With the number of self-employed workers increasing by 103,000 to 4.80 million (in the three months to April), we delve in to explore IPSE’s recent study to understand why contracting and freelancing are becoming so popular. At K&B Accountancy Group and Cloud9 Umbrella, we’ve always known that contracting is the best route for the many workers who seek greater job satisfaction. This view sits in line with IPSE’s published data which highlights that freelancing gives a major boost to wellbeing.
“The view that emerges from these findings is that there is a positive link between the decision to become a freelancer, job satisfaction and overall well-being.” – IPSE
Previous reports and surveys have shown strong links between contracting and a better work-life balance and IPSE’s June report which collected the responses of over a thousand freelancers (mostly IPSE members) aims to provide a better insight into what influences the decision to start freelancing and how they currently feel whilst contracting and freelancing.
The report highlights that 84% are satisfied working as a freelancer with around 3 in 5 stating the top factors for becoming self-employed including:
- a better work-life balance
- being in control of their own work
- the opportunity to maximise their earning potential
Overall, when asked, around 50% of respondents feel optimistic whilst undertaking contract or freelance work and 46% feel energised. Furthermore, 67% of participants wake up feeling motivated to work in the morning – we all know that the Monday morning blues are particularly strong when we are feeling unhappy about our work situations! Of these happy freelancers, 69% also agree that their work inspires them which can be a factor in achieving a better work-life balance.
Future intentions show that around 64% intend to carry on working as a contractor/freelancer for the foreseeable future which is great news for the economy during uncertain times.
Thinking of contracting/freelancing? As contractor accountants, accredited by IPSE, K&B Accountancy Group can assist you with setting up your limited company with dedicated, expert accountants on hand to provide you with the latest tax legislation updates and advice. Arrange for a FREE consultation with an accountant on 0207 028 0211 now.
Prefer to test the waters of contracting first? Becoming an Umbrella employee may be a more suitable option. Cloud9 Umbrella can advise you with a FREE consultation – call us now on 020 7078 0212.