Bumper banking bonuses may be not be enough to prevent a technology talent drain in the financial services sector, according to Oliver Gibbons, director of Twenty Technology, a division of multi-sector recruiter Twenty Recruitment Group.

Gibbons says: “We are seeing an increasing trend towards commercial organisations really raising their game financially in order to lure project management, development and business analysis talent away from financial services.  This is particularly true of organisations which have commodity trading elements to their business such as the energy sector where the need for specific skill sets around energy trading platforms is at an all time high.  But we are also seeing high demand from the telecoms, software house and consultancy sectors.

“In an investment bank projects are going to be very process driven and geared towards improving those processes – there isn’t necessarily the opportunity  to work on the  more creative greenfield  strategic projects  such as those offered within commerce & industry.  In fact the level of regulatory reform means that banks are having to prioritise projects around risk and regulation – the more ‘sexy’ front office projects are having to take a back seat.

“Outside of financial services, there is not only more of an opportunity to move away from the possible constraints of permanent employment into contracting – at very lucrative rates - but also the chance to travel.  The energy sector, for example is international and there are large scale projects being undertaken across Europe.”