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IT contractors in demand by Retail banks

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The latest research taken from specialist recruiter’s JM Group, has revealed that there has been a significant growth in demand for IT contractors.

The recent quarterly jobs report for the retail financial services sector, has revealed that compared to this time last year, the demand for IT staff in retail banking, has increased by 10 per cent.

Dave Pye, CEO of JM, said, “This small increase in demand is potentially good news for IT workers. The first quarter of 2012 was without doubt slow. Many hiring managers used this time to plan for the year ahead while also waiting for budget approval so they could finally get their projects off the ground.

“Now into the second quarter of the year, we’re finding that many of these projects are starting to be given the go ahead and as a result, the permanent recruitment market is gradually picking up.”

The contract market has been reported to have remained steady over the last 12 months and this was attributed to the number of divestment and integration programmes that the banks are undertaking. According to JM, with new regulations now being enforced within the banking sector, there has been more of a need for contractors for regulatory change projects.

Fiona Eddy, Head of Retail Financial Services said, “Although the demand for contractors has remained steady we’ve noticed an increase in the number of contractors also looking for work.

“When compared to the same time last year we’re now seeing around 35% more candidates applying for advertised roles. We believe this is down to the sheer number of redundancies the banks have made over the last 12 months causing an influx of new candidates to enter the market.”

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