Tech contractors bank on assignment boom

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Tech specialists working within the financial services sector could soon be laughing all the way to the bank, as the UK’s skills shortage crisis continues to bite.

A survey by employers’ network Tech Partnership has identified technology roles within the banking industry as being particularly difficult to fill, with more than a third of businesses reporting difficulties. The average role is currently vacant for 91 days, compared to 86 days in the tech sector.

The study also revealed that 61% of financial services companies are suffering from a lack of available tech talent, higher than the technology industry as a whole (59%) and public sector organisations (55%). Large companies were said to be particularly vulnerable, with 72% reporting problems compared to 49% of smaller enterprises.

Tech Partnership urged the government to do more to encourage more young people to take up a career in the technology industry. To help, the network has launched a training fund that has already supported 1,400 specialists in its first six months of operation.

John Cox, policy manager for the Tech Partnership, said: “To drive economic growth, it’s vital that more young people are brought into the tech workforce through apprenticeships and degrees, and that employers are able to increase investment in the tech skills of their existing staff.”

In the meantime, tech contractors could enjoy a spike in demand for their services – as businesses struggle to source the talent they need. Independent professionals are perfectly poised to provide short-term access to key skills, while ensuring that projects are completed on time and on budget.

The skills shortage crisis could also have a positive effect on assignment rates, as firms splash the cash to lure the right talent.

Have your say

Are you a tech contractor working in financial services? Have you noticed an increase in demand for your services? Do you expect this trend to continue? What would you do to solve the skills crisis? Join in the discussion on Twitter, or leave a comment below.