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The next three months is set to see contractor demand soar

Paystream News

Michelle Derungs

Wednesday 26th Mar, 2014

The future looks bright for freelancers as contractor demand looks set to soar over the next three months. This prediction comes with little surprise as the shortage in skilled labour has left many companies turning to contractors to fill the skills gap.

A recent jobs outlook survey conducted by the Recruitment Employment Confederation (REC), found that 47% of UK companies intend to hire more contractors over the next 3 months. The report also revealed that 46% of UK companies anticipate that they will also increase their contractor workforce figure over the next 4 to 12 months. This is yet more positive news for contractors and should help to boost the confidence for those individuals working as a contractor.

A recent report released by the Office of National Statistics (ONS), highlighted that the level of freelancers, be it Umbrella Contractors or Limited Company Contractors, has reached an all-time high of 2.37 million amounting to nearly 15% of the UK's workforce.

The lack of skilled labour has put pressure on UK companies to offer more attractive pay rates in order to retain contractors and build healthy long term relationships with them. In turn, it is of little surprise that that the level of contractors is increasing.

With 2014 forecast to see a rise in the level of temporary contracts, it can be both time and cost effective to ensure that you are using a credible and complaint payroll company, such as PayStream. More information regarding our services can be found here.

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