SJD Accountancy

More director and senior managers join the contractor community

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New research has shown that the number of contractors at the director or senior manager level has increased significantly over the last five years.

Findings from international professional services consultancy Procorre has revealed that director or senior managers choosing the self-employment route has increased by 47% since 2009 – going from 502,000 to 739,000.

According to Procorre, these figures far outstrip the growth rate of 21% seen across all levels of self-employment over the last five years.

Lisa Mangan, Relationship Manager at Procorre, explained, “Self-employment is becoming an increasingly attractive option for staff in the most senior positions. Many directors are keen to take back control of their work-life balance and boost their earnings at the same time.”

“There was a degree of nervousness about self-employment when businesses were struggling during the recession, with many seeing a permanent job as a safer option. The reality is that nowadays full-time employment gives you very little protection in an economic downturn. In fact, many contractors did very well during the financial crisis and now confidence is growing we’re seeing an unprecedented wave of highly-skilled workers becoming self-employed.”

“Large swathes of professional and technical specialists view this switch as low-risk but with real financial and personal benefits.”

“Many senior professionals will feel that they now have an opportunity to advance their careers by becoming self-employed. They can then enjoy the freedom to pick and choose roles which are of the most interest to them as well as being more financially rewarding.”

Lisa added, “For many businesses, the most efficient use of resources may be to ‘buy-in’ the desired skills on a short-term basis. This approach also allows the contractor to focus upon their area of expertise and maximise the amount of time doing what they do best, rather than dealing with the distractions of day-to-day management or office politics.”

“It is an approach that maximises the contractor’s income and minimises overheads for the employer.”

How much could you be earning as a contractor? Type in your daily or hourly rate into our contractor calculator and see how much you could be taking home.

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