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IT professionals in high demand — thanks to banks and insurers

  14th February 2011      
 Company News, IT & Software Solutions

It’s always nice to hear recruitment is on the up and thanks to the banking and insurance industries IT professionals are in high demand, according to James Smith, Director of IT recruitment at Networkers International.

January’s Monster Employment Index revealed that the IT sector saw recruitment opportunities in 2010 increase more than any other sector, with an annual growth of 34%. Networkers International can see a trend of increased recruitment of IT professionals within the Financial and Insurance sectors, but why?

The poor state of the economy in 2009 had a devastating impact on the banking and insurance sectors, causing scheduled projects to be cancelled and current projects to be financially reviewed. In turn this caused the industries to dramatically cut jobs and IT professionals suffered.

However both sectors made a great way to recovery in 2010 as projects that were previously dropped in 2009 are being picked up again. With a lack of staff due to the cuts made in 2009, these sectors now need to fill the gap and IT professionals seem to be high on the agenda to support these projects.

Long term projects require permanent staff however there appears to be a drastic lack in the availability of highly skilled candidates seeking a permanent career. To supplement the lack of high-skilled permanent candidates, contract employees are being hired.

In addition to the increase in jobs available within the IT sector, pay rates increased by 5% in 2010, compared to 2009, and are set to continue rising. Perhaps this will be enough to encourage those highly skilled professionals, so sought after, to apply for available permanent employment.

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