Public sector techies are already eyeing financial services
Whatever the eventual outcome of today's general election, it's inevitable that public sector IT budgets will be slashed and the previously buoyant recruitment activity scaled back. As a result, many technologists are already looking to migrate across to financial services.
The Conservatives are likely to be the most aggressive when it comes to cutbacks, but all political parties recognise the need to rein in public spending. IT is seen as an area where there are substantial savings to be made.
Overall, the IT job market is on the up, according to the latest KPMG and Recruitment Employment Confederation (REC) report, but public sector recruitment looks comparatively bleak.
"It is now becoming increasingly clear that the long predicted public sector recession has started to hit the jobs market and therefore the upwards trend we have seen over the last couple of months may come to a halt," said Bernard Brown, head of business services at KPMG.
As financial services firms were showing techies the door towards the end of 2008, the major projects kicking off in the public sector lured substantial numbers across.
"The public sector has been a safe haven for IT workers over the last couple of years, but there are already signs that people - particularly contractors - are migrating back to the private sector," says Alan Rommel, managing director of recruiter Parity Resources. "Financial services is a huge recruiter of technologists and it's an increasingly attractive option."
By comparison, the financial IT sector is now incredibly buoyant, with multiple job offers and significant pay rises on offer.
However, it might not be particularly easy for public sector technologists to make their way across to financial services roles.
Simon Shobrook, managing consultant for IT within the public sector at recruiters Hudson, says: "Financial services firms want business knowledge, particularly within investment banking, just as the public sector requires an understanding of the issues facing the NHS or policing, for example. The move might be possible if the candidate has previous experience of financial services, but a permanent role will be easier to secure than a contract position."
