Pay rates up for 96% of IT contractors
The umbrella employment specialist’s latest study found that 96% of IT contractors believe their earnings will rise over the next 12 months, an increase of 4% year-on-year. A further 98% predict that more roles will become available over the next year representing a growth of 27% year-on-year.
These results are supported by a study from Pierre Audoin Consultants which found that daily rates for IT contractors are set to rise by an average of 1.2% over the next year, highlighting the ongoing optimism within the market. This positivity is driven, in part, by improvements in the economy coupled with a growing demand for contractor expertise. In fact, further analysis by the research firm found that areas such as Analytics and Digital Transformation, in particular, are suffering from ongoing shortages, which are boosting rates for specialists.
Matthew Brown, managing director of giant group, commented on the findings. “It’s always encouraging to see such optimism amongst contractors, particularly in such a large and important sector. IT plays a hugely significant part in our working activity and this is, in turn, driving demand for these talented specialists. Improvements in the economy have also certainly contributed to the rising sentiment as many businesses are now feeling more confident about investing in projects they perhaps would have held back on in the past.”
“Coupled with this, we’re also seeing contractors being sought after in newer roles with many organisations placing a greater emphasis on infrastructure security. The rising threat of cyberterrorism has meant many firms are now looking to take on contractors with defence expertise who can prepare their businesses for any threats they could potentially face and this is certainly one factor behind the improving sentiment. These niche skill sets aren’t readily available in the permanent market which is prompting businesses to target specialist contractors. Consequently, professionals can expect both rates and opportunities to rise, as has been reflected in our survey.”