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IT Contractors – In demand with rates rising

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A snapshot from ReThink Recruitment’s database shows that IT contractor rates in the financial services sector have steadily crept up over the last year for the most senior IT staff. Qualified permament financial IT professionals are now on salaries between £100,000 and £120,000, a rise of 15% from 2009 – whilst contractors have seen their daily rates increasing from around £600 to £750 at present. Pointing to its data, the agency said a number of its financial services clients, particularly hedge funds, wanted entirely new software to replace off-the-shelf IT systems. Alongside the introduction of new regulations, and the desire to steal a competitive edge, these ‘greenfield’ builds have exerted upwards pressure on the sector’s IT pay.

Jenrick IT, another recruiter with a strong London presence, has spent the past few weeks reminding clients how contractors can help ‘plug their talent gap’ in the IT department to ensure projects are not delayed. The advice from Philip Fanthom, Jenrick’s founder, was issued in response to a sharp increase in client enquiries into, and requests for, CRM, MS Dynamic and Oracle 1li. Fanthom added, “Another particular area of growth where candidates appear very thin on the ground is mobile device application development. Contractors with Android experience are charging a premium for the expertise and are easily achieving excellent salaries and rates.”

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