Despite their pay and demand figures waning at present, IT contractor’s overall long-term unemployment is currently 7.5%, down from 13% in 2003, a recent report shows. The report, delivered by Giant Group, also shows that IT contractors are currently prioritising steady employment over higher earnings.
Matthew Brown, managing director of Giant, told Contractor UK: “With rates in some sectors having been cut, contractors are clearly still concerned about job security and whether…the market still has some way to fall.”
Following the dotcom crash six years ago, nearly 1/4 (24%) of contractors at the time said they thought their next assignments would come from out the financial services sector, while 13% showed faith in the public sector. According to the report, these figures are today virtually reversed, with the public sector providing a great hope for 1/3 (30%) of contractors, and a mere 15% showing faith in the financial services sector.
“Demand for workers in the public sector is usually much less volatile during a recession than the private sector,” said Brown.
While the general jobs market is said to be in its worst state for 11 years, with hourly rates for temporary roles continuing to fall last month, the report also provided good news for IT contractors, as it showed demand for freelancers in the IT sector was stronger last month than it was for permanent staff, this led by a shortage of full-time developers and freelance CNC programmers.