiet. Currently got 3 staff cleaning and doing general tidying up. Stuff we normally do before Christmas!Very quiet for me and the rest of the guys I’ve spoken to in the Yard. Most of the guys seem to be down around 33-50% on what they would usually expect.
We are down across the board, phone, web, cash and carry its all dead.
When the phone is ringing I am giving as much discount as I can to entice the customer but its not helping.
Odd situation with me (bespoke kitchen maker). There's still some money being spent on kitchens, most of it in the commodity sector which I can't compete in. High end stuff there's still some business to be had but I've never had much access to that market. But one sale can mean 2-3 months work so I don't need many sales.
Nevertheless the future isn't looking good so I've decided to go back to my old line of work and set up a guitar making/repairing facility. I'm not expecting there to be much money in it so will still do the occasional kitchen just to cover the rent.
Nevertheless the future isn't looking good so I've decided to go back to my old line of work and set up a guitar making/repairing facility. I'm not expecting there to be much money in it so will still do the occasional kitchen just to cover the rent.
jonsp said:
gotoPzero said:
When the phone is ringing I am giving as much discount as I can to entice the customer but its not helping.
Are they going to another (presumably even cheaper) supplier or not buying whatever you sell from anyone?It doesn't help that we had massive price increases across the industry on 1st June, so those holding stock from before then will have an edge.
jonsp said:
gotoPzero said:
When the phone is ringing I am giving as much discount as I can to entice the customer but its not helping.
Are they going to another (presumably even cheaper) supplier or not buying whatever you sell from anyone?I guess when there are only a few customers there will be a big fight over those customers.
Normally at this time of year we are turning work away.
Could be. Its very hard to tell whats going on at the moment. I have started telling people if they get a cheaper price somewhere else to ring me back. That will hopefully give me a better idea.
The main issue at the moment is just call volumes are right down, today we have had 15 inbound calls. Thats literally what we would normally see between 8am and 9am let alone from 8am till 330pm!!
The main issue at the moment is just call volumes are right down, today we have had 15 inbound calls. Thats literally what we would normally see between 8am and 9am let alone from 8am till 330pm!!
gotoPzero said:
The main issue at the moment is just call volumes are right down, today we have had 15 inbound calls. Thats literally what we would normally see between 8am and 9am let alone from 8am till 330pm!!
I wonder how much of that decline is based on consumer confidence, and how much of it is based on folk struggling to keep the lights on?If this is what it’s like now, then what on earth is it going to be like in November when fuel is over £2.00 per litre, food has gone up even more, interest rates have risen and the gas and electric needs to be on for longer?
If the latter, then I think the correct terminology is “f
ked” ? 
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