The IT contracting space has recorded a significant shift in opportunities, a survey by professional employment provider, giant group, has revealed.
According to the survey, Temporary recruitment market report: what was the impact of the financial crisis? pre-recession contractors reported a high level of public sector work (26%). This figure has since dropped, with support service opportunities in the private sector now leading demand (25%). Contracting in financial services saw a peak between 2009 and 2011 as the sector was forced to install new systems in line with the Financial Services Act 2010 and bank ring-fencing.
Income has also been affected by budget cuts. Pre- recession the majority of IT contractors surveyed were predicting an increase in earnings (74%), with only 4% expecting a decrease. This latter figure has doubled between 2012 and 2013, however, with 8% now expecting a drop.
The importance of job security is up on pre-recession figures. Where only 16% of those surveyed ranked job security high as an element which attracts them to a contract between 2006 and 2007, this figure is now up to 20%, the second most important element recorded in 2012-2013. This is indicative of the general shift in priorities noted across contractors as the economic crisis created a need for security.
Matthew Brown, Managing Director of giant, commented on the report, “Overall the picture has remained fairly positive for the contracting community. In an online business environment, there will always be a need for specialist IT contractors in the support services sector, so it’s perhaps unsurprising that this area has remained fairly stable. What is interesting, though, is the effect the economic crisis had on IT opportunities in financial services and the public sector. As two of the biggest hit areas during the recession, this peak in opportunities reflects the increase in contractor demand these difficult times have caused.”
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