It’s good news for contractors. A recent report published showed that hourly rates for temporary staff is at the highest level in seven years. As the market returns to a pre-recession position, these new findings by KPMG and Recruitment and Employment Confederation (REC) signify both growth and success for the contractor market.
The research conducted documented that not only are temp workers on the receiving end of higher rewards for their labour, there are also more opportunities in the workforce for them than ever. Therefore both One Click Umbrella and temp workers alike are feeling positive about the future and the ever-evolving contractor market.
Of the findings, the Midlands led the way in terms of billings closely followed by the south. The research also found that contractors were sought after in the private sectors more so than in the public sector. In both sectors demand for contractors was reported to be higher when compared to that of the demand for permanent employees.
The sectors that reported the highest rise in demand for temporary workers were medical, nursing and care, closely following by engineering.
As the skills of contractors are more heavily in demand salaries have continued to rise steadily for seventeen months in succession, with September consequently proving to be the most prosperous month in seven years.
The results of the survey suggest that employers are recognising the value of taking on specialised staff as and when they need them.
Within the report, KPMG and REC found that despite the increased demand for staff, the availability of workers to fill both temporary and permanent positions continued to decrease. Consequently, opportunities for those in the market for a temporary position have prospered, hence the rise in the rate of pay to those available.
Kevin Green, REC chief executive, commented on the report: “Hourly pay for people on temporary contracts has risen at the fastest pace for nearly seven years, which shows that employers are bringing in temps and contractors with the skills they need quickly and are willing to pay to do so”.
The progress in the market indicates a step in a forward direction for contract workers and increased rate of pay for workers reinforces the increasing strength of the national labour sector.
Along with over 13 years experience in the contractor payroll industry, and after spending most of his working life as a financial advisor in the regulated financial services industry, Mike has garnered an extensive network of contacts in the recruitment industry, many of whom trust both him and the One Click Group to handle their accounting. Mike has also been a member of various industry bodies throughout the years, such as the British Institute of Recruiters, in order to champion best practices across the contractor payroll industry.