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January blues? 5 Reasons why Contractors should be looking forward to 2014

Paystream News

Michelle Derungs

Monday 6th Jan, 2014

1. Rising demand for contractors

Towards the end of 2013 the demand for contractors continued to increase across a wide array of industries, especially for those in the IT sector. The increase in demand is forecast to continue to grow, with the potential to accelerate during 2014.

2. Economic improvement

The Economic outlook in the UK has continued to grow, with the British Chambers Of Commerce highlighting the GDP growth being between 0.6% to 09.% in 2013, to 1.7% - 1.9% in 2014 and an even sharper increase of 2.2% -2.4% in 2015.

The increase in job opportunities alongside manufacturing & IT investment further highlight the UK's steady break away from the recession.

3. Contractor rates increase

Over previous years contractor rates have remained very similar. However, the Royal Bank of Scotland's Report on Jobs have indicated that the figure for temporary rate of pay has increased in recent months. It is only since 2013 onward that contractors have been able to demand a higher rate for their services.

4. There is a rising demand for highly skilled labour

There has been an increased demand for highly skilled contractual labour, this is especially true in the oil and gas, manufacturing and engineering industry. With advances in technology and the growing skills gap for highly trained labour, contractors have an ideal opportunity to step in and fill the gap. More information regarding the skills gap can be found here.

5. Growing shale gas industry offers excellent contractor opportunities.

George Osborne unveiled in the Autumn statement policy that, companies searching for shale gas would have to pay just half the usual rate of tax on early profits, stating that;

'The UK should not turn its back on new forms of energy that could help secure the UK's energy supply'.

The increasing demand has the ability to create over 32,000 jobs, which in turn would open many doors for contractors operating in the oil and gas industry.

The above reasons show some positive signs that 2014 has the potential to be a good year for anyone who is either currently working, or is looking to start working, as a contractor.

If you are ready for a change, hopefully PayStream will be your provider of choice as we're here to help guide you into the service that's right for you, not what's best for us.

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