UK contractors unprepared for gaps in assignments
That’s according to new research undertaken by FPS Group, the Umbrella Company administrator for contractors, and ContractJobs.com, the jobs board for freelance professionals.
Demand for contractors increased in every sector and across every region in the last quarter. Alongside this general upturn in opportunities for contractors across the board, large scale infrastructure projects such as the nuclear power plant at Hinkley Point and Crossrail will offer thousands of roles for those in the construction industry. All this has helped Britain’s contractor population swell to over 1.6 million. A positive market has been felt by the contractor population too, with 78% of contractors feeling their prospects would continue to improve over the next 12 months.
Despite these positive developments, job security can be low in contracting, with no guarantee of future work. Despite this, the research finds that 33% of contractors don’t have any contingency plan for their current role ending, with almost half simply & lsquo;hoping for the best’.
Matthew Huddleston, managing director of FPS Group, said, “Our research found that over two thirds of contractors valued the flexibility that their lifestyle brings but that flexibility can be a double-edged sword. It’s crucial that contractors plan for the future, and make appropriate contingency plans.
“Our survey found that one in ten contractors would feel immediate financial effects from a contract ending, with no reserves to fall back upon. Whilst the economy is improving and contractors are finding that their services are in demand, now is the time to be thinking about planning for gaps in employment."