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Good outlook for financial services contractors, but public sector remains bleak
Posted Aug 10, 2011
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.
New research from service provider giant group shows that almost one third of all contractors polled believe that the financial services sector is likely to create the most contract openings over the coming year.
At the same time, under 9% of contractors think that the public sector is likely to provide the most contract vacancies over the next 12 months - a big drop from the 29.6% who were asked the same question in 2008.
Whilst the public sector is undergoing massive cuts, many financial service firms have started to spend heavily on IT projects once again following the freeze on spending since the start of the credit crunch.
Research from Ovum suggests that European retail banks alone are set to spend over £25 billion over the next five years, representing a 19% increase on previous spending levels.
Most contractors see the longevity of a contract as being their main concern when seeking contract work (62.8%), although the number of contractors who value higher contract rates as their top priority has risen from 34.8% in 2010 to 37.2% this year.
The contractor survey also shows that the number of contractors who are spending 90 days or more 'on the bench' has continued to fall this quarter, from 10.9% this time last year, to 9.5% now.
Commenting on this latest research, Matthew Brown, MD of giant said:
"There is certainly a growing confidence about the jobs market, with many contractors now able to prioritise pay over job security. However, given the uncertain climate, it is not surprising that the majority of contractors still have an eye on job security and are therefore favouring longer term contracts over higher hourly pay."
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