IT contractors feeling confident

IT contractors aren't worried about job security, despite the credit crunch, new research has shown.

Research by contractor services provider Giant Group has shown that fewer temporary IT workers are concerned about their job security, as more are taking up higher-paid hourly pay jobs rather than taking more secure longer-term contracts. The research showed that this year 54 per cent of IT freelancers favoured higher pay than a longer contract, up from 49 per cent last year.

IT contractors are spending less time out of work than they did 12 months ago, with long-term joblessness falling from 4.7 per cent at the end of 2006 to 4.4 per cent at the end of last year - the lowest unemployment rate for IT contractors in close to two years.

Matthew Brown, managing director of Giant Group, said: "Falling long-term joblessness and the diminishing importance attached to job security are two very strong indicators that contractors are relatively upbeat about 2008."

Separate research released earlier this month showed that demand for IT professionals was at a six-year high.

Brown said that the research suggested IT contractors are not expecting to be seriously hit by any long-term economic problems. Indeed, he said: "There is often an upswing in demand for temporary workers during challenging economic conditions as organisations put off hiring permanent staff. So, if there is a short downturn, and the market picks up again in 2009, contractors could actually do reasonably well."

On the less positive side, the number of contractors expecting their earnings to increase this year fell by four per cent to 72 per cent.

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