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IT staff working freelance in financial services felt the effects of the sector’s belt-tightening in the run-up to Christmas more sharply than any other professional. The number of job offers made to IT contractors tumbled by 75%, a steeper monthly fall in new opportunities than was recorded for five other types of financial candidate. Insurers were the only financers to defy the sector-wide recruitment contraction, as the number of new jobs they offered, outside the IT department, rose by 10 per cent. Across financial services, which included investment banks, investment management firms, hedge funds and stockbrokers, the volume of job offers shrank by 20 per cent. Yet the biggest victim of personnel cost-cutting, triggered by “dramatically changing circumstances”, were IT contractors, whose supply of work thinned by three-quarters. Such IT workers, who are easier to dismiss than full-time employees, will need to “adjust their expectations” of finding work, added financial staff screening firm Powerchex. Based on the staff through its doors in November, the firm said its figures show job-seekers need a “more structured approach” than was necessary in the last few years. Alexandra Kelly, its chief executive, said while today’s pressures make it tempting, applicants “should not risk losing a good opportunity by exaggerating their credentials.” Jan 5, 2009 Email this article Printer friendly page Previous Page
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