IT contractor rates - average hourly and daily contract rate analysis

Oracle finished with a crescendo in 2007 with record profits and substantial growth, however the benefits for Oracle IT contractors have yet to materialise so far in 2008.

Oracle's success in 2007 was primarily due to their acquisitions strategy incorporating selling industry-specific applications to their existing database, middleware, ERP and CRM customers.

As a result of this strategy, Oracle experienced an impressive reported growth over rival competitor SAP.

In addition to selling applications to their existing customers, Oracle for 2008 are now selling industry-specific solutions to banking, telecommunications, retail, Government, utilities and health care industries.

It is no surprise that the strategy for the year ahead is further growth and by selling to their existing customers it is likely to allow Oracle to leverage relationships, leverage support and leverage existing products.

For many Oracle IT contractors this increase in market growth has yet to materialise in increased vacancies nor has it meant an increase in pay. Oracle professionals in permanent positions have also not benefited financially.

Due to the growth of Oracle software, the continued investment in key corporate and public sector strategic ERP projects and the general skills shortage across the IT market, the demand for Oracle skills is likely to start showing levels of growth in 2008. It is already the second highest demanded IT Skill for Contract Jobs in 2008.

Highlights from the latest Oracle salary information, show the following (source: ITJobsWatch):

- Average annual salary for the last 3 months for a permanent Oracle job was: £46,244

- This has remained relatively static over the last 12 months

- The average Oracle contractor daily rate for the past three months was £418. This is comparable to the amount it was in the same period last year

- The exception is Oracle EBS - Permanent Oracle EBS consultants have enjoyed a healthy 12.57% rise in their salary to £58,243 whilst contractors have seen a rise of 4.59% to £439 per day.

Anthony Sherick, from Technojobs told us:

"Over the past 12 months the Oracle jobs market has remained relatively static in terms of remuneration. However, with the growth in demand, we at Technojobs have started to see the number of Oracle jobs advertised increasing."

"The candidates in an even stronger position are those that gain experience in different areas and implementations of Oracle, which can often be done through contracting. Additionally it is worth considering evolving Oracle experience with consulting skills and project manager skills, which will open more job opportunities and in parallel a higher salary in 2008".