IT contractors facing new environment, report reveals

UK: A survey by professional employment provider, giant group, has revealed that the IT contracting space has recorded a significant shift in opportunities. According to the survey, 'Temporary recruitment market report: What was the impact of the financial crisis?' pre-recession contractors reported a high level of public sector work (26 percent).

This figure has since dropped, with support service opportunities in the private sector now leading demand (25 percent). Contracting in financial services saw a peak between 2009 and 2011 as the sector was forced to install new systems in line with the Financial Services Act 2010 and bank ring-fencing.

Income has also been affected by budget cuts. Majority of IT contractors surveyed pre-recession were predicting an increase in earnings (74 percent), with only 4 percent expecting a decrease. This latter figure has doubled between 2012 and 2013, however, with 8 percent now expecting a drop.

The importance of job security is up on pre-recession figures. Where only 16 percent of those surveyed ranked job security high as an element which attracts them to a contract between 2006 and 2007, this figure is now up to 20 percent, the second most important element recorded in 2012-2013. This is indicative of the general shift in priorities noted across contractors as the economic crisis created a need for security.