Brexit Bonus for UK Contractors
There could be a massive, and unexpected, Brexit bonus for UK contractors.
They saw the lucrative opportunities to work in high wage countries such as Germany and the Netherlands, being closed to them in future.
Silver Lining on Contractor Cloud
However, there is a silver lining on what most of them saw as a cloud.
We should have remembered that any change is good for IT (and other) contractors.
Have we forgotten Y2K when there was a huge demand for IT Contractors and rates soared?
Rich Pickings for Contractors
According to recruiters Venquis, “Change and transformation bring rich pickings for City contractors following Brexit”.
There will have to be major changes to the computer systems of the major companies who trade with the EU.
For instance, their financial calculations will need to change with new tariffs imposed on trade.
Contractors Hot Property
Acccording to Venquis, “contractors across the financial services sector are hot property as businesses seek to maintain major change projects at a time when, despite market uncertainty, skill shortages in these highly specialised areas are still rife”.
Well this is good news.
This is to add on to what are getting close to the early stages of boom conditions in he financial sector.
Recruitment companies representatives, APSCo, tell us that contractor vacancies are up by 8% in the financial sector as opposed to permenent employees vacancies which have flatlined.
Uncertainty Good for Contractors
Not only is change good for contractors but uncertainty is great for them too.
When companies are uncertain about the future, they don’t like to take on major amounts of permanent employees until the uncertainty disappears.
They take on the more flexible contractors instead.
The good news for contractors is that this uncertainty looks as if it is going to be with us for a number of years.
Huge Surge in Demand for Business Analysts
According to Venquis, “Our insurance team has seen a surge in demand for analytic specialists.
“And as demand intensifies, contractors are commanding lucrative rates. A business analyst in the insurance sector for example, can earn between £400 and £600 per day depending on their level and area of expertise”, said Sean Anderson, Venquis Insurance Contract Manager.
Said Sean, “There may well soon be a huge shortage of UK IT Contractors. Said Sean, “With the impact of Brexit likely to increase the need for major change projects, it seems that financial services and the gig economy could well go hand in hand!”
So, that’s a double whammy for UK IT Contractors.
Contractors Love Change and Uncertainty
Change is great for contractors.
Uncertainty is great for contractors too.
With years of change and uncertainty ahead of us it looks as if we are on the cusp of a major boom in demand for UK Contractors.
The surge in demand will squeeze contract rates much higher too.
So, Brexit may not be too bad for contractors in the end.
They could be turning this Brexit bonus into heaps of extra cash.