Contracting Industry Feeling Positive Despite Recession

Latest research reveals contractors are feeling positive about their industry due to an increased level of work for overseas clients and a belief this will increase further over the coming months. 

Cool Company wanted to find out what the overall outlook for the contracting industry was following the recent uncertainties and found contractors are feeling positive as they turn to clients outside the UK in the hope of avoiding the effects of the looming recession.  The research also shows that more than a quarter of contractors are using recruitment agencies to find new clients.

A Positive Year For Contractors

In what could have been a difficult year for contractors, given the economic uncertainties coupled with the IR35 reforms and then potential Off-Payroll legislation repeal but contractors have found a way to power through with more than three-fifths (61%) of contractors feeling positive about the industry as a whole.

The research found that almost half (49%) of UK contractors’ work comes from overseas clients and more than half (55%) of contractors expect the amount of work they currently do for overseas clients to increase over the next 12 months. Almost two-thirds (64%) believe all clients, whether in the UK or overseas, will increase their use of contractors in 2023. 

Already, over a quarter (26%) of contractors use recruitment agencies to source new clients so with the expected demand increase for contractors it’s likely more and more will turn to recruiters to help find the right clients here and abroad.

Helping Recruitment Agencies Cope With Demand

In a bid to overcome the threat of recession and issues caused by IR35 reforms, many contractors are actively looking for work outside of the UK and feeling positive about there being a demand for the long-term. There are also positive feelings about securing increased levels of contracting work in the UK too.

This is great news for recruitment agencies looking to match contractors with the perfect clients, especially when Cool Company can handle all the associated administration and compliance complications of making these matches.

contractor working from home with kids
contractor working from home with kids

Cool Company Will Handle All Payroll Matters

Cool Company can take care of all the administration so recruitment agencies can focus on doing what they do best – matching the right contractor with the right client. 

We will handle all payroll matters, including compliance, insurance and tax, and even provide the means to effortlessly onboard new contractors and receive only one invoice for all the contractor’s invoices, for one easy payment. 

You can find out more about the benefits of using an umbrella company like Cool Company by reading our Guide For Recruitment Agencies Placing Contractors Overseas.

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