But only 16% see their fees increasing this year, and over half (53%) would consider reducing their rates to get work if they had to.
The Contractor Confidence Survey shows that the majority of contractors (70%) also expect contract lengths to increase or stay the same in the next twelve months, with just 16% expecting a decrease. Most (54%) see their rates remaining the same, but 30% see them decreasing.
Chris Futcher, Chief Executive of Pulse Umbrella Group, says: “After the economic turbulence of the past few years, we are seeing more optimism in the market as companies again look to contractors to fulfill their specialist requirements.
“However the fact that our survey also shows that over half of contractors would consider reducing their rates shows that they are still taking a pragmatic view of securing work, and most are willing to accept less money if that would be the difference between securing a role or not.”
Asked what they would do if their employer introduced a mid-contract ‘take-it-or-leave-it’ reduction in pay, the majority (55%) would accept it but start looking for their next role and another 30% would immediately seek a new role.
Despite the positive attitude of contractors to 2012, it appears that they are still not completely relaxed about securing further work; almost half (44%) feel worried about where their next placement will come from if they finish a contract and don’t have another lined up. But 38% say they do not worry if they don’t have jobs lined up back-to-back, as they enjoy a break and are confident that something else will come up.
When asked how long they could live on their savings after a contract came to an end, 44% said they would have plenty of time to look for work as they’d be able to cope for three months before it became a concern. In contrast, just 10% have no savings and need to keep working without a break to support themselves.
Chris adds: “Contractors seem to be being cautious in their approach, with many saving enough to sustain them should work dry up suddenly. Anecdotally we’re hearing that, as many don’t believe the economy is totally out of the woods yet, they are trying to keep money in reserve should work become more scarce.”
