Umbrella Company Employees contracting in London as IT specialists enjoyed a “buoyant” contract market in the capital during June, new research from professional services recruiter Morgan McKinley reveals.
While the IT jobs market began slowly in 2016, it has steadily improved since, peaking to its highest point in June. The research actually reveals that job volume went on climbing after the Brexit vote on the 23rd of the month, indicating that the “Leave” verdict has had no immediate impact on hiring in the technology space amongst Morgan McKinley’s clients.
The consensus appears to be that, at this point, it is simply too early to see or even forecast what the mid- and long-term effects of the referendum result will be on London’s IT market places and those of the UK more broadly.
Morgan McKinley’s Team Leader for IT, Angela Lewis, said: “For quarter three of 2016, we are expecting more of the same, a fairly buoyant IT contract market with job numbers remaining steady.”
This mirrors findings in Morgan McKinley’s recently published London Employment Monitor, which revealed an increasing reliance on contracting professionals amongst financial institutions in the capital.
Ms Lewis continued: “What will happen as the year progresses and as we move into quarter 4 is less easy to predict and will undoubtedly unfold as Theresa May’s new Government and in particular David Davis form their strategy and action plan for exiting the European Union.”
She said that Morgan McKinley’s clients are likely to see the rapid replacement of David Cameron and the swift creation of a new Cabinet as positive developments. Hopefully, she added, confidence that the Brexit process can be managed constructively will increase, thereby minimising the negative effects of volatility on the jobs market in the capital and the UK in general.
The research indicates that the financial services sector performed slowly during Q1 and Q2 but has contributed much more to the high levels of new roles released in June. Across the financial sector, the most in-demand skills have been in solution architecture and cyber security, although there have also been high volumes of project management and business analyst roles spanning different technologies and project types. A proportion of these arose in the digital space.
The commerce & industry sector has been hiring steadily throughout the year, and even the public sector has been busy with large volumes from a range of different Government bodies in the capital. The digital space has featured prominently here, with new roles in user experience design (UX), project management and digital business analysis.
More hiring is expected in the sector during Q3 due the major digital programme that is running across Government at present.