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| CURRENT SECTION :: Market Reports | UK's most visited IT Contractor Site - 250k unique visitors March 2008 |
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There were some worrying signs in last month’s fall in rates. A summer of dizzying peaks and troughs, it was beginning to look as though 2006 would finish off with some a steady climb in rates. But then, October brought a dip, with a warning of further tumbles before the year end. November and December can be grim months for contractors to be out of work, with new contract opportunities limited until the New Year kicks in and there are lovely fresh budgets to play with. But this month’s slight rise in rates looks more encouraging. The average hourly rate across the ten most common contract IT skills requested by advertisers has edged up, from last month’s £34.18 to £34.61. The move is small, but in the right direction. And the relative solidity of the current IT market should be taken as a blessing, given the lurches of up to 20% in rates over a month that were happening through the summer. As always, some areas fare better than others. A quick comparison of our top ten now and a year ago gives a mixed picture. Most of these are down 2-5% on their hourly rates of 12 months ago, a couple have edged up, but typically the movement is unremarkable. Beyond this group, there are bigger movers. Project management tool PRINCE has one of the healthiest climbs over the last 12 months, with rates climbing 12.5%, from £31 to £35.18. It’s longevity and demand among employers marks it out as a must have for any contractor in the field. PRINCE2 almost sees as much success, with rates going from £33 to £35.02, up 7%, over the same period. Finance remains a happy grower, going from day rates of £401 to £431 over the same period, a jump of 9.32%. Oracle has seen almost as much action, going from £393 to £425, a rise of 8% in the last year. Equally healthy movement can be seen for banking, up 8% since November 2005. But, this is not all good news. Junior banking contractors seem to be having a horrific time of it. Contractor jobs in banks in London (where most of them are) have nudged up a healthy 5%, from £476 to £502, when measured on day rates. But, hourly rates (typically paid to more junior contractors) over that same period have crashed by almost 19%. Rates have gone from £34 to £27.79. This is broadly reflected in the UK as a whole, with a 5% rise on day rates taking those to £486, while hourly rates slump 15% to £29.82. London, for so long viewed as the top spot for contracting rates, particularly in the banking sector, is now a poorer place to be than the rest of the UK for junior contractors. News that goes against the broader trend for London, as reported earlier this week by Contractor UK. Contractor UK also reported this week on the rate increase brought about by having government security clearance. The DVA’s delays are helping to nudge rates upwards for those contracting in the public sector. Rates for contractors in government organisations have risen by 6% since this time last year, and now average £401. Matt Farquharson Data source: www.itjobswatch.co.uk Nov 29, 2006 Email this article Printer friendly page Previous Page
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