Investment Banks increasing rates to lure specific skill sets

Director of Twenty Recruitment Group, Oliver Gibbons, recently said that “We are seeing an increasing trend towards commercial organisations really raising their game financially in order to lure project management, development and business analysis talent away from financial services. This is particularly true of organisations which have commodity trading elements to their business such as the energy sector where the need for specific skill sets around energy trading platforms is at an all time high.  But we are also seeing high demand from the telecoms, software house and consultancy sectors. In an investment bank projects are going to be very process driven and geared towards improving those processes – there isn’t necessarily the opportunity  to work on the  more creative greenfield  strategic projects  such as those offered within commerce & industry. In fact the level of regulatory reform means that banks are having to prioritise projects around risk and regulation – the more ‘sexy’ front office projects are having to take a back seat. Outside of financial services, there is not only more of an opportunity to move away from the possible constraints of permanent employment into contracting – at very lucrative rates – but also the chance to travel.  The energy sector, for example is international and there are large scale projects being undertaken across Europe.”

The Director of IT Recruitment at Networkers International, James Smith, told the Recruiter at the time that “Our business has been fuelled by the financial markets by both the banking industry and insurance as well. We have been doing a lot of recruitment for those kinds of organisations. New projects are kicking off at the banks. In 2009, with the state of the economy, a lot of cuts were made but going into 2010 and now a lot of the banks and insurance houses have started new projects which they haven’t done for the last three or four years. Overall, we see continuation of steady growth for contract and permanent staff. The demand for permanent staff remains high and is higher than contract staff. Due to the lack of skills in the permanent market, there will be a shift in terms of growth on the contract front. As clients cannot find those permanent workers, they will get contractors in to work on a shorter-term basis or a project basis.

Commonwealth Contractors

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