Cititec IT Recruitment: Finance to Retain Most IT Contracts

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Cititec IT Recruitment, the global supplier of financial IT staff, predicts the financial sector will retain more IT contracts than any other industry over the next year.

Cititec - IT Recruitment

As unnerving as the current and predicted chaos in the financial markets may be, our IT recruitment model is proving robust. We continue to expand as finance and IT specialists and look to the future with great enthusiasm.

Cititec IT Recruitment, the global supplier of financial IT staff, predicts the financial sector will retain more IT contracts than any other industry over the next year.

A survey of IT contractors from various industries revealed that 24% expect the financial markets to offer the most opportunities, down from 26% a year ago. Finance has always been a lucrative area for skilled IT staff and the latest numbers show that contractors expect it to be the biggest source of jobs over the next 12 months. This is despite the broader financial staffing lay-offs being driven by the credit crunch.

While the current downturn is being compared with the dotcom bust of 2000, the critical difference is that firms have been careful with IT hiring since then. Along with offshore outsourcing, corporate IT departments are already operating at a minimum effective capacity. There is simply less fat to trim.

Ricky Chawla, a Director at Cititec IT Recruitment, commented:

"It's true that low-priority IT projects are being put on the back burner while budgets are tight. But the overall demand for IT positions is very healthy. In fact, the broader economic uncertainty works in our favour. Corporate firms are reducing the size of their permanent workforce, cutting overheads and looking for temporary staff to fulfil key roles as needed. This is a major benefit of our temporary recruitment model.

"The credit crunch has changed the focus of the market, but had little impact on volumes. Investment banks are taking on fewer recruits in the front office and operations departments, but are making up for it in private banking and advisory work. Where the operational focus changes, IT projects follow suit.

"As unnerving as the current and predicted chaos in the financial markets may be, our IT recruitment model is proving robust. We continue to expand as finance and IT specialists and look to the future with great enthusiasm."

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