Contractors remain confident despite predicting economy downturn
(2 minutes to read)
Latest findings have revealed that despite a lack of confidence in the UK economy, many contractors are still positive with regards to their business outlook.
The national survey, carried out by the Association of Independent Professionals and the Self Employed (IPSE) revealed that over half (52%) of freelancers have a less confident outlook for the UK economy over the next 12 months when compared to last year.
However, most contractors remain assured with regards to their own performance, as over two thirds (68%) are as confident or more confident in their business outlook for the year ahead when compared to the previous 12 months.
Also, in the first quarter of 2016, freelancers recorded just 2.1 weeks of time spent not working.
Commenting on the survey results, Chris Bryce, IPSE CEO, commented, “This survey shows that freelancers are resilient. Most remain confident in their business even as they are less sure about how the economy will shape up in the next 12 months. Because they work flexibly, freelancers are in many ways much better equipped to deal with a volatile economic picture.”
Rich Pearson, SVP of International at Upwork, said, “Innovative online freelance websites like Upwork aid freelancers’ ability to maintain high capacity levels by providing immediate access to projects. With three million jobs posted annually, there is no shortage of opportunities available, and independent professionals can rely on their skill set to provide income security regardless of economic conditions.”
Professor Andrew Burke, Dean of Trinity Business School, Trinity College Dublin and co-author of the report, added, “The most important thing that freelancers continually attribute to achieving success is building their own brand and reputation. Likewise, being able to deliver innovation is key. Freelancers who can put these factors together provide a potent combination for businesses.”