New research from CV-Library indicates that average pay rates for contractors rose by 3% during October 2016, at the same time as competition for key contracting roles appears to be falling – which is all great news for contractors and freelancers. More specifically, the survey identified that contractors based in Cardiff saw an average increase of 14.6% – followed by a 7.6% increase in Edinburgh, 7% in Liverpool and 6.4% in Portsmouth.
These higher rates of pay seems to be due to a willingness by the business community to pay more for key skills than they have done in the past – a factor which has been partially driven by an overall skills shortage. The CV-Library survey also discovered that the number of people applying for each role that was advertised during October fell by 3% – meaning less competition as well as higher pay.
The number of available roles which were advertised in October also rose during the month, according to the survey, with Southampton in particular showing an 11.8% increase in available positions. These increase were also demonstrated elsewhere in the country, with Manchester showing 11% more roles, 10% more in Edinburgh, 7.9% in Birmingham and 6.8% in London.
Looking at industry specific figures, the CV-Library report also indicates that opportunities for contractors who have specialist skills in key industries also rose significantly during the last month – with a rise in job vacancies of 29.9% for short term catering roles, 27.6% for manufacturing, 20.7% for automotive and 12.8% for marketing contractors.
Commenting on these findings, founder and managing director of CV-Library Lee Biggins said: “It’s positive to see that certain industries and cities are outperforming the national average, which is good news for workers in these areas. Business confidence is at a tricky time right now; we’re nearing the end of a turbulent year, and there is still a great amount of ambiguity around the status of the labour market. But, with the chancellor’s first Autumn Statement to be made in a few weeks’ time, it is hoped that this will be a chance to boost business, and consumer confidence, as we continue to navigate through EU negotiations.”