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Contractor demand set to soar with growth in manufacturing industry

Paystream News

Michelle Derungs

Friday 10th Jan, 2014

A report published recently by the Manufacturers Organisation for UK manufacturing (EEF), highlighted growth in the sector being set to increase by 2.7% in 2014 compared to the 2.4% for the overall economy. This steady increase in growth has had a knock on effect within the recruitment industry with job vacancies predicted to follow suite.

The performance of the industry is forecast to grow over the course of 2014 however, there is still a lot of uncertainty for the sustained growth of the UK economy, with international markets holding the key to its future. The slight concern for future performance is the fragile nature of foreign markets manufacturing industries.

Nevertheless, according to the EEF survey output and orders have increased to 18% - 19% over the course of three months. When looking at manufacturing sector results, the survey results indicate that the highest performers were that of the electronic and motor vehicle industries.

The growing strength in the UK economy, has seen companies from a wide variety of industries increase their investment plans for the future, with some expanding supply chains for a predicted surge in demand. A key feature highlighted in the survey indicated that 10% of companies have reported increased employment figures over the course of three months, which is set to increase to 16% for the future three months.

With 2014 forecast to see an uprise in the level of temporary contracts, it can be both time and cost effective to refer your contractors through a credible and complaint payroll company such as PayStream. More information regarding our services can be found here.

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