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Better pay lures more financial professionals to contracting

The umbrella employment provider’s latest analysis of its contractor database found that the percentage of finance professionals who have reported becoming contractors for higher income has doubled over the past year. This is in line with further research from ipse (The Association of Independent Professionals and the Self Employed) which found that contractor day rates rose by 7.4% in 2014.

This trend also reflects the growing numbers of professionals working on a non-permanent basis in the UK employment arena. Businesses are increasingly recognising the value that contractors can bring and are being driven into paying higher rates in order to secure the top talent.

Matthew Brown, managing director of giant group, commented on the findings. “It’s unlikely anyone will be particularly shocked to hear professionals are moving into contracting to earn more money – but it is interesting that this is the case with so many finance professionals who we would assume are already earning above-average pay. The UK is home to a truly mobile workforce and firms are beginning to recognise the value that this flexibility can provide. Contractors not only benefit from the chance to earn more money, but they can also experience a wider range of organisations and consequently, can expand their skill sets.”

“As the UK continues to struggle with the threat of skill shortages across a range of sectors, it’s likely that contractors will be increasingly called upon to provide specialist expertise. Consequently, it’s probable that rates will continue to rise throughout 2015 as more and more businesses understand the value that this area of the workforce can offer.”

Note to editors

Since 1992, giant has developed and delivered groundbreaking workforce management solutions to the recruitment market:

award-winning giant umbrella is the professional umbrella employer of choice for temporary workers, freelancers and contractors. Independently voted Best Umbrella employer five times by readers of Contractor UK. 

giant precision is a suite of global back-office solutions designed to enhance your company’s performance. Through web-based services, giant precision spans HR contract management, timesheet management, payroll, billing and payroll disaster recovery.

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