Umbrella company contractors will be interested to learn that the demand for highly skilled independent professionals is set to increase significantly over the next five years.
Research carried out by MBA & Co has predicted that the market for top-level contractors will grow to more than one million by the end of the decade.
MBA & Co CEO Daniel Callaghan explained that having an on-demand talent market means that businesses can take on skilled professionals as and when they are needed.
He said, “Individuals increasingly value and opt for flexibility in how they take on professional assignments.
“We see that companies really value and increasingly need skills that are quite hard to find, and the ability to bring those skills in on a specific project basis is actually incredibly valuable.
“Occasionally that leads to a permanent engagement for the individual, so both parties are able to 'try before they buy'. But, more often than not, the company just has the expertise brought in to support its needs, and then both parties are happy to move on.”
Callaghan warns businesses that in order to adjust to the on-demand economy, they will have to either hire contractors when they are needed, or look to offering higher salaries and shorter working days to permanent staff in order to keep them.
He explained, “We are already seeing forward-thinking businesses update their hiring and talent management strategies for what will be an inevitable shortage of full-time senior directors and managers in the next five years.
“This is a brain-drain of epic proportions and a huge warning sign that traditional nine to five employment has passed its sell-by date.”
Simon Dolan is the Sales & Marketing Manager for Contractor Umbrella Ltd, one of the UK’s Most Respected Umbrella Companies and founder member of AllUmbrellaCompaniesAreEqual.
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