UK contracting is offering people a lot of great opportunities at present, but if you’re still sceptical about just how lucrative this market currently is, then the latest statistics should go some way towards assuaging those reservations. Apparently, contracting rates have now hit a seven year high, and this performance is sufficient to totally overshadow the rest of the UK labour market.
Why Are Rates So High?
This rise in contractor rates has been put down to the fact that employers are becoming ever more desperate to secure professionals with suitable skill sets. Quite simply, the options that are out there in terms of specialised accounting, finance, construction, engineering and IT professionals are very limited, so employers are willing to pay far greater rates to attract the candidates that are out there.
‘Perfect’ Market Conditions
According to Contractor UK, the increase in pay rates and the dip in the availability of experienced contractors have combined to create a ‘perfect storm’ in terms of market conditions. As normal, it’s the engineering, IT and financial sectors that are forming the core of the demand for contractors, although, as mentioned, candidates for other industries are also proving scarce. The Midlands is seeing the fastest growth in contracting activity at present, but other regions are not lagging far behind.
Consistent Contractor Intake
The hiring of contractors is also withstanding the trend that has been seen among circles that depend upon a lot of permanent employees. In these environments, permanent employees have been hired less and less frequently as of late – in fact, it’s now at a 10-month low – but the demand for contractors has remained very robust; a fact that has been taken to signify that the UK labour market is still in very good shape.
Getting Into Contracting
If the current situation doesn’t convince you that now is a good time to pursue an ambition in contracting, then nothing will. However, contracting as a career choice still presents a number of potential obstacles which some might find to be off-putting. For example, you’d be working for yourself, so any administrative or accounting duties would technically be your responsibility. You’d also have a choice of payment structures to get the most from your business, so it’s not necessarily an easy option. However, thanks to the ICS contractor accountants, most of these concerns could soon be a thing of the past, as we can help you in all these ways and more.
With our assistance, your contracting career can be as stress-free as possible, allowing you to reap the rewards of an attractive vocation with hardly any of the drawbacks. To find out more about our services, don’t hesitate to get in touch with us now by calling 0800 195 3750 or sending an email to email@example.com.