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Financial services sector keen on contractors

Financial services sector keen on contractors

New research has found that contractors in the financial services sector are enjoying something of a purple patch.

SJD Accountancy spoke to around 600 contractors within the finance sector, and almost 18% indicated that they had benefited from a daily rate increase in the last six months.

At the same time, fewer contractors have seen a decrease in their pay. For the same time in 2015, almost 30% saw rate cuts, but that figure has been closer to 22% over the last half year.

The research also found slight increases in the length of contracts for contractors in financial services.

Derek Kelly, chief executive officer of SJD Accountancy, believes the results show a resilience around contracting in financial services following the initial hiccups after the Brexit vote

“Financial institutions have stepped up demand for change management professionals as they look to transform and respond to the challenges thrown up by Brexit,” he said. “Contract business analysts, project managers and programme managers are highly sought after in the financial services sector at present.”

In the period following the Brexit vote, it seems clear many employers are opting for contractors due to their increased flexibility and the lower risk options they present.

SJD Accountancy’s research also found that within financial services, the insurance sector has seen a period of consolidation and the embracing of new technologies – both of which have resulted in a strong surge in contractor opportunities.

And the future remains positive, with Kelly adding: “Contractors are more vulnerable to the vicissitudes of the market than permanent employees. With economic growth revised upwards and unemployment at the lowest level since 1975, we may see an increase in opportunities for contractors as employers struggle with short-term skills gaps.”