Employees risk move to contracting to find flexibility

Employees risk move to contracting to find flexibility

Improved work-life balance and higher earnings are the top reasons UK workers are going solo and pursuing careers as contractors - however there are r

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 WORKR, a payroll and accountancy group catering to all types of flexible working arrangements.

WORKR, one of the UK’s only business support groups to support all types of flexible working, 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. 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 alsolead 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.

The newly launched Workr brand represents the coming together of four leading payroll and accountancy specialists for flexible workers: Walker Smith Global, Link Global Management, IMS Accountancy and Freelance Workr. Workr aims to ensure contractors are paid efficiently, have access to benefits, areprotected and stay compliant wherever in the world they are working.

Matt Tyson, Managing Director at Workr comments: “The way we work is changing. One in four of us in the UK now works flexibly and we’re seeing a new generation of individuals enjoying the freedom and benefits that being a contractor can offer.

“We’re also witnessing progressive organisations benefiting from being able to develop and retain a flexible workforce as a key part of the talent strategy. However, it’s important that recruiters as well as individuals who are considering becoming a contractor seek key advice on areas such as tax, company formation and legal. Here at Workr we understand the ins and outs of becoming a contractor and aim to provide a solution for any individual’s situation.”

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