The Morgan McKinley Contract Collective, released on a quarterly basis, brings you the latest updates and insights across the Contracting Market.
The Morgan McKinley Contract Collective was born from feedback from our candidates and clients, where we aim to bring you regular updates and insights on the contracting market and offer you a series of networking events on business-critical topics as well as access to discounted rates for professional development opportunities. Click here to learn more!
Q1 2019 Insights
So what is driving this demand for contracting professionals?
In contrast to previous years, 2019 got off to a slower start than usual with only a 3% increase in contract job numbers from the end of last year. That being said, the contracting market continues to go from strength to strength, with the number of jobs being up by 18% compared to this time in 2018.
With both the Royal Commission and a State Election being influential factors within the hiring market, a sense of widespread conservatism was felt, with many large organisations using these events to pause and refocus their efforts and prioritisations.
Despite the pause in hiring among some of the banks, the contracting market is very buoyant and demand for contractors is continuing to grow across the marketplace. This is due to an increase across all our disciplines in project-based, transformation, regulatory and business analysis work. The flexibility contracting offers organisations, in bringing in expert individuals to assist organisations with this work is absolutely critical to an organisation's growth.
The outlook is still positive and we are predicting a big second quarter with the end of the financial year right around the corner.
Find out the latest trends, top three roles within your specific sector and what the outlook is for the next quarter across our different disciplines.
IT & Business Transformation
Morgan McKinley has a pool of high-quality talent with specialised skill sets. Our team are ready to help and answer any questions you may have about securing a contractor.
Morgan McKinley Contractor of the Quarter
We would also like to say a big congratulations to our Contractor of the Quarter - Rochelle Fernando!
Rochelle has recently completed a contract opportunity with HealthShare NSW, where she was extremely dedicated to her policy research and produced excellent results. Following on from this Rochelle has stepped up into an exciting position with the NSW Department of Education working across a large statewide program of work.
Rochelle has an outstanding work ethic, backed by her loyalty to her immediate team and stakeholders.
Rochelle, it's a pleasure to work with you and we look forward to continuing to work with you in the future!
Skills in Demand
With the new leasing accounting standards coming into effect, we have seen a rise in the need for accountants with strong AASB/IFRS skills as this will have a major impact on companies audits if these new standards have not been applied correctly. As for commercial finance, many companies are utilising more business intelligence tools to provide greater visualisation of data, so candidates with strong dashboard creation and BI tools experience is in demand. In addition to this, many businesses that are going through major transformation, such as mergers and acquisitions, are seeking individuals with strong financial modelling skills to assess the viability of these transactions.
Contracting demand within Analytics has been rising consistently over the last year and Q1 of 2019 is no exception. Some of the key skills in demand include Tableau, Power BI, AWS, Google Cloud Platform (GCP) and SQL. Typically, we are seeing demand for contractors within project-based work, where an organisation is looking to implement a new platform or automate reporting processes. The majority of roles we see are to act as an individual contributor, we are not expecting to see a rise in the need for management level contractors, as businesses are looking to lock this talent in on a permanent basis.
Following the State election, the skills we have seen most in demand across our NSW Government clients have been in the IT and Analytics space, as well as in the project support space, in roles such as integration specialists, ICT support and project administration. Demand for transformation professionals remains buoyant with open roles at the business analyst, project and change levels.
As we move into the second quarter of 2019, we are still seeing a high demand for contract resources across the IT & Business Transformation space. Whilst there is activity across all domains we are definitely seeing the highest percentage of work coming from Financial Services, this is predominantly due to the Royal Commission. This is particularly impacting the advice and regulatory spaces. Due to the structure of a project/program of work we are seeing the BA space being the most buoyant with Project Managers and Change Managers following closely behind! The outlook is still positive on a hiring front for next quarter (and hopefully beyond), as we head towards the end of the financial year for many of our clients.
As we end the first quarter in 2019, we have seen an increase in contracting jobs, with a demand for developers with languages such as Java, Reactjs, Angular and .Net. Companies are also looking for candidates who have experience with AWS, cloud computing and a solution architecture skill set. In the month of March alone, we hit double digits in clients requiring contract Test Manager/Test Analyst - companies are looking for contractors who are agile and can take on full responsibility for the project's success. As a result, we expect the spike in demand for contractors within development, testing and architecture to continue in the second quarter, with many organisations looking for a quick turnaround on recruitment to get delivery started ASAP.