Skip to main content

Growing confidence in economy 'good news for contractors'

Paystream News

Paystream

Friday 1st Jun, 2018

UK businesses are feeling the most confident they have felt in the country's economy since August last year, according to a new report.

As a result, hiring is on the up at many organisations, and temporary workers in particular, such as limited company contractors and freelancers, are likely to find themselves increasingly sought after.

The Recruitment and Employment Confederation (REC) questioned 600 business owners on their current thoughts on the economy, finding that 30 per cent are feeling more confident about it at the moment than they were last year. Meanwhile, 29 per cent said they felt roughly the same.

Some admitted that they were still uncertain over the present state of the UK economy, but this is also working in contractors' favour, as 41 per cent of survey respondents revealed they were using temporary contract workers to navigate their way through uncertain times. This marked an increase of nine per cent compared to how many reported the same last year.

If limited company contractors show that they can add significant value to clients during these periods, they may find themselves being called back for future contracts or recommended to other firms within the same sector too.

Overall, 32 per cent of the businesses questioned by the REC said they expected to grow even more confident in Britain's economy in the near future, which would likely lead to them taking on even more workers.

Tom Hadley, Director of Policy at the REC, commented: "It is encouraging that employers are feeling more optimistic about the UK economy and that this is having a positive impact on hiring intentions of temporary staff.

"This underlines the importance of a vibrant temporary and contract staffing market in times of uncertainty and is good news for workers who seek more flexibility in their careers to fit around their studies or family life."