IT contractors predicting most opportunities in financial services 12 months from now
IT contractors are not expecting job cuts in the financial services sector over the next 12 months to come anywhere close to the bloodletting in 2001, according to research from giant group plc, the contractor services provider.
The research by giant reveals that the proportion of IT contractors expecting the best job opportunities in the financial services sector has fallen only slightly over the last 12 months, from 26% of all contractors to 24%. Contractors are still most confident of job creation in the financial services sector compared to all other sectors of the economy.
According to giant, financial organisations have managed their IT skills much more efficiently since the last downturn, leaving less fat to trim this time around, so the expectation of mass lay-offs is more subdued.
Matthew Brown, Managing Director, of giant group, comments: “The financial services sector in the UK is one of the most important users of IT skills, but there is no sign of panic among contractors. Sentiment is on the wane, but few are expecting a repeat of the mass bloodletting we saw in the 2001/02 downturn.”
“Organisations have been much more restrained in their hiring post-dot com boom, and offshored a lot of their skills base since then, so the UK contractor resources they currently have are leaner and less susceptible to cost-cutting.”
“There is often robust demand for contractors during challenging economic conditions as organisations put off hiring permanent IT staff.”
He adds: “What we are seeing is a fairly measured response to the downturn. Some IT projects which will not yield a short-term return on investment are being given lower priority, but the market hasn’t fallen off a cliff by any means.”
Optimism in the telecoms sector, which has been boosted by 3G wireless devices, such as the iPhone and the Blackberry, is at its highest level in three years. 15.8% of IT contractors expect the most new jobs to be created in telecoms in the next 12 months, compared to 9.7% this time last year.
The research by giant, however, shows the worsening economic climate beginning to have an impact on demand for IT contractors.
Matthew Brown says: “The general trend in joblessness has been upwards, but the proportion of contractors out of work long term (3 months or more) has remained relatively static at around 4% over the last year. To put this in perspective, 13% of contractors were jobless for three months or more in 2003, so the market is still in reasonable shape.”
There has been a similar softening of confidence in expected pay rises over the next 12 months, but again the decline is shallow. 70.3% of IT contractors are forecasting earnings growth over the next 12 months, down slightly from 71.9% in the 2nd quarter of 2007.
Other indicators from the research by giant also reveal more caution entering the market as IT contractors move towards favouring long term contracts over higher hourly rates. 56.9% of contractors would now prefer a longer term contract, compared to 50.5% last year.
* - article from Giant Group.
Showing posts with label Market. Show all posts
Showing posts with label Market. Show all posts
Tuesday, July 8, 2008
Friday, June 6, 2008
How to ask for a pay rise ... and get it
WITH pay review season on the horizon, and the cost of living skyrocketing, it's the time of year when workers are thinking about how to boost their bottom line.
Show me the money
Career coach Jane Lowder, founder and senior coach of Max Coaching, said employees should prepare themselves thoroughly before pitching for a pay rise by researching what the market rates are for your position, and proving your value to the company. One of the worst examples Ms Lowder had heard was of an employee barging into their manager's office and proclaiming: "I've been here for a long time, I deserve a pay rise". "And the manager's response was: 'What have you contributed?’" Ms Lowder said. "It's not just based on longevity; it's not just about turning up every day." She said preparation is crucial to getting what you're after. "It really revolves around proving your contribution to the organisation," she said. "Obviously the best way is to consider how you might add monetary value or impact the bottom line." With a widely acknowledged skills shortage, keeping your employees happy is crucial for bosses. A third of more than 11,000 respondents in the CareerOne survey said they would quit their job if they didn't get the pay rise they wanted. Keep your emotions out of it Breaking down into tears and making an overly emotional plea for cash won't help your chances, Ms Lowder says. "Keep it as a business discussion or transaction. Getting emotional doesn't always carry over that well," she said. Being demanding, or threatening to quit if you don't get what you want won't win you any brownie points either. "Holding the organisation to ransom is not a good idea," she said. "If you do decide to leave, then there's a reputation that follows you...one of being very demanding." Keeping an open mind and conducting a two-way conversation rather than a demand will also boost your chances, Ms Lowder says. Discussing what else you can do to contribute to the company will also help, but make sure you time the talk appropriately. If your manager's under the pump or trying to meet a deadline, make sure you have arrange a suitable time to for a detailed chat. "If the organisation's just posted results that weren't as favourable as they'd hoped, or if they haven't met targets, (it's) probably not the best time to be talking pay rises," Ms Lowder said, adding there are plenty of other ways for bosses can keep workers happy besides a pay rise. "Research shows that it's not just money that will keep people in an organisation. "There's an awful lot more incentives they can offer for retention." These include gym memberships, subsidising private health insurance, or offering flexible working hours and the option to work from home. Check out the competition Being realistic in your expectations is important, she says. By researching the market and seeing what the market rates are for your role using a salary survey, you are more likely to be clear on what to expect. "You need to suss out the market and be aware of how many opportunities there are out there for you as alternatives. "Again it comes down to 'do you have a niche skill and is it in high demand?' And if so, that impacts on your ability to ask for more."
Pay review checklist
• Prove your value
• Use evidence to boost your case
• Don't hold the company to ransom
• Keep emotions out of it
• Keep an open mind
• Timing is important
• Research the market
*Article from http://www.news.com.au
If you have any questions regarding this article or your pay, please do give G & G Recruitment a call.
Show me the money
Career coach Jane Lowder, founder and senior coach of Max Coaching, said employees should prepare themselves thoroughly before pitching for a pay rise by researching what the market rates are for your position, and proving your value to the company. One of the worst examples Ms Lowder had heard was of an employee barging into their manager's office and proclaiming: "I've been here for a long time, I deserve a pay rise". "And the manager's response was: 'What have you contributed?’" Ms Lowder said. "It's not just based on longevity; it's not just about turning up every day." She said preparation is crucial to getting what you're after. "It really revolves around proving your contribution to the organisation," she said. "Obviously the best way is to consider how you might add monetary value or impact the bottom line." With a widely acknowledged skills shortage, keeping your employees happy is crucial for bosses. A third of more than 11,000 respondents in the CareerOne survey said they would quit their job if they didn't get the pay rise they wanted. Keep your emotions out of it Breaking down into tears and making an overly emotional plea for cash won't help your chances, Ms Lowder says. "Keep it as a business discussion or transaction. Getting emotional doesn't always carry over that well," she said. Being demanding, or threatening to quit if you don't get what you want won't win you any brownie points either. "Holding the organisation to ransom is not a good idea," she said. "If you do decide to leave, then there's a reputation that follows you...one of being very demanding." Keeping an open mind and conducting a two-way conversation rather than a demand will also boost your chances, Ms Lowder says. Discussing what else you can do to contribute to the company will also help, but make sure you time the talk appropriately. If your manager's under the pump or trying to meet a deadline, make sure you have arrange a suitable time to for a detailed chat. "If the organisation's just posted results that weren't as favourable as they'd hoped, or if they haven't met targets, (it's) probably not the best time to be talking pay rises," Ms Lowder said, adding there are plenty of other ways for bosses can keep workers happy besides a pay rise. "Research shows that it's not just money that will keep people in an organisation. "There's an awful lot more incentives they can offer for retention." These include gym memberships, subsidising private health insurance, or offering flexible working hours and the option to work from home. Check out the competition Being realistic in your expectations is important, she says. By researching the market and seeing what the market rates are for your role using a salary survey, you are more likely to be clear on what to expect. "You need to suss out the market and be aware of how many opportunities there are out there for you as alternatives. "Again it comes down to 'do you have a niche skill and is it in high demand?' And if so, that impacts on your ability to ask for more."
Pay review checklist
• Prove your value
• Use evidence to boost your case
• Don't hold the company to ransom
• Keep emotions out of it
• Keep an open mind
• Timing is important
• Research the market
*Article from http://www.news.com.au
If you have any questions regarding this article or your pay, please do give G & G Recruitment a call.
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