Big surge in demand for IT contractors

As we suggested a couple of weeks ago, demand for IT contractors within financial services has picked up recently, but new figures show August was a particularly good month.

The number of IT contractors securing a new position increased by 94% month on month from July to August, according to figures (below) from pre-employment screening company Powerchex, which works with 300 financial services firms.

Alexandra Kelly, managing director of the firm, says that contractors are seen as the less risky option during times of economic turmoil.

But Johnny Walker, associate head of interim markets at financial recruiters Jared James says that some technologists will find themselves in a decidedly stronger position than others.

"There are specific systems or asset class where technologists working on a contractual basis are still able to charge top rates without fear of negotiation. For example, energy commodities (particularly oil and gas), credit derivatives, interest rate derivatives and equity derivatives," he says.

Sadly, any rate inflation is yet to happen across the board, according to Kelly.

"A major employer of interim technologists in financial services told me that they believe it will be at least a couple years before they have trouble finding IT contractors again," she says.

Source: Powerchex