Contractors working within financial services will be interested to learn that those in their sector earning more than £750 per day has more than doubled over the last 12 months.
The research, carried out by SJD Accountancy, revealed that the number of financial services contractors earning this rate of pay has gone from 6.3% to 11.6% in the last year, as demand for contract skills in financial institutions surges.
According to the contractor services provider, despite many banks continuing to trim permanent headcounts, demand for contractors with niche skills is strengthening, which as a result has pushed up daily rates.
Simon Curry, Chief Executive Officer of SJD Accountancy, commented on the recent findings, “Demand for contractors in banking and finance has surged in response to continuing job cuts and spikes in workloads in niche areas. It is often said that contractors are the first into and the first out of a recession. End users usually look first to temporary skills to address short-term capacity issues before bolstering in-house teams.”
He added, “Nearly a quarter of contractors in financial services have been contracting less than a year, compared to around a sixth last year, so there has clearly been significant movement of talent from permanent roles. With employment rights and benefits having been eroded over the last few years, contracting has come to seem like a less risky option.
“Many of the contractors finding roles in financial institutions are accountancy specialists, who are also in demand across the rest of the economy. Demand for accountants has surpassed pre-crisis levels, but the supply of qualified professionals is static, so upward pressure on pay is building.”