Techies get by on scraps of project work
Project work for the Big Four is the best bet for unemployed IT professionals who want to get back to banking. But an increasing number of techies are also looking for jobs outside the finance sector.
Most global banks are still enforcing IT headcount freezes, but the locals are recruiting, although predominately on a project basis.
Banks started cutting IT contractors late last year, but Q1 has brought a small uptake in contractor vacancies compared to Q4, says Matt Dunham, a consultant at recruiters Green Light Australia. They are hiring on a short-term basis, offering three, six and 12-month contracts, he adds.
Firms need contractors for essential projects (such as IT integration on the Westpac-St George merger), as well as ongoing projects that they committed to before the downturn (like CBA's $580m core banking replacement scheme).
"They are only hiring for very specific roles. Change management and analyst staff are in demand," says Duncan Amos, divisional director of technology at Bluefin Resources.
But budding contractors be warned - banks are keen to redeploy internally before they recruit for project roles, adds Amos. "External candidates are used to supplement when they have exhausted all their internal resources."
And don't expect a great hourly rate if you take on a new IT role - pay has plummeted by up to a third compared with a year ago. Amos explains: "Banks realise that if they do need new people for an essential project, now is a great time to recruit because they can secure lower contract rates."
Falling compensation and a lack of permanent positions may be helping to drive techies away from banking. Dunham comments: "Before the financial crisis, most IT people within banks wouldn't consider a position at an IT vendor or a corporate. This mindset has now changed. Now they are willing to consider jobs outside the banks."
