Surge in contractor hiring in wake of perm freeze

Recruitment of permanent financial services staff in Ireland might currently have all the dynamism of a sloth on sedatives, but contractor hiring has seen a slew of activity, at least according to new research.

Despite the current grim situation, recruitment firm Robert Walters reckons that financial services companies in Ireland have one eye on future business prospects, and are looking to lure top talent to their organisations by offering them temporary contracts, rather than turning them away altogether.

Louise Campbell, managing director of Robert Walters, tells us: "Accountancy and risk saw the sharpest increase in demand. Within accountancy we've seen the most notable rise in demand at the junior end of the market in accounts payable/receivable - up to newly qualified level. Across the risk market, demand has been strong for both operational risk and credit risk candidates."

According to Campbell, this surge in contractor roles offers vital opportunities for those in the job market, as permanent roles shrink and financial institutions take longer before giving the thumbs up to a candidate. And many are being offered a perm role once they get their foot in the door.

Jean O'Donovan, manager of the contractor division at recruiters Brightwater, says that firms have been taking on accountants on an interim basis since the beginning of the year, and that trend shows no sign of abating.

Back in February, Robert Walters' salary survey showed that contractor rates had been on an upward trajectory. However, employers seem to have got wise to this now.

Campbell says: "Clients have become more cautious, and as there is a greater supply of candidates many are not prepared to pay the previously inflated rates candidates had come to expect. Managing candidate expectations will become increasingly important to successful recruitment in quarter three and beyond."