In the last 12 months, the average IT contractor day rates have increased by over 9%. That’s almost double the year-on-year growth experienced by those of us who work for a boss.
According to a new Tech Cities Job Watch Survey by Experis, IT contractor day rates have reached about £431 following the latest increase. The survey also showed that 15% of the UK workforce is now living the freelance dream, complete with higher pay and more flexible hours. It’s no surprise then that self-employment, which includes contractors and freelancers, has reached a 40-year high.
This increase in freelancers is backed by market demand. Recent figures show that there is now more demand for solo workers than permanent employees – at 2.23% vs 1.95%. In the months leading up to Brexit, a flexible workforce enables employers to manage times of uncertainty more easily.
Looking at the survey in more detail, it focused on IT jobs advertised in the second quarter of 2016 across five tech sectors: IT security, cloud, big data, web development and mobile.
The largest year-on-year increase in daily rates was found in the cloud sector, which showed growth of 11.34%, compared to the average of just over 9%. IT security saw the second highest rise, but still lagged significantly behind, with year-on-year growth of 4.98%.
Looking at permanent roles, big data proved to be the highest earning sector, with an average salary of £65,587, while IT security comes in second at an average salary of £58,003.