New research has suggested that the worst effects of the current economic downturn could be at an end for financial IT contractors. Pre-employment firm Powerchex carried out this research which showed that in April and May IT contractors were offered double the amount of jobs in financial services as they were in the first quarter. An increase of 23 per cent was noted in insurance employment opportunities and 19 per cent in the banking sector.

Commenting on their research, director of Powerchex Alexandra Kelly said, “Most firms in the sector have an official freeze in recruitment; however firms continue to recruit selectively. We are seeing a split in strategy amongst firms that operate within financial services. There are those companies that are not actively recruiting and only replacing people who leave critical roles, and on the other hand there are those companies who believe now is the time to position themselves to take advantage of any upturn by hand picking new staff from a large and talented pool of people.”

Sanderson is an IT and business change recruiter whose managing director, Nick Walrond, interpreted this new data. He said that while there have been some indications of improvements over the past two months in comparison with the previous three, there is still no comparison to the buoyancy in the jobs market this time last year.

He continued, “A lot of organisations are beginning to look at professional roles in the contracting space. A number of mergers and acquisitions and takeovers in that market is driving the need for business change professionals, such as project managers, and integration specialists.”

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  • Defense Contractors
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    Just wanted to add a small tip on creating a recession proof career. It would be a good idea to plan out your career or business by considering government contracting. This is a very lucrative financial opportunity that can help you stabilize financially and increase your income flow if it is done the right way.

    If this is something that you are interested in to put an end to your financial worries, get yourself registered with the Central Contractor Registry which is a federal clearing house for vendors and small businesses too. Also identify a product or service that you can supply to the government and which the government needs in order to get a contract.

    You can win such billion dollar contracts and secure your career or business better even during this phase of recession.

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