A Good Time to be a Contractor: Feeling Insecure about the Recession?

Deon Smit, Umbrella Payroll Manager at 1st Contact Umbrella thinks now might actually be a good time to be a contractor.

“In economically tough times, one tends to feel sorry for freelancers, those who are perceived not to have a “stable” or a “normal” job. But in reality, Independent Contractors in the UK may even be better off during these current recessionary times than their full-time employed counterparts” says Smit.

He gives the following reasons:

“You have less to lose”

Those who are permanently employed rely heavily on their salary and often face financial devastation if faced with retrenchment; particularly when it is unexpected. As a Contractor, you are aware of the risks and prepared for off times. Contractors know how to pick themselves up and go and find work – even during a slump.

“Companies want their money’s worth”

More and more companies are seeing the advantages of using freelancers and getting what they pay for, especially in times of economic crisis. Countless major companies have had to make many of their permanent staff members redundant, which has in turn produced more contracting opportunities.

“UK visa cap might be a benefit to Contractors”

The Government’s interim visa cap is making it impossible for some companies to recruit all the people they need from outside the UK. This represents many opportunities for Contractors with the right skill-sets who know how to market themselves effectively. Smit advises Contractors to keep their eye on the news to identify which industries and companies are complaining about the visa cap. This could be indicative of where skills will soon be needed in abundance!

To make sure you get the most from your contracting life and the opportunities presenting themselves at the moment, Smit suggests you enlist the help of an Umbrella Payroll Company. This way you can make sure you take home the best net pay amount possible, keep your tax and legal obligations up to date and spend less time buried in admin and more time marketing your skills and finding lucrative placements.

To find out more about 1st Contact’s professional and reliable payroll service, call 0808 141 2341 or visit www.1stcontact-umbrella.com.

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