It has been widely reported recently that demand for freelancers, contractors and consultants is on the increase but coupled with this increase in demand, there has also been a fall in the contract rate. A survey by Skillfair has revealed that a contractor’s rate has fallen by an average of 8%.
Having surveyed more than 40,000 independent professionals, Skillfair said their typical fee in 2009 stood at £523 a day, down from £565 a day in the previous year. Skillfair founder, Gill Hunt, said there were a number of reasons why rates had slid but believed the reason why a lot of consultants have been asked to work for derisory rates is because of the fragile UK economy.
According to the group, nine out of ten freelance consultants expect pay rates to stay the same or increase in 2010, indicating that the bulk of rate reductions are in place already.
Freelance UK highlighted that the contractors who have seen their rates reduce the least work in change management and other high level consultancy roles, including telecoms, engineering and IT management. However consultants and freelancers supplying financial services to retail clients appear to have been the hardest hit.
Independent Contractor Services Ltd (ICS) was established in 2002 to provide individual accountancy, tax advice and administrative services to professional contractors, consultants and freelancers.
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