A particular field in the UK’s IT skills market is enjoying a powerful surge in demand and appreciably higher rates of pay for their services. That’s according to new research just published by the recruitment firm, ReThink, which should give IT professionals working through umbrella companies or their own Limited Companies a welcome shot in the arm.
Professionals in the IT contracting community who work on Solvency II projects have seen their rates of pay rise by 50 per cent, the survey reveals. In hard cash terms, this translates to between £600 and £900 per day.
One of the primary influences driving this surge in demand and remuneration, ReThink believes, is the push amongst insurance companies to prepare for Solvency II requirements before December 2011, when the rules will be enforced.
The firm said that both demand and wages have been rising as insurance firms clamour to prepare for new “Solvency II” requirements (regulations governing the insurance industry throughout the EU) before the rules are enforced in December next year.
Commenting on the research findings, ReThink’s spokesman Guy Stubbing said that the dash to comply with Solvency II has generated a huge demand for appropriately skilled IT professionals. The demand is so great, in fact, that ReThink is placing part-qualified actuaries – so-called “hybrid” IT workers – who can demonstrate skills in sought-after areas like reporting systems and skills modelling.
Mr Stubbing revealed that a consequence of the unprecedented demand for these professionals is a bidding war – IT contractors with the requisite skills are finding that they’re receiving multiple placement offers simultaneously.