Last month saw a surge in the number of IT contractors hired according to Powerchex, the pre-employment specialist. Between May and June, the amount of employment offers made to IT contractors soared by a massive 320%.
This rise can in some part be attributed to the 45% increase in recruitment in the investment banking industry as there is thought to be a strong correlation between the two sectors. Powerchex believes that this increase in demand for IT contractors is due to an increase in the amount of technology projects that are being approved in the financial sector.
The MD of Powerchex, Alexandra Kelly, said that hiring in the financial sector flattened last quarter as the financial industry waited for the general election result and the possibility of tightening regulations in the emergency budget. Those events have now passed and the increase in IT contractor hiring shows that there is optimism in the investment banking sector and fears of a double-dip recession are starting to dissipate.
The financial services industry as a whole saw job offers increase by 7% from May to June with some sections faring worse than others. Employment offers in stockbroking were actually down by 12% and offers in insurance decreased by 4%.
Recruitment in hedge funds slowed down last month but there were still 344% more job offers than in June 2009.
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