Four tips for IT contractors to increase their employability

It’s a tough time to be working as a technology contractor in the City; not only have rates been reduced but the number of opportunities is down by 20% on the (already slightly depressed) period in 2011, according to new figures from recruiters the JM Group.

In such circumstances, it’s important not to succumb to desperation. Getting back into the job market isn’t just about having a hot skill-set – banks are faced with a flood of candidates in most areas and are looking for a 100% fit, which invariably means only the best people land the plum roles.

Speaking to recruiters focused on bringing IT contractors into banking, here are four tips to help get you back in the job market.

1. Accept short or strange-length contracts:

Some contracts on offer are as short as two months, which most contractors would sniff at, while others are slightly obscure – think four and a half months. In some cases, this is due to budget schedules – they can definitely employ you for that period, but there’s a chance that it can be extended once (or if) new budget is approved.

“Some investment banks are being upfront, saying that two months or so is all they can offer. Others are optimistic they can secure funding to extend the contract. Even if this doesn’t happen it can be valuable experience and chance for contractors to extend their network,” says Martin Rennison, head of investment banking IT at JM Group.

2. Don’t undersell yourself:

Yes, contract rates have shrunk by 10-15% over the past 12 months, but this doesn’t mean you have to low ball. If you’ve been on a contract above market average rate and then have to adjust your expectations for a new position, that’s one thing. However, under-selling yourself can do more harm than good.

“One candidate offered themselves for £275 a day for a £400 a day role,” says one IT headhunter. “All this means is the bank assumes you’re below the calibre they want.”

3. Avoid the scatter gun approach:

Investment banks are taking their time with hiring decisions, sometimes pulling roles after a couple of stages of interviews, which can leave contractors both frustrated or devoid of alternatives. It’s therefore tempting to have a few irons on the fire and get your CV out to as many recruiters and banks as possible. This would be a mistake.

“We’ve had candidates who applied to four recruitment agencies and the investment bank for what was the same job,” says Rennison. “Generally, we don’t want to work with these types of candidates and the banks don’t appreciate being bombarded with the same CV.”

4. Adapt to attract:

It’s common to play around with your CV to highlight key words that the banks are looking for, but recruiters suggest going one step further to really grab the attention of a potential employer.

“I’m not saying lie, but the important thing is not to be humble,” says another IT in finance headhunter. “It’s not just about having the right buzzwords; you really need draw out skills relevant to the job, even if that comes in the form of a supporting statement to your CV.”