Cost-cutting in the financial sector could benefit IT contractors
As one of the most lucrative sectors for IT contractors, financial services has traditionally been a source of plentiful employment for independent IT professionals, especially ones with the specialist skills which are always in demand. As one of the industries which offers the highest rates of pay for contractors, finance news is always of interest to contractors who expect a significant proportion of their work to come from this area, but 2016 has seen announcements that a number of institutions will be looking to cut costs in the coming months.
However, this may not be bad news for contractors working in this area as many firms are describing a process whereby they are more selective and strategic over their spending which can often mean using more temporary or flexible staff rather than fewer. There is also a heavy emphasis on regulation which will always be an IT heavy area, so contractors who have the expertise to ensure that companies are meeting their obligations will always be in demand.
The move towards increased efficiency is likely to provide a range of opportunities for IT contractors as many finance houses will seek to save money through improved use of technology. Digitisation, collaboration and the need for increasingly effective data management will all require the input of IT experts to make savings which will ensure that budget cuts are workable.
Contractors who are seeking to ensure that they are in demand in 2016 will need to focus on business outcomes and ensure that they are offering insight as well as data management solutions. According to industry commentators TechMarketView, the use of hybrid IT solutions and prioritising initiatives which will generate savings or income in the future.
For IT contractors who are hoping to capitalise on their expertise in 2016, our guide to contractor tax is a vital resource which contains plenty of useful information to help you to get started. If you want to know more about the advantages and disadvantages of a limited company then our accountants can help you to decide the best way to organise your business.
If you want advice on your finances, from dealing with HMRC to planning for the future, then our friendly accountants are always on hand to offer the benefit of their expertise. Call our new business team today on 01442 275789 or email: email@example.com.