Working is all about that money, wouldn’t you agree? Apparently not, as a recent survey found that in the contracting world other things are more important.
The survey was conducted by a contractor tax advisory firm who wanted to gain an insight into exactly how UK contracting professionals think and act. The results of the survey are fascinating
What they found is that 48% of contractors said that more independence and control are the main reasons why they wanted to become self employed in the first place. No doubt they were frustrated with lack of control when you have to bow down to a boss every day. Look who’s laughing now though.
Compare this to only 31% of contractors who said they were doing it primarily for the money, and it’s plain to see that many of our nations self employed, and particularly contractors, prefer being in control of their own destiny over taking home a big bag of cash at the end of the week.
That isn’t to say that contractors don’t care about money. Of course they do. It’s just that it isn’t their number 1 motivating factor in getting up everyday and looking for contractor jobs.
The survey asked 715 contractors their opinions, so you can be sure the answers come from a broad spectrum within the industry.
Other statistics uncovered by the tax advisory firm include the fact that 12% of contractors make it a main priority to strike a good balance between work and life. In other words, they take their work seriously, but also want to have some good times as well.
Compare this to your average worker drone who slaves away for 12 hours a day, 5 days a week, and it’s easy to see why the world of freelance contracting has become so attractive in recent years to the UK public.
9% of those surveyed did put themselves in the “other reasons” box when asked about why they became a contractor. Some might have been made redundant for example, while others just wanted to give something else a try, no doubt.
A spokesperson for the company behind the survey had this to say: “Self employment gives people more freedom and control over their careers and lives, and the largest proportion of contractors state this as the main reason for striking out alone simply highlights that independence is priceless.”
Well said by the spokesperson if you ask me. I think they understand exactly what motivates a lot of contractors right now in the UK.
Where exactly in the contracting world is independence valued the most? According to the survey that prize goes to IT, where self employed IT contractors really do enjoy having the freedom to more or less do whatever they want.
The good news is that IT contractors are also paid very generously, especially in certain areas of the IT market where many skills are highly sought after.
So IT contractors are having their cake and eating it too, and with the vast majority of other contractors enjoying their cake…the future is looking bright in the UK contractor scene.