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The impact of the recession on UK workers is much “deeper” than official unemployment figures suggest, according to the Chartered Institute of Personnel and Development. In the first of two downbeat labour market readings, the institute’s found that 1.3million people have lost their jobs since the start of the recession, which is due to officially end today. Pointing to the psychological strain that the state’s jobs figures don’t convey, the CIPD said two thirds of redundant staff went on to earn an average of 28% less in their subsequent job. Adding to concern for the UK workforce, and seeming to reignite fears of a ‘jobless recovery’, the CBI then issued a cautionary note on the UK’s prospects, ahead of today’s GDP figures. Although the figures are expected to show the UK officially moved out of recession during the last quarter of 2009, the employers’ group warned of the incoming dangers of not sustaining growth. “Without growth, unemployment will not fall back to its pre-crisis levels,” Richard Lambert, director general of the CBI said in a speech last night to Thales, the IT group. “Without growth, it will be next to impossible to restore the public finances to health, no matter how far spending is cut. “Without growth, businesses will look elsewhere in the world to invest, and the huge investment that is needed in our country’s infrastructure will be in jeopardy.” The CBI’s cautious outlook for the jobs market, partly based on anticipated layoffs in the public sector, was cemented last week when its member firms in financial services revealed negative IT spending plans. However, in line with Parity Resources and SQ Computer Personnel, another recruiter supplying financial outfits with contract IT staff has told CUK that demand is still pointing upwards. “I'm not sure about this being a 'false recovery,'” said Philip Fanthom, managing director of Jenrick IT, responding to the subtext of the CBI’s findings. “We have noted an unprecedented increase in demand for contract IT staff. We are well ahead of forecast…and we have also seen a welcome return of permanent vacancies”. Findings from Powerchex, which vets IT contractors for banks, reveal that IT contractor job offers from financial services have indeed picked up steadily since the third quarter last year. Although the firm says that total job offers to the sector’s IT contractors fell 53% on last year, the number of new roles offered to IT contractors in the third quarter leapt by 65 per cent over the same period.. “The financial services industry has taken a clobbering. Obviously all IT contractors were the first to let go as major capital projects were put on hold or cancelled,” said managing director Alexandra Kelly. “[But going forward] data security and information security will be huge for IT contractors, [as will demand for] anyone who can advise on and implement a consistent policy. “Pen test will also be very big business, since they will be expanded to include any application that involves personal data, including client data.” Recruiters at Arrows Group, an IT staffing agency, signalled that the upturn for prviate sector contractors is well underway, especially if they are looking for work in financial services. A spokesman said: “The market for IT contractors is definitely picking up - particularly in finance as many companies find they cut back on staff too much in the recession and [now] need to plug the gaps.” Jan 26, 2010 Email this article Printer friendly page Previous Page
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