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Finance professionals turning to contracting work

Published 29th April 2015

With the UK contracting market slightly more mature than the Australian equivalent, it is always good to reflect on recent trends and see if the same could be seen on our shores in the coming years.

The latest example comes from research completed by a leading contractor management company. According to its contractor data base, there is a growing number of UK finance professionals changing career course and becoming contractors.

Why is this the case?

Over the past year, contractor numbers have more than doubled, with professionals attracted by the higher incomes and better work/life balance. In fact, it isn’t just contractors who are seeing the benefits of the switch, businesses are also recognising the value these individuals can bring and will pay top dollar to secure the best talent.

It is widely accepted in the contractor management industry that flexibility is key for employees today and this movement is reflected in this trend.

Contractors can not only benefit from the chance to earn more money, but they can also experience a wider range of organisations and roles. As a result, they have a great opportunity to expand their skill sets.

As well as this research, The Association of Independent Professionals and the Self Employed noted in a December 2014 report that contractor quarter rates increased by 7.4 per cent in 2014 to £29,643 (AUD$57,004).

Financial contractor rates are set to continue to grow this year as more businesses understand the value of this workforce. However, as word gets around, more employees will also investigate the possibility of contract work.

What about Australia?

For Australian recruiters, the trend of finance, IT and other specialist professionals moving into contracting is still new. There is a reluctance from some employees to move into the world of contracting due to the fact that work isn’t scheduled on a regular basis.

However, given the success of their UK counterparts in finding new work and more remuneration, it shouldn’t be too long until the trend reaches our shores. This means that it’s important to begin planning and establishing strong processes like payroll and employment management. 

With the assistance of Oncore Services, we can take your contracting offerings to the next level.