Vacancies for private-sector financial IT contractors have fallen to their lowest level for seven years.
A Computer Weekly/SSL survey shows that in January the number of finance jobs advertised for contractors fell by 16.1 per cent - the biggest drop since 2001.
Meanwhile, a Recruitment and Employment Federation (REC) and KPMG Report on Jobs, shows overall vacancies slumped for the eighth month in a row in January.
The respected report, first published 21 years ago, also highlights sharp reductions in permanent and temporary staff employment during January plus further falls in appointments, vacancies and pay
In terms of month-on-month decline the report reveals IT was the second slowest sector.
It also shows:
An underlying shift in bargaining power towards employers, with the rate of decline in average permanent salaries at its fastest since information was first collected in 1997
Hourly pay rates for temporary staff down sharply on the month
Skills in demand for permanent IT staff include .NET, C# and PHP developers.
According to the REC the availability of staff to fill vacancies continued to rise strongly in January, with increasing numbers of redundancies being cited and fewer new job opportunities becoming available.
Mike Stevens, partner and head of business services at KPMG, said:
"Most employers are now looking at ways to cut costs to mitigate falling sales revenues. High on the list of costs, for what has largely become a service economy, is wages. So most companies are considering redundancy plans. The best employers are already looking at more imaginative ideas, for example by inviting staff to volunteer to reduce pay in return for a shorter working week during the recession."
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