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The latest analysis from professional umbrella provider’s giant group compared current contractor sentiment to its ‘Temporary Recruitment Market Report’ which analysed the healthcare, finance, IT, engineering and education sectors in 2013. (See: Contractor market has returned to pre-recession levels - Shout99, Aug 2014).
Regulation
The study found that an impressive 98 per cent of finance contractors are expecting opportunities to grow or stay the same over the next 12 months. A further 96 per cent have reported that they predict their earnings to increase or remain level over the same timeframe.
Much of the demand has been attributed to increased regulation within the sector that aims to tackle reckless banker behaviour. As a result, banks and financial institutions are taking on specialist contractors who can help them to process the swathe of legislation that is impacting the sector.
These results match the overall trend which found that the UK contracting arena has returned to pre-recession levels with many professionals reporting more opportunities now than before the economic downturn. As a result, contractors now place less emphasis on longer assignments, indicating they’re optimistic about the state of the employment market.
Managing Director of giant group, Matthew Brown said: “The finance sector has been through a challenging period of late and it’s not surprising to see so many contractors in demand from financial institutions.
"The bonus cap, along with additional legislation aimed at preventing reckless behaviour, has opened up significant opportunities for specialists who can ensure banks are complying with the regulation. The continued optimism from contractors speaks for itself. There’s a lot of legislation to process and it may take some time for it all to clear.”
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Susie Hughes © Shout99 2014
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