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Financial organisations unprepared for post-recession IT boom

86 per cent haven’t found skilled IT workers for incoming projects, finds research for Parity

October 07, 2009

Financial organisations are unprepared for the upturn, as their IT departments fail to address staffing needs for future projects and new initiatives. This is according to research commissioned by Parity, the IT services company[1] .

The study found that more than half (59 per cent) of financial companies have not yet started planning for the upturn, with only 14 per cent having briefed their HR teams or agencies about their IT staffing needs.

Furthermore, 45 per cent of IT directors in financial organisations do not think the upturn will put pressure on their departments to deliver a quicker, cheaper service to clients. According to Alwyn Welch, CEO at Parity, this highlights just how short-sighted some IT leaders are about the immediate future, as well as post-recession growth, and are putting their organisations at risk by reacting too slowly to opportunities.

“Ultimately, if your IT function is not ready to go when the green light is pressed on a project, you won’t be able to react quickly enough to market changes and that means you’ll find yourself in a recessionary mode for longer than is necessary. Companies have generally been fast to react to the downturn but they must be ready for a fast response to the upturn.” said Welch.

“If this occurs across nearly half of all financial organisations, as our findings suggest it could, it means that organisations will really miss out and the impact on their business would be substantial. Financial organisations talk about moving on from the credit crunch, but until that message gets through to their IT department, they will stay in recessionary mode. Organisations need to know how they will recruit the skills needed for the upturn, or risk staying in the downturn.”

Parity is helping companies prepare for the upturn with a managed services offering, Mantra. Tailored towards financial organisations that need to move quickly on projects essential to economic recovery, it will provide qualified IT professionals to staff short-term assignments. This removes recruitment headaches and provides a solution to the skills shortage that could hamper up to 38 per cent of financial organisations that have reduced their IT headcount in the last year.

[1] The research was undertaken by Coleman Parkes Research in September 2009

About the company

About Parity Group Plc

Parity is a business and IT solutions company with over 40 years' industry experience. Parity delivers a range of recruitment and business and IT solutions to clients across the public and private sector.

Parity works with its customers to bring out the best in their businesses, drawing on vast personal experience to help organisations meet the challenges they face. Strong relationships with customers make Parity a trusted partner for hundreds of clients across the UK and Ireland, including; BT, Ofgem, The Cabinet Office, Ministry of Defence, BAT, Northamptonshire County Council and The Charity Commission.

Through specialised IT recruitment for contract, interim and permanent resources, especially in the public sector, Parity provides decision makers with the best candidates to drive strategies forward and focus on results.

Through Collaborative Information Management, coupled with Web 2.0, Parity helps their customers harness the power of information. Helping their clients to increase efficiencies, reduce costs and maximise customer service.

Listed on the London Stock Exchange, Parity recorded a turnover of over £148m in 2008. For more information, please vis

Contact details

For further information and enquiries, please contact:
The account manager at LEWIS, the PR agency
Tel: +44 (0) 20 7802 2626
Email: parity@lewispr.com
Website: www.lewispr.com

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Financial organisations unprepared for post-recession IT boom

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