The IT Contract Market post the EU Referendum

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2 years of Uncertainty or 2 years of Opportunity?

The IT Contract Market post the EU Referendum

There is no doubt there will be some economic uncertainty for the next 2 years in the UK as we untangle ourselves from the EU, and this is not exactly rocket science, but uncertainty usually breeds opportunity. 

However we are entering into unchartered territory, this is uncertainty like we have never seen before.

It’s over 40 years since the UK stood on its own 2 feet, over that time we diversified as a nation, received the benefit of cultural diversification in our workplace, and in turn we as a workforce have had tremendous opportunities to work across the EU.

So what does this mean over the next 2 years?

There will undoubtedly be a downturn in the economy (there seems to be some kind of steely hand keeping a hold of it at the moment, but I think by the Spring we will see some shakes), this will lead to a postponement of decisions, stalling of projects and in turn a pause on the people agenda.

  • However, the handles of business need to keep turning, so this could mean more opportunity for the contract market.

There may be a further skills shortage, in an already skills shortage market, as EU Citizens go back to the mainland, and others in the EU postpone their plans to bring their skills to the UK.

  • Another opportunity for the IT contract market – work out where the skills shortages are and skill up. If you are a permanent employee have been toying with the idea of going contracting, now could be the time.

The REC currently index scores IT contractors’ demand at its highest level since well before, through and after the EU Referendum. Is it too soon to put any credence to these stats? Highly likely, but let’s keep that glass of wine half full, and look to the opportunity rather than the uncertainty.