IT contractors predict more jobs in the financial sector

According to the latest GiantGroup’s IT contractors survey, the financial services industry has been seen considered as the most likely area of the economy to create new IT jobs after the recession period.
HR Magazine also mentioned that after recession, IT contractors have regained confidence by the potential job offers within the financial services by financial services. A previous survey, carried out in the first half of 2009, a low percentage of IT contractors of 15% believed the financial services sector would create the most jobs, this rate have raised to 30% this year returning it to the highest level seen before the recession.

The survey reveals that upgrading IT systems following the recovery from the recession has created potential jobs in the financial sector. Regulatory pressure and market growth have been major drivers to implementation of better integrated IT architecture. First consequence is a higher recruitment of skilled IT workers among financial services companies.
"Optimism about IT job creation in the financial services sector has bounced back strongly," said Matthew Brown of GiantGroup. "Financial institutions are reviving projects which were put on hold during the recession."

On the other hand, public sector marks the lowest figure with only 9% of IT contractors who think the public sector will create a majority of IT jobs over the year. This can be explained by the expected cuts to public spending and the reduction of support roles from back-office functions.
In terms of salaries, the survey results showed optimism, with 63% expecting their earnings to rise over the next year, a small rise on the 58% figure seen in the first half of 2009. Also, just 8.8% of IT contractors predict a fall in their earnings, compared with 12.9% in the first half of 2009.