Improved work-life balance and higher earnings are the top reasons UK workers are going solo and pursuing careers as contractors – however there are risks. These are the findings of new research by the WORKR Family.
The newly launched WORKR brand represents the coming together of Link and a number of other payroll and accountancy companies specialising in flexible workers: Walker Smith Global, IMS Accountancy and soon to be launched Freelance Workr. WORKR aims to ensure contractors are paid efficiently, have access to benefits, are protected and stay compliant wherever in the world they are working.
Together with the other companies in the group, WORKR aims to provide rewarding solutions for self-employed, contract and freelance workers.
As one of their first tasks the team at WORKR, conducted research and established that UK contractors face an uncertain future with increased competition and changing legislation.
WORKR, recently surveyed 150 UK contractors. 45% said a flexible lifestyle was their main reason for ditching the ‘nine to five’, while more than a third (36%) are enticed by the prospect of higher income.
The opportunity to have a flexible lifestyle was the best thing about going solo for 55% of those surveyed whilst nearly half (48%) of respondents saw having more disposable income as the top benefit. However, despite offering a wealth of benefits, 37% of respondents feel as though life as a contractor is more financially risky, with 40% admitting they disliked the uncertainty of not knowing where their next gig was going to come from.
According to the research 45% of contractors believe that their future rates of pay could be impacted by increasing competition and legislation – such as IR35 – while 43% feel as though new legislation will also lead to more contractors moving to umbrella companies. These findings highlight the unpredictability of life as a freelance worker and the pressures of competing in an increasingly popular marketplace.
Do you agree with these findings? What was your reason for going into contracting?
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