A good time to be a contractor?

Whilst it would appear that the economic recovery is genuinely starting to take hold, it’s hard to know if the raft of positive stats published regularly at the moment, in relation to consumer and business confidence, employment and retail spending, are actually being felt by the public at large.

However, it’s difficult to deny that things do seem to be improving and the last few weeks has seem some particularly relevant indicators reported, including the following…

July this year saw the fastest increase in temporary appointments since 1998!  Growth in vacancies hit a 6-year high and pay rates for temporary staff rising for the seventh consecutive month (research by REC and KPMG).

Just last week, a leading recruitment firm, reported a recent surge of hiring by banks and the City, into their IT departments, as they seek to reduce the risk of any more ‘London Whale’ and similar scandals and improve their risk mitigation, control and compliance systems. They also stated that shortages in developers specialising in mobile devices and tablets has resulted in a switch from permanent to contract resource, with rates increasing too.

More generally, the latest UK plc survey from the Institute of Chartered Accountants and Grant Thornton at the end of last month, which takes on board views across all sectors, upgraded its prediction for growth in UK GDP to 1.5% in 2013 and 2.3% in 2014 – this would be back to pre-2007 levels for the first time since the economic crash. It said  that this growth was primarily consumer-led and encouragingly, that it was across a range of industry sectors, including construction and manufacturing, though it was more cautious about business investment, exports, employment and wage levels in the near term.

So overall, some pretty direct indications that it is a good time to be contracting, with a positive outlook in terms of opportunities and rewards.

Posted by John Hoskin