Crackdown on reckless behaviour is driving contractor roles

By: Matthew Brown, managing director of giant group

The latest analysis of our contractor database focused on the finance arena and found extremely encouraging results. A staggering 96% of professionals believe that opportunities will either rise or stay at the same level over the next 12 months, representing an increase of 74% year-on-year.  So why has there been such a dramatic leap in contractor sentiment and what’s driving this?

Firstly, the financial outlook has improved for firms across the board as we continue to move away from the recession. Recent reports have even suggested that the UK economy could actually be larger and growing faster than initially predicted as a result of changes to the way GDP is measured. 

Consequently, the majority of UK businesses are feeling significantly more confident about investing and going for growth now we appear to have moved away from the recession. This is obviously partly driving the increase in opportunities for contractors who now have a real reason to feel confident about securing a valuable role.

However, there are potentially other factors at play that could be behind the upturn in sentiment. The entire financial arena has been undertaking a thorough cleansing process in order to rid itself of the negative perception gained before and during the global recession. One example of this is The Bank of England recently implementing its ruling which holds directors and top executives culpable in the case of a bank failing. There has also been a more general focus on developing robust legislation that can curb reckless banker behaviour, like that of the ‘rogue trader’, Kweku Adeboli.

These combined factors are largely behind the increase in contractor optimism.  Banks are seeking specialist contractors who have experience of dealing with complex legislation in order to meet the rigorous demands placed on them by global regulators. These firms now place a much greater focus on ensuring they’re compliant and there simply aren’t enough permanent professionals on the ground to meet the demand.  Consequently, specialists are being drafted in to help institutions process the changes in order to avoid the hefty fines experienced by Barclays, Bank of America and RBS over recent years.

This optimism should be set to continue as the sector is likely to be impacted by further legislation in the near future. Mark Carney, the governor of the Bank of England recently suggested that bankers should “embrace the new rules or quit,” suggesting the regulatory landscape will continue to shift. While these may prove challenging for many firms, this will only benefit contractors who are likely to see a further increase in their opportunities moving forward.