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Archive for 07/10/2008

IT wages fall as credit crunch bites

itcareers.jpgResearch by online CV company iProfile.org and the Association of Technology Staffing Companies (ATSCo) has found that contractor rates for staff in the financial services sector have fallen to their lowest levels in five years.

The average hourly rate for a financial services contractor is now £44 per hour — a 12 percent drop on wages six months ago when a temp could expect £50 — and the first drop in rates since 2002.

The fall comes as employers cut the rates they offer new temporary staff.

ATSCo chief executive Ann Swain said contractors are typically first into and first out of any recession — but the big question now is whether falling demand for IT skills in the financial services sector will ripple as far as permanent staff.

Source: ‘ZDNet


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