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Drop in demand for financial services contractors
Posted Jun 14, 2010
New research from pre-employment screening firm Powerchex shows that the recruitment market in the financial services sector has eased, following over 7 months of increased activity.
The total number of job offers in May declined 12% across the sector - including recruitment in investment banks, hedge funds, and stockbrokerage firms.
However, IT contractors in the industry have been particularly badly hit - with new contract offers down by half last month.
Alexandra Kelly, a director at Powerchex, thinks that these latest figures suggest an era of conservative recruitment may be upon us:
"After several months of improvement, the figures show that recruitment activity stalled in May. With the UK economy going through a period of almost unprecedented volatility; turbulent financial markets, the weakening Euro and political change are all making the financial services understandably nervous about recruitment at pre-recession levels.
"However, if you look at the recruitment levels of 12 months ago, you can see that we have made considerable progress."
Contractors suffering from lack of new projects
Kelly makes a good point in that total financial services job offer are still up over 70% on May 2009, although the number of IT contract job offers is actually down 58% on May 2009.
"IT contractors are suffering because of a lack of new projects. Many organisations are still delaying investment in support‐functions, such as IT, as they try to conserve liquidity. Even while prospects in other industry sectors have improved, IT contractors to the financial services have seen a reduction in employment opportunities over the past year."
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