New contract offers dive in financial services sector

IT Contractor Insurance
Contractor professional Indemnity insurance, public and employers' liability cover - try Hiscox.

New contract offers dive in financial services sector

Posted Nov 10, 2008

Research carried out by a pre-employment screening company shows that the demand for IT contractors in the financial services industry fell by nearly half during October.

The data from Powerchex Limited, which screens staff for financial institutions, suggests that contractor employment offers dived by 49% last month, compared to September 2008.

Analysts predict that IT contractors and other temporary workers, often described as "first into and first out of any recession", will bounce back after an initial hard period. 2009 is likely to bring an upswing in demand for temporary workers as organisations put off hiring permanent staff, according to Powerchex.

Investment Banks continued to cut back on their new hires with a 30% drop in employment offers from September to November. This comes after news that investment banks made a 52% cutback in jobs offers in September compared to 6 months before. We have also reported successive reports of rate cuts at most of the major investment banks in recent months.

Particular sectors and individual companies who have been able to remain stable through the turmoil prepared to put themselves at the head of the pack to take advantage of any economic recovery. Hedge fund and insurance companies made attempts to strengthen their position by continuing to snap up the best the employment market has to offer with offers increasing by 30% and 14% respectively.

"These are very difficult times for the employment market, and everyone entering the workplace will have to realise that the landscape has changed dramatically." says Alexandra Kelly, MD of Powerchex. "Where one interview was sufficient in the past, applicants will now find that several interviews are necessary before a job offer is made. Credentials are scrutinised much more closely, so applicants are advised to be clear, concise and truthful about the information they provide on their CVs."

All content ©Contract Eye Ltd. Protected by Copyscape. Please scroll down for related articles.

Contractor Services

Professional Indemnity Insurance - Essential cover from Hiscox
The fair umbrella company - take home more pay with paraplus
InTouch Contractor Accounting - specialist online service & great advice
Parasol - the UK's favourite umbrella company
Contract Experts - ClearSky Accounting on 08000 325 326
Helix Management Ltd - Up to 90% retention. Same day payments.
Umbrella Company - 12,000 contractors can't be wrong!
Together we're stronger! - Join PCG, representing contractors
Cloud 9 Group - Umbrella Solutions only £27.50 per week
Qdos - IR35 experts - Providers of low cost contractor insurance
K & B Accountancy Group - Fixed fee contractor accounting only £75pm
Free IR35 & Tax Review - Call ICS on 0800 195 3750
Contractor Mortgages - the best deals, based on your contract rate alone!

Job board expects contract market to remain strong in 2012
A leading job board expects the IT contract market to remain strong over the next year, as the demand of skilled IT professionals continues to grow, despite fundamental problems with the economy as a whole.

Mobile Commerce contractors in high demand by retail sector
Another survey points to the growth in demand for IT contractors with mobile (m-commerce) skills over the past year.

IT contractor North/South divide continues to grow
The latest quarterly survey of IT jobs posted on recruitment websites shows that although the demand for IT contractors continues to grow nationwide, a larger proportion of roles than ever are based in the South.

mCommerce IT contractors command high rates
A new report shows that contractors working in mobile commerce roles, building tools for smartphones and tablet computers, are likely to be paid at least 20% more than contractors in more general e-commerce positions.

Demand for digital IT contractors remains very high
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.

Demand for IT staff rises, but overall employment figures grim
The latest monthly Report on Jobs shows that the demand of permanent IT staff is rising in an otherwise declining jobs market. The demand for contract continued to rise in November, but at a much lower pace than in previous months.

New IT contract market rate tool launched
The IT Job Board has released a new IT salary / contract rate monitor, which provides regional contract rate data, and the skills most in demand at any one time.

Recruiter reveals contract roles most in demand in 2011, as market remains resilient
A specialist IT agency reveals the most advertised contract roles of the past year, and explains why the contracting market remains buoyant despite widespread economic uncertainty.

More banks cut contractor rates as financial uncertainty continues
More investment banks have slashed contractor rates, bringing back memories of 2008-9, as the continuing financial crisis forces companies to take rapid action to cut costs.

Number of IT contract vacancies up by 5%
The number of contract openings advertised over the past quarter is up almost 5%, with the demand for contractors outpacing the demand for permanent staff.

UBS contractors told to swallow 10% rate cut
UBS is the latest bank to announce a series of job cuts, and contractors aren't immune according to The Register.

Good outlook for financial services contractors, but public sector remains bleak
The market for financial services contractors looks set to grow strongly over the coming year, however the outlook for contractors in the public sector remains bleak.

Quarterly demand for contractors up 3%, public sector roles recover
The latest jobs market report from CWJobs and jobsadwatch.co.uk shows that the number of contract vacancies advertised during the second quarter of 2011 was up by over 3%.

Improved market for interim management as rates return to pre-recession levels
Interim Managers are enjoying the first sustained improvement in market conditions since 2008, according to the latest Interim Management Survey findings.

Average UK contract rates down, marginal increase in London and South East
The latest Parasol Insight Index shows that the average umbrella company contract rate has fallen over the past year, however the gender gap has grown, as has the pay gap between regions.