Salaries for IT workers are falling, with few IT vacancies and high unemployment levels making it an employer's market.
According to research from KPMG and the Recruitment and Employment Confederation, demand for IT workers fell significantly in March compared to February, with job vacancies at the lowest level in the survey's 11-year history.
The same survey last year recorded an increase in demand for this period.
"For the third consecutive month, recruitment consultants reported declines in permanent and temporary staff pay during December. Anecdotal evidence suggested that rapidly rising levels of staff availability had diluted candidates' bargaining power," said the survey report.
But IT is not the only sector where jobs declined, with Nursing/Medical/Care the only sector to record an increase in demand compared to February.
The finance sector, which is the biggest recruiter of IT workers, demonstrates the downward trend in IT job opportunities. With business volumes falling and troubled financial services firms cutting costs IT staff are being axed en masse.
RBS this week announced it was cutting 4,500 UK jobs in its manufacturing unit, which includes IT. Barclays and HSBC have also announced major cuts recently with the back-office workers being hit hard by job reductions.
But banks are not alone and there has been a recent spate of IT job cuts at major insurance firms.