IT contractors look for more job security as downturn bites

Job security is increasingly important for IT...

Job security is increasingly important for IT contractors as the economic downturn starts to bite, according to research.

Three months ago, 16% rated job security as their most important criteria when choosing contracts, compared to 20% now - an increase of a quarter.

The research, by contractor services provider giant group plc, suggests IT contractors are more concerned about maximising their amount of time in work as the risk of unemployment rises.

Fewer contractors ranked work-life balance, responsibility and employer brand as important in quarter three compared to quarter two of 2008.

The survey also found that more contractors would choose a longer contract over a high per-hour payment.

Matthew Brown, managing director of giant, said, "A large number of contractors working in the financial services sector are having their contracts terminated or not renewed, as banks skim off non-essential staff. This has struck a blow to their confidence and made many of them reconsider their priorities, becoming more pragmatic about their prospects for the next 12 months."

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