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contractor confidence survey results

Survey Shows Contractors are a Committed Part of the UK’s Workforce

Here at Contracting Scout, the one-stop shop for contractors, we have a wealth of resources, news and research on everything you need to know in the industry.

 

Building on our research into everything affecting contractors from Brexit to IR35, we recently uncovered some interesting results when we spoke to contractors about how often they stop working as a result of illness, whether they’d recommend contracting to others, how long they plan to continue contracting and how much of a savings buffer they’ve built up.

 

This research confirms what we know from our own experience – contractors are a highly reliable part of the workforce, who can be relied upon to get a job done.

 

We found that the majority of contractors (52 per cent) hadn’t taken a day off for illness in the last two years, while 31 per cent had never called in sick and 35 per cent wouldn’t take a day off unless they were at death’s door.

 

We also found that most contractors are happy with their working life, with 75 per cent saying they’d recommend being a contractor to others.

 

For those who wouldn’t recommend contracting, the majority (62 per cent) cited worry about where the next contract would come from as the reason. We discovered this concern is somewhat justified, with 60 per cent of contractors saying they had been out of work for more than a month at a time when they wanted to be working.

 

However, our research showed many contractors are well prepared for this. Some 52 per cent have more than three months’ wages set aside, while 72 per cent plan to increase the amount they have saved.

 

There was some room for improvement here, however, as 15 per cent of contractors said they had no savings at all.

 

We’d always recommend contractors aim to save three months’ earnings to act as a buffer against any unexpected gaps in work.

 

If you have any queries about best practice, or need advice on how to protect yourself against any contracting challenges, please do contact Contracting Scout – we’re always happy to help.