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Tough market could make financial service contractors consider permanent roles
Posted Oct 26, 2010
After an encouraging first half of the year, the demand for financial sector contractors has declined significantly, with one industry expert even suggesting the possibility of going permanent until market conditions improve.
The results of the latest survey by pre-employment screening firm, Powerchex, shows that the number of job offers made within the overall financial services sector fell by 4% in September, following a 10% drop in August. However, the number of contract job offers in the industry has fallen at a much higher rate - down over 20% between August and September.
These depressing figures for the sector have led Alexandra Kelly, MD of the firm, to even suggest some financial services contractors may be better off in permanent employment while the market recovers:
Non-core projects on hold
"If you are an IT contractor on current assignment, it would be worthwhile exploring the possibility of going permanent. With 4,500 Lloyds IT contractors about to be made redundant there is going to be a glut of contractors in the marketplace, and opportunities, permanent or temporary, are going to be harder to come by. With financial services looking to reign in recruitment over the next six months, it is going to be difficult period for many IT contractors within financial services, as non-core projects are delayed until business confidence improves.
Be honest when applying for contract work
"Above all, be extremely candid when applying to any new opportunities; recruiters will be very quick to discard any applications they suspect of being not being completely truthful, and many financial companies use external specialists to verify job applicants' backgrounds and employment histories. It would be awful to land a good opportunity in this climate only to have the offer rescinded if you're found to have embellished even a small part of your application."
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