Record number of independent professionals in the UK
Recently conducted research has shown that the number of independent professionals in the UK has reached 1.88 million, with women leading the way when it comes to making the choice to work for themselves. The research was commissioned by the Association of Independent Professionals and the Self Employed and conducted by Kingston University and it shows a jump of 35.1 per cent in the number of self employed individuals in highly skilled roles in the UK since 2008. Whilst the number of men choosing independence is up by 30.5 per cent, the number of women who have opted for the benefits of self employment has increased by 41.2 per cent and the number of mothers who are choosing to work for themselves is up by 60 per cent.
Most of the people who are opting out of traditional employment are highly skilled and experienced and contractors work on short-term projects for clients who need their skills for a set period of time, meaning that they make an invaluable contribution to companies which have large projects underway. This can mean that they are instrumental in allowing the expansion and diversification of businesses which are responding to the economic upturn by broadening the scope of their operations.
The figures also show that there has been an increase in the number of young people who are turning to entrepreneurship rather than seeking permanent roles with a 26 per cent rise in those aged between 16 and 29 years of age. They are not the only ones who are making the most of the current trend, as those aged 60 and above are also turning to self employment in order to maximise their earning potential.
Suneeta Johal, Head of Research, Education and Training at IPSE believes that these figures point to a fundamental change in the way the labour market is structured. Some sectors are seeing more growth than others, with Information Technology and Communications seeing some of the most significant increases in the number of workers choosing a life if independence, with a 71 per cent rise. Health, art and the literary sectors are also experiencing unprecedented increases of almost 100 per cent, demonstrating that there are plenty of industries where people are keen to enjoy the benefits of self employment.
The fact that working mothers are choosing the flexibility of independence to allow them to balance their working life with their other commitments suggests that contracting and freelancing are becoming more and more appealing.
If you are considering leaving traditional employment and opting instead for a career in contracting, you might wish to read our guide to life as a contractor which will give you some insight into what it is like to work for yourself and you can use our take home pay calculator to get an idea of how much you could be earning.
The best way to ensure that you maximise your income is to take advice from a specialist accountant, so call our friendly team today on 01442 275789 or email email@example.com.