Upturn in confidence among IT contractors
Upturn in confidence among IT contractors about jobs in financial services sector
Proportion expecting to see most of their job opportunities in financial services increases by 50%
Confidence amongst IT contractors over their job prospects in financial services has rebounded with 22.1% expecting most of their job opportunities over the next year to come in that sector of the economy, a 50% rise on six months ago, reveals new research by giant group plc, the contractor services provider.
Six months ago just 14.7% of IT contractors expected to see most of their job opportunities coming in financial services.
Matthew Brown, Managing Director of giant, comments: In the aftermath of Lehman Brothers collapse IT directors and team leaders at investment banks were forced to let contractors go. The situation is different now as those same team leaders are being instructed to start hiring again.
News that Goldman Sachs and JP Morgan have posted near-record profits is evidence the investment banking sector has, arguably turned a corner and is beginning to kick-start projects that were put in limbo during the downturn. Commercial banks are also in a far healthier state now than they were a year ago.
According to giant transaction volumes across debt and equities are recovering across the investment banking sector and the recovery in proprietary trading volumes in particular is a contributing factor to the rise in job opportunities for IT contractors.
Matthew Brown comments: Proprietary trading had been seen by some to have lost some of its lustre, but appetite for it is slowly returning and that is an area that is very heavy in its usage of IT and IT staff.
The giant research also reveals that the proportion of IT contractors expecting their earnings to rise in the next year has risen from 58.4% to 61.4%.
According to giant, their research has also uncovered a shift amongst IT contractors away from prioritising income when considering a contract, to placing greater emphasis on more diverse career issues.
Six months ago 45% of contractors said income was their most important consideration when choosing a contract but that figure stands at just 38% now.
Matthew Brown says: Earlier this year the sheer scale of the downturn in the job market was dawning on everyone and so securing an income to pay bills and mortgages became an understandable priority.
We are not at the end of the tunnel just yet but these figures suggest as IT contractors are less nervous about the prospect of being out of work they are starting to place greater emphasis on career issues, such as the opportunity to develop their skills, when selecting contracts.