The increased demand for IT contractors is behind the recovery in London’s financial district. The number of contract offers for IT freelancers in the City last month was only slightly lower than twelve months ago, showing an unparalleled “revival” in the demand for IT services, according to Alexandra Kelly of Powerchex.
Speaking to Contractor UK, Ms Kelly stated that there was an increase of 57 per cent in the number of offers made to IT contractors between January and February. She continued: “It is fairly normal to see a small increase in job offers around this time, especially amongst IT contractors to the financial sector. As we come towards the end of the financial year, managers tend to revive non-vital projects as they realise they have money left to spend in their budgets.”
There has also been an increased demand for stockbrokers and investment bankers, although Powerchex found that the demand in these areas was lesser than in IT, at around 30 per cent and 20 per cent respectively although there was actually a decrease in job offers to investment managers and hedge funds. However, on the whole, recruitment throughout the financial sector rose by six per cent between January and February.
There is still a long way to go in terms of full recovery in this sector, though, with most investment management firms still “treading especially carefully when it comes to recruitment.”