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IT Contractors Holding Up?

IT Contractors Holding Up?

Despite the economic crisis joblessness among IT contractors is still only half of what it was during the aftermath of the dot com crash five years ago, reveals research by giant group plc, the contractor services provider.

The research by giant shows that at the end of 2003, 13% of IT contractors were out of work for 90 days or more. This contrasts to 7.5% of IT contractors out of work for 90 days or more in giants latest survey.

Matthew Brown, Managing Director of giant group plc, comments: Despite the current problems that IT contractors are faced with they are still faring far better than they were following the dot-com crash.

IT departments were pared to the bone after the crash in 2001/02 and have been cautious about vanity projects ever since. This means that IT departments are much leaner going into the current downturn and IT Directors have far less fat to trim.

Job stability rated as more important than higher pay

Even though they are faring better in terms of long-term employment prospects, more IT contractors now prefer a long-term contract to higher per hour pay than five years ago, according to giants research.

At the end of 2003 56% of IT contractors preferred a long-term contract to higher per hour pay. That figure is now 62%.

Says Matthew Brown: Recent research suggests that IT spending is unlikely to be as negatively impacted by the downturn as spending in other business areas, but with rates in some sectors having been cut, contractors are clearly still concerned about job security and whether we are at the bottom or the market still has some way to fall.


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