Research conducted by Parity on behalf of the Recruiter has shown fresh challenges facing the financial sector. There has been much speculation that the economy has now stabilised and should be showing signs of recovery. As such, companies are making plans for new business and new projects. However, it would appear that they are not planning the staff that they will actually require to carry out these IT led projects, therefore they are likely to be reliant on IT contractors who are able to start work with short notice.

The Parity research showed that 86% of the firms surveyed had not yet found the staff they would require for IT projects that are in the pipeline. The remaining 14% stated that they had briefed their HR departments on their future staffing requirements.

Pre-recruitment screening firm, Powerchex, stated that recruitment within the financial sector in the period since June has shown a decline of more than a third in comparison with the same period last year. Also, they confirmed that there was a drop of fifty per cent in the number of IT contractors requesting screening for work within the financial services sector during the month of September.

Chief executive of Parity, Alwyn Welch, accused many IT bosses of being “short sighted”. He continued: “Ultimately, if your IT function is not ready to go when the green light is pressed on a project, you won’t be able to react quickly enough to market changes. Financial organizations talk about moving on from the credit crunch but until that message gets through to their IT department, they will stay in recessionary mode.”

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