Recession Recovery for IT Industry

According to the news today, the UK recession seems at an end, or at least well on its way to being over. The Institute of Chartered Accountants Index of Business Confidence rose to 4.8 at the end of June, from -28.2 at the end of March and about 41% of the senior professionals surveyed were more confident about their business prospects in the next year. On an even brighter note, IT appears to be the most optimistic sector.

Additionally, a survey of the jobs market by Salary Services Ltd is showing demand for IT Contractors is on the up, particularly in the financial sector where there is a rise of 0.5%. There are still less IT jobs than last year, but the rate of decline has slowed with the number of jobs advertised down 10%, which in comparison to the 26% drop for the previous quarter, demonstrates a marked improvement.

It would seem that following the huge cutbacks or budget freezes, many companies are now looking to the future, which is good news for IT professionals. IT has always been and remains at the heart of every business; it offers the flexibility to grow a company, so as the recession ends and companies look set to move forward, it is only natural that IT is one of the first areas to see improvement. Those companies who have had the wisdom to invest in their IT systems over recent times, are likely to be in the strongest position to capitalize on the upturn as this gathers momentum.

So, it’s not all doom and gloom and it would appear the light at the end of the tunnel is finally shining on the IT sector.

Mark Cassé, Senior Consultant, Vector Resourcing