More employees are seeing the benefits that contracting brings and are rejecting full-time employment. Year by year, we see this number rise.
Contracting is facing a period of sustained growth
Our recent data has revealed that the number of engineering contractors increased by almost 70% (68%) since 2011 from 32,975,152 to 4,672,472. In comparison, the total number of engineering employees rose by less than 1% over the same period, from 203,000 to just 205,000.
The graph below shows the number of self-employed engineering professionals from 2011 to 2016:
Why is contracting on the rise?
Contracting is increasingly becoming a career and lifestyle choice. Where there may previously have been uncertainty and doubt, there is no longer the same risk of being out of work. Businesses may be turning to contractors as a solution as contractors provide a more flexible and cost-effective solution to the permanent workforce. The nature of contracting means you can provide support to a company only when necessary.
The higher take-home pay is also an attractive incentive and is sufficient to cover any gaps between contracts, meaning that self-employed workers can be more selective about the type of work they undertake.