IT contractor’s daily rates two times higher than annual salaries

A recent report has revealed positive news regarding IT contractor’s rates of pay.  

Findings from Emolument.com's Contractor Pay Reports have revealed that IT contractor's daily rates are currently two times higher than the average annual salaries of permanent workers within the same roles. 

The data revealed that the best paying sectors for IT contractors are: 

• Banking & Financial services – £650 (permanent daily rate is £300) 
• Media, Communication, Music, Gaming – £400 (permanent daily rate is £190) 
• Technology & Telecoms – £400 (permanent daily rate is £190) 



According to the report, banking now accounts for almost a third of all contractor positions – with Emolument stating that banks have employed IT contractors to build new systems for support and front office functions. 

It was also found that experience does have an impact on the amount that an individual is paid, for example: 

Alice Leguay, COO & co-founder at Emolument.com, commented on these latest findings, "As IT moves from a support function to a key centre of product and business development, banks worry more and more about paying their IT staff – both permanent and contracting – accurately, which is proving a difficult exercise especially with contractors who have wildly fluctuating day rates.  

"Hence why we felt the need for a reliable and detailed output for contractors' salary to provide pay transparency to employers and contractors as we have done for years for full time positions. Forget about banks being involved in a tug of war for traders or M&A executives, the IT developer is the new hot property.”

Simon Dolan is the Sales & Marketing Manager for Contractor Umbrella Ltd, one of the UK’s Most Respected Umbrella Companies and founder member of AllUmbrellaCompaniesAreEqual.
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