The number of IT contractors taken on by financial institutions increased in February compared to January, according to new research.

Pre-employment screening firm Powerchex found that the number of job offers made to IT contractors rose by 11%.

Insurance companies (+16%) and hedge funds (+6%) also took on more staff following January’s steep declines in job offers to both sectors.

However, hiring by investment banks was down by 51%, with investment management and stockbroking firms reducing the number of job offers in February by 11% and 38% respectively.

Alexandra Kelly, managing director of Powerchex, believes that temporary workers are a good option in the current climate. “In any recession, temp workers are always the first out and the first welcomed back. With so many people made redundant recently, the temp market is of a higher quality than it has ever been.

“What with very little chance of securing permanent work in the short to medium term, high calibre candidates are willing to take temporary assignments with the hope that it will lead to a permanent position when things pick up.”