The UK is undergoing a massive renaissance in the number of temporary billings right now, with figures being higher than they’ve been in 15 years.
Or at least, that’s what KPMG’s latest jobs report has found. Vacancies for freelancers, umbrella company contractors, and other interim workers were up for the second straight month, and speeds of this kind haven’t been seen since May of 1998 according to the research data.
More good news as well: anyone taking a temporary position at the moment is highly likely to pull in top pay, what with a remarkable 44 month high when it comes to contractor pay. London was found to be the epicentre of the temporary billings boom.
Believe it or not though, the region with the best growth in temporary billings ended up being the North. Much of this can most likely be traced to the oil and gas industry and the huge strides it’s been making lately.
However, there is a fly in the ointment, or at least there is from my point of view: a good number of these job vacancies are more than likely due to the skills shortage gripping the entirety of the UK. In fact, other research has shown that as many as 1 out of every 5 billings is linked to the skills shortage, a figure that’s been growing steadily over the last few years.
20 per cent is a vast swathe of jobs to be sure, and if this figure is growing then this might be an indication that demand for new workers may be less a function of firms getting back on their feet and more of there simply not being enough workers to go around to fill all these roles. Still, it’s good news for freelance workers, as you can more or less write your own ticket; you’re going to be in very high demand in almost every business sector if you’re skilled and qualified to the point where you’ve got a reputation for getting jobs done professionally, on time, and under budget.
So yes, in many ways it’s a fantastic market for umbrella contractors and their ilk at the moment, but eventually I think the bottom will fall out unless we can as a nation increase overall workforce figures to satisfy this demand.
