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IT and Finance contractors are expecting a wage rise for the third year in a row according to research carried out by professional umbrella employment provider, giant group. Results from the organisation’s latest survey indicate that 64% of IT contractors are predicting an increase in wages in 2014, up from 63% last year and 62% in 2011, indicating growing confidence in the contracting market.
A further 81% reported that the average gap between their assignments stands at 0-31 days, again, representing an increase on the previous two years and reflecting the growing number of opportunities available in the IT industry as organisations look to build on their existing infrastructure. In 2012, 79% reported an average gap of 0-31 days between assignments while, in 2011, this stood at 77%.
Growing optimism is also evident amongst contractors in the finance space as they too anticipate an increase in earnings in the next year. Currently 67% of contractors in this industry expect wages to rise, a growth of 7% on the previous two years. As with the IT sector, finance professionals are reporting a decrease in the average period of time between assignments. Figures from the research show 80% of contractors had an average gap of 0-31 days between placements, up from 77% in 2012 and 75% in 2011.
Commenting on the findings, Matthew Brown, Managing Director of the giant group said, “It’s very encouraging to see such strong results posted, particularly when compared to the previous two years. What can be seen here is continued growth, representative of increasing confidence in the contractor market. Across the board we’re seeing anticipation of increased earnings and opportunities which hopefully will continue to be a reality in 2014 and onwards. The results aren’t entirely surprising; as many organisations increasingly look to update their IT systems, experienced contractors will be needed to handle system migration projects. The on-going regulation developments in the finance sector could also, partially, explain the increasing confidence shown in that industry.”