Guide to the latest IT Contractor Rates

The latest JM Digital quarterly market report shows that the demand for digital IT contractor skills remains very high, with the financial sector keener than ever to recruit the finest talent.

The Q4 2011 report from the recruitment arm of the JM Group analyses the supply and demand for digital skills, and prevailing market rates for contract and recruitment personnel.

Although IT as a whole has proved remarkably resilient to the economic downturn, the demand for social media and mobile technology has ensured that contractors with digital skills are more in demand than pretty much any other group.

The index shows that there has been a significant jump in demand for digital contractors from the finance and consulting sectors, which the company suggests is down to a number of factors; investment banks are upgrading to next generation trading applications, and retail banks are expanding their online and mobile services. Both banking sectors are keen to improve the 'user experience' of web applications, following the boom in mobile and tablet use in the last year or so.

Digital skills in demand

The roles identified as 'hot' right now by the Q4 report include; user experience architects, information architects, visual designers, and many developer roles (Android, Silverlight, IOS, Blackberry and Flex).

Although the demand for digital contractors has plateaued (albeit at a very high rate), there remains a lack of supply which has forced daily rates up to new levels. Banks are prepared to pay 25% more than digital agencies to secure the right contractors.

Not all contractors attracted by banking culture

Commenting on the latest statistics, CEO of the JM Group, David Pye, said:

"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.

"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."

You can download a PDF copy of the JM Digital Q4 report here.