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Uncertainty set to continue for financial services contractors
Posted Dec 17, 2010
The coming year is set to be a turbulent one for financial service IT contractors, with the Eurozone crisis and spending cuts causing uncertainly for potential employers.
The latest monthly report released by pre-employment screening firm Powerchex shows that job offers across the financial sector in general rose slightly after three months of declining recruitment activity.
However, opportunities for IT contractors in the sector declined by 19% compared to September.
We asked Alexandra Kelly, MD of Powerchex, what 2011 might hold for IT contractors working in the financial sector:
"The current market turbulence looks set to continue into 2011, and I anticipate that opportunities for both permanent and contractor roles will continue to be over-subscribed as we head into 2011. While I think there may be a possibility that recruitment activity increases as we move further into 2011, it is difficult to be sure what impact the Eurozone crisis and coalition's spending cuts will have on the sector, and this is making many FS companies extremely nervous about getting their fingers burnt by taking on too many people, too quickly.
"For IT contractors looking for roles within the sector, my advice would be to take opportunities as they come at the moment, and not to be too picky in finding the perfect project or role. 2011 may well see more contractors being shed from public services, which would mean more competition for roles. It may be worthwhile to consider taking permanent positions if they come available, and also opportunities in other parts of the world, especially in the fast-growing Asia markets."
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