UK’s contracting economy

Could UK Contracting Be Set For A Long Indian Summer Of Success?

20 August 2014

As the long nights get a little shorter, the sun isn’t ready to set on the good news for the UK’s contracting community. According to market analysis across the finance, accounting and IT sectors, the second half of 2014 is set-up for a great finish to a positive year.

Umbrella.co.uk’s Account Director, Dexter Dyer took a look at yet more encouraging signals from around the UK’s contracting economy: “Back in June the Office of National Statistics told us that contracting and freelance professionals account for nearly a fifth of the UK workforce. It seems we’ve been feeding from a diet of good news ever since!”

“In particular, people contracting into the financial, accounting services and IT markets can expect a strong finish to 2014. Around 44% of clients working in those sectors, and who regularly bring in outsourced expertise, envisage dipping into their pockets to bring on new hires in the coming months.”

“The well-documented skill shortage across nuanced talent areas such as IT has driven up demand for professionals who can offer the unique abilities thriving tech companies need. Clients also increasingly require in-house IT personnel to help them meet improving project volumes as business grows.”

“To take the City as a brief case study, job availability has soared by 10% over the summer alone. Financial contractors will benefit from increased pay rates that will come hand-in-hand with widened roles encompassing a focus on helping firms meet stringent regulatory and compliance demands.”

“IT professionals working into the financial services sector will also see their inboxes busier and their phones buzzing. Firms are on the lookout for skilled personnel to help them meet demand for digital technologies, work to develop data management protocols and reinforce data and IT security.”

“For contractors working in compliance, financial analysis and accounting, there is no doubt that employers are increasingly struggling to fill their headcounts. As a result, there is something of a talent rush going on, and pay scales are sliding upwards along with the quality of opportunities. Challenging projects are coming online with rewarding salaries, a great combination for any contractor!”

Umbrella.co.uk is a trading name of Umbrella-Company Ltd. Umbrella-Company Ltd is APSCo accredited, Professional Passport approved and are silver business partners with the Institute of Recruiters (IOR). For further information please contact umbrella.co.uk on 0800 121 6513.