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Contractors see higher rates of pay

Contractors see higher rates of pay

The uncertainty caused by the UK’s decision to leave the European Union has had the interesting by product of higher pay and longer contracts for a significant proportion of contractors.

That’s according to new statistics from contracting accountancy specialists Nixon Williams, who asked 600 contractors about their experiences since the Brexit vote.

According to the findings, one in five contractors have seen their daily rate increase.

The likely reason for this centres on employer uncertainty since the Brexit vote. The flexibility and shorter commitment periods required to employ contractors is being increasingly seen as a better option than hiring permanent staff during a time of instability.

“Employers are likely to be reluctant to commit to permanent hires, and any business transformation projects related to Brexit will be of limited duration and will require highly specialised skills, making them ideal for contractors,” said Derek Kelly, CEO at Nixon Williams.

The Nixon Williams research also found that of the skills required by IT companies, cybersecurity came out on top. This could mean that contractors with particular expertise in this area could end up receiving to multiple contract offers.

“IT professionals with the right skills will find themselves in demand and able to negotiate rate increases,” said Kelly.