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Freelancers' market rates in the UK's most IT-rich sector - financial services - might still take some time to reach pre-recession levels. However upward pay pressure is already being exerted thanks to a recent spike in IT contractor hiring in London. The following 10 pointers are signposts to where that uplift is most visible to four UK-based IT contractor recruiters, each with private sector clients in the capital. 1. Projects paused in the recession "We have witnessed an increase in demand for IT contractors in London due to the re-introduction of projects and programmes which were put on hold during the downturn," says Liam Doyle, contract manager at Hays Information Technology. Richard Herring, European staffing services director at Volt, agrees. "Clients in London are taking their finger off the pause button." he said. "Previously shelved projects, [some dating back 18 months] are now being reignited." 2. Try the City and Docklands The main areas currently recruiting IT contractors in London are The City and the Docklands, according to Hays IT. The consensus verdict among the recruiters was that these two districts commanded the bulk of the contract IT jobs before the downturn as well. 3. Find Integrators & Consolidators Michael Bennett, of IT staffing agency ReThink Recruitment, reflected on London's growing share of IT jobs, based on the agency's billings for June 2010. "The wave of mergers between financial institutions brought about by the credit crunch has fuelled demand for IT candidates in London", he said, especially "to handle post-M&A integration of banking IT systems." The banking sector is indeed focusing on IT programmes, Doyle agreed, as its institutions are looking at ways of joining together and consolidating their separate IT departments into one operation. 4. Other routes into a bank Client companies in the banking sector currently want contractors with experience of project management, business analysis and java development skills, says Hays IT. But the financial crisis has also forced the sector to significantly invest in compliance and risk management systems, ReThink said, triggering a rise in demand for IT workers skilled in these areas as well. 5. Target portfolio managers For recruiters at Volt, although the financial services sector as a whole is recruiting more IT staff, it is the agency's clients in portfolio management who are generating the highest demand for IT contractors, particularly those with PM and business analysis skills. 6. Remember clients who paused software The firm's Richard Herring said: "Whereas 18 months to a year ago contractors were previously sought for software renewals and some installations, clients are taking their finger off the pause button and looking for contractors with experience in software upgrades and migrations". 7. Look up job cutters Client companies in London are hiring to plug a specific gap in the IT department that might have been occupied by a permanent employee before the recession, says Volt. Many financial services organisations did indeed respond to the downturn by cutting their IT departments "to the bone," agreed Bennett. And as business levels for financial services firms have picked up, he said "many have found themselves understaffed and have had to replace a lot of the skills that were shed during the recession.” 8. Stand near the New Media explosion New Media companies in London seem to all want the same skills right now – Flash Actionscript, says computer staff agency Jenrick IT. Speaking earlier this month, managing director Philip Fanthom recalled: "Over the last week we have received about 10 different enquiries, all asking for Senior Flash Developers, both for contracts and for permanent jobs, with Actionscript programming skills." At the time, the roles paid £30,000 - £40,000 a year and £275 – £300 per day, to work on projects which Fanthom described as challenging. 9. Pinpoint businesses in recovery mode Some London-based end users of IT staff might be too bogged down to be hitting their "post-recessionary objectives," but those which are, and those who are 're-setting strategic goals', tend to want IT people, said Volt. The skills such client companies require include service improvement, process analysis and change management. 10. Tread careful with the troubled In contrast to firms in recovery mode, exercise caution with organisations that look set for further body blows, arising from their own actions or sector pressures beyond their four walls. Herring explained: "London may be feeling the benefit of the Eurozone's turmoil earlier this year as Madrid, Paris and Berlin bear the brunt of Greece's financial support package. "However, IT contractor demand and pay rates could still be affected in London in light of recent fines such as those levied on Goldman Sachs; or by the impact of cuts to public sector jobs and pay." On IT contractor pay, he added: "Clients are more realistic, acknowledging the need to maintain 'business as usual' while using contractors because they are taking their time bringing on the right person permanently. [So] pay rates may take some time to reach pre-recessionary levels, but they are better than they were six to 12 months ago." Jul 21, 2010 Email this article Printer friendly page Previous Page
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