More and more people in the UK are becoming contractors as each year goes by, with the current figure making up for 32% of the UK working population but numbers are expected to rise. Contractors have also helped to grow the UK’s economy over these last few years and this is mainly due to the rising skill levels. But are contractors happier than the average full-time employee? We explore below…
Why people choose to contract
A review, carried out by Mckinsey, is quite revealing as there was previously very limited data surrounding contractors. From this report, the main benefits revealed in becoming a contractor included:
- The ability to be your own boss
- The level of income is generally higher than that of full-time employees
- More opportunities for learning and recognition
- To be able to express more creativity in the workplace
Are contractors happier?
It appears contractors are in fact happier than full-time employees in the workplace. According to the Mckinsey review, 68% of contractors have gone willingly into contracting with a flexible work lifestyle seemingly a contributing factor to their satisfaction levels. Only 12% contract out of necessity and with reluctance.
The study also picked up on a few industry changes with women making up 57% of independent workers of what predominately has been seen as a male-dominated environment especially in IT contracting. Following Mckinsey’s findings, it’s clear that there’s never been a more suitable time to take the leap and start contracting.
Currently, around 18,000 digital contractors are employed by the UK government who admit that there is a shortage of digital skills and with the rise in IT contractors, the gap should be decreasing. The recent UK government decisions regarding contractors in the public sector may prove to be challenging for them especially at a time where contractors are needed now more than ever.
Digital advancements are also predicted in the study where ‘digital platforms could transform and enable a larger share of independent work’. A few benefits of these digital advancements may include factors such as the accuracy and quicker retrieval of real-time information and lower entry costs – something to look forward to if you are aspiring to become a contractor.
Our team often hears similar reasons from clients for becoming a contractor especially the independence that comes with contracting which resonates with the key findings of this study. We were also delighted to find that Mckinsey’s review complimented our company motto to ‘live life, contract happy’ – something which our company strives to achieve in the services we provide our clients with. If you have recently gone into contracting or are thinking about it, why not contact us for a free personalised income illustration for the year ahead.