IT contractors working in financial services have had
their pay increased by 11% despite the sector experiencing a
downturn.
According to research by
SkillsMarket and the Association of Technology Staffing Companies
(ATSCo) hourly rates have increased from £45 to £50.
"The post-9/11 downturn saw IT jobs cut across all areas in the
City, but we are a long way from being in that position now. Strong
demand for IT skills in areas such as equities and commodities
trading in investment banks is helping to pick up some of the slack
on the credit side," said, Ann Swain, CEO at ATSCo.
She said retail banks are continuing to spend on e-banking and
web security at a healthy rate. She said that the insurance sector
is investing in IT skills to help it comply with regulations such
as Solvency
II and IFRS Phase
II.
She said the economic uncertainty could be good for contract IT
workers. "Banks may look to mitigate employment costs by putting a
freeze on permanent hires, which often creates more opportunities
for contract workers."