Contractors in the financial corner of the IT skills market have been taking something of a battering in recent weeks, with pay rates being slashed by 10% and many IT contracting experts forced to take an obligatory two-week unpaid break over Christmas. As the Eurozone storm clouds darken, financial services are rationalising their expenditures and cutting IT projects – a far cry from the more optimistic picture during the summer.

One industry expert believes that the near future will not necessarily be a demoralising one for PAYE umbrella IT contractors. Peter Job, who is Chief Executive Officer of Intergence, the IT optimisation consultancy, said that in the current economic conditions, more UK firms will be turning to highly skilled contractors. There is simply no time to waste with executing essential IT projects, he explained, and companies will be looking to hire more, not less, on-demand skilled professionals to meet these needs as economically and swiftly as possible.

Employing permanent staff not only involves spending money on holiday pay, sick pay, etc., but also using precious time in training them up to get on with vital IT projects. Businesses are more likely to hire skilled experts who can hit the ground running and then move on when the project is completed, Job believes.

He added “A combination of a volatile economy and increasingly complex IT environments, on demand IT resourcing is the most cost-effective and efficient way in which to bring in the necessary skills and expertise.”

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