Faith in IT jobs restored to pre-recession levels

Faith in the IT contractors job market has returned to pre-recession levels according to research by Giant Group, a cross sector employment agency.

At the beginning of 2007, 6.02 per cent of the agency's contractor database expected rates to drop, but now only 5.5 per cent expect a decline.

What's more two thirds of Giant Group's contractors expect rates to rise, with many expecting more job opportunities in the financial services sector. Giant said this could be partly attributed to increased legislation within the financial sector.

Earlier this month, Cisco Systems announced 6000 job cuts as part of a restructuring plan.

Matthew Brown, managing director of giant group said: "It's extremely encouraging to see such positivity amongst IT contractors; however it's not entirely surprising. The IT sector was always going to bounce back as technology is so deeply embedded in our everyday lives."

Giant Group also said the continued emphasis on regulation has meant businesses are now searching for specialists who can embed complex systems into existing infrastructure.

Read more: Microsoft cutting 18,000 jobs in next 12 months

Only 17 per cent of its contractors highlighted job security as a crucial factor in choosing a role, which Giant believe indicates increased optimism about the state of the employment market.

"It's particularly interesting to note the shift in significance of job security. Pre-recession, contractors were selecting this as by far their most important factor in choosing a role; however professionals are now seeing increased opportunities in the market and want to secure the best rates as a result," said Mr Brown.

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