IT contractors choosing stability over pay

 

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By Nicole Kobie

Posted on 28 Oct 2008 at 10:46

New research has revealed that contractors are increasingly choosing job security over massive pay packets.

According to 20% of those surveyed by the Giant Group, job security is their principal motivation for choosing a contract, up from 16% last quarter.

Surprisingly, many IT freelancers say they would prefer a longer-term contract even over a higher pay rate, with just 8% expecting to make more money next year.

"A large number of contractors working in the financial services sector are having their contracts terminated or not renewed, as banks skim off non-essential staff," says Matthew Brown, managing director of Giant. "This has struck a blow to their confidence and made many of them reconsider their priorities, becoming more pragmatic about their prospects for the next 12 months."

This desire to hang on to jobs is understandable, with the survey also revealing an increase in long-term unemployment, with 5.3% of contractors out of work for the past three months, compared to 4.7% in the second quarter of this year.