Change and transformation bring rich pickings for City contractors following Brexit

Despite widespread speculation about a negative impact on City jobs following our decision to leave the EU, specialist contractors in the change and transformation arena have never had it so good. That’s according to market analysis by Venquis.

The specialist business transformation recruiter has found that contractors across the financial services sector are hot property as businesses seek to maintain major change projects at a time when, despite market uncertainty, skill shortages in these highly specialised areas are still rife. This analysis is in keeping with latest data from the Association of Professional Staffing Companies (APSCo) which found that contractor vacancies within financial services increased by 8% year-on-year while permanent roles flat-lined.

Digital, regulation and consolidation are main drivers

“Our insurance team has seen a surge in demand for analytic specialists as firms seek to catch up with other sectors in improving and transforming the customer experience by developing more digitalised and agile business models. And as demand intensifies, contractors are commanding lucrative rates. A business analyst in the insurance sector for example, can earn between £400 and £600 per day depending on their level and area of expertise”, commented Sean Anderson, Venquis Insurance Contract Manager.

“Market consolidation is also a major driver of change. We have seen a number of mergers and acquisitions within the insurance sector which means transforming and integrating technology systems and processes - all of which are major projects that need resourcing.”

“The evolving regulatory framework is another area requiring specialist skills and with MIFID II due to take effect in 2018, the only certainty is more change.”

"With the impact of Brexit likely to increase the need for major change projects, it seems that financial services and the gig economy could well go hand in hand! ”