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Digital IT staff being lured by banks offering up to 25% higher rates

Digital IT staff being lured by banks offering up to 25% higher rates

JM Digital (, the recruitment arm of The JM Group, has revealed in its new digital rates report that digital IT contractors are being lured by the financial sector because it will pay up to 25% more than other sectors for their skills. This has left many digital agencies and companies, in need of digital resource, struggling to recruit these skills.

Whilst the rest of the economy has suffered, the digital market has exploded over the last year. Boris Johnson recently heralded London as “Europe’s leading digital city”. This follows the creation of over 1,000 high-tech jobs in the Capital and the number of companies locating to London’s new technology hub, Tech City, having almost trebled during 2011.

Dave Pye, CEO of the JM Group, commented: “The demand for digital projects has never been so great but the problem companies now face is the shortage of digital skills available. Over the last six months we’ve seen a crossover of digital contractors moving from agencies into the financial sector. This has been a real issue for companies which are unable to compete with the rates these banks are offering.”

The banking sector has had a drive to recruit digital skills over the last twelve months. The demand for these skills has been driven by the development of next generation trading applications and the focus by retail banks to convert as many customers as possible to online and mobile banking.

David Young, Head of JM Digital, commented: “Banks have been able to attract digital IT contractors due to their ability to offer significantly more money and, in comparison to the consultancy sector, often better working hours. The high level of complexity with banking systems is also a key attraction for many candidates who like the challenge it offers them.”

Skill areas reported to be in particular high demand in JM Digital’s report included developers, user experience designers and digital project managers across social media, web and mobile/tablet platforms.

Young continued: “Not all individuals are attracted or are even suited to the corporate culture of the banks though. Whilst the pay is less in the digital media sector, it is still very good. Also, the more relaxed as well as creative working environment of agencies, along with the diversity of projects they offer, is still considered a much bigger attraction by many.”


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