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IT resourcing complacency set to hinder financial sector recovery, warns Parity

83 per cent of organisations are failing to bring in IT skills for the upturn, despite recognising the recruitment challenge

October 20, 2009

A vacuum of skilled IT professionals, combined with complacency about the need to re-skill for the recovery, could hinder financial organisations’ recovery from the recession, according to a new study[1].

Nearly half (49 per cent) of financial organisations say they aren’t worried about how they will re-skill and resource their IT teams, and a further 34 per cent have not started planning yet. However, given that 39 per cent anticipate that a lack of skilled people will hinder their chances of success, and 48 per cent have suffered problems when bringing in new staff in the past, their lack of concern is misplaced, according to Parity, which commissioned the research.

Furthermore, of those organisations that have started planning, 82 per cent expect it will be difficult to find the right people, and 18 per cent anticipate having to settle for people with an incomplete skills set.

Alwyn Welch, CEO at Parity, said: “The speed at which IT bosses can bring in the right people is absolutely critical in terms of how quickly their organisation emerges out of the recession. Companies have been quick to cut costs on key skills to deal with the downtown, but now they must react equally quickly to bring in the resources they need to support a return in demand for their products and services.”

“Finding the right people, with relevant experience, the right skills and the right business ‘fit’ is never easy. Companies need to look at alternative ways to bring in the right people for their IT needs, taking on expert advice to ensure they approach recruitment creatively, quickly and effectively.”

In response to these issues and the looming skills vacuum, Parity is launching a managed services offering that will provide skilled IT professionals, called 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. Its goal is to help companies move quickly on vital projects by providing a skilled team, de-risking and speeding up recruitment to help organisations prepare for the upturn.

About the company

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.

Their collaborative approach coupled with an unrivalled track record in the use of Web 2.0 tools and techniques, enables their customers to 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 visit: http://www.parity.net/

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IT resourcing complacency set to hinder financial sector recovery, warns Parity

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