How Contracting Can Keep the Economic Recovery on Track

A broad range of skills is the backbone of every properly functioning economy, and skills shortages in certain areas can create all sorts of problems for a country as whole. According to an article on the BBC News website, engineering skills shortages could soon be providing a major barrier to growth in this particular sector, as a large group of qualified individuals is now set for retirement in the near future.

Manufacturing and engineering are of vital importance to the UK’s economy and always have been, and young people are increasingly shying away from these trades due to misconceptions about the rewards that they offer. The result of this has been a long term shortage of fresh workers, and the long standing employees in these areas have now been identified as nearing retirement age at an alarming rate.

Such a dearth of skills in these key areas is not good for the economy, and other industries are experiencing similar skill shortages as well. However, according to Contractor Calculator, some new research has suggested that contractors may be the best solution when it comes to easing these skill gaps, as apparently almost three quarters of UK contractors claim to have just the skills that are needed to address these deficits.

Interestingly, engineering is one area where these contractors claim they could be of substantial use, but the most prominent areas are actually the environments of law, insurance, sales, marketing and project management. Such shortages of expertise on a staff basis might not be a good thing, but it undoubtedly provides opportunities for the more flexible freelance workforce to step up to the demand, and in the short term this solution could have a huge impact on the country’s economy.

With great need for their skills constantly becoming apparent, many contractors are experiencing very lucrative times. For example, over 90% of surveyed contractors claim that their confidence levels have either stayed even or improved over the last 12 months, and almost as many feel positive about their future prospects too. Clearly, the disciplines highlighted above represent fantastic opportunities for UK contractors, but there’s also a great need for contractors to not only find regular work, but make the most of it as well.

At ICS, the proven administration and payroll services offered by our contractor accountants have been helping contractors to focus upon their strengths for years, meaning that they can focus upon providing the skills that the country needs without distraction. If you’d like to find out more, please contact our team now by calling 0800 195 3750 or emailing info@icsuk.com.