FinTech contractors in high demand

Wednesday 18 May 2016

The latest reports surrounding contracting in the UK are almost all positive. Temporary staff are in high demand, fuelling pay increases and increased employment. While this appears to be true across the board, a new report has been released suggesting that the financial technology (FinTech) industry is one of the best places to be right now for contractors.

There are over 200 FinTech companies in the UK, and that number is set to increase as more and more British businesses start up or move into this sector. These companies have a high demand for contractors compared to other industries, and are also more willing to pay extra for their services.

This information comes courtesy of specialist finance firm Sonovate, which claims that "FinTech is arguably the hottest market to emerge in the last decade". The firm analysed the subsectors of this sector to work out how contractors fit into the industry, and uncovered some positive facts.

Several subsectors were paying their contractors incredibly generously, with temporary staff working in IT security, enterprise resource planning (ERP) and technical architecture all earning over £600 per day on average. The highest of these was IT security, where contractors can expect to earn £700 per day.

This is the rough equivalent of a full-time salary of £182,000 per year. In comparison, a full-time permanent IT security worker in the same sector would earn around £88,000 per year, according to Sonovate's research.

In a similar vein, contractors are finding themselves much more in demand this quarter when compared to the first three months of the year. Adverts for temporary staff increased by 64 per cent in Q2 2016, compared with 57 per cent for permanent staff; still a respectable figure, but it is clear that FinTech companies are looking more to contractors.
Sonovate’s co-CEO Richard Prime, said: "2015 was a crucial year for UK FinTech... [but in 2016] we’ve seen clear increases in the industry’s overall investment, growth, and economic contribution."

By Victoria McDonnell

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