Survey Results: Independent Contractors in the Workforce

We are excited to announce that the results of our latest survey are now live! This year, we conducted our largest community outlook review to date, with our respondents sharing their insights on the contracting market, which we are incredibly grateful for! Here’s a quick synopsis of what the results cover.

Introduction to the Survey:

The “Independent Contractors in the Workforce” survey has aimed to provide a comprehensive understanding of the contracting market dynamics. This ongoing project captures essential data to inform contractors, professionals considering contracting, recruiters, and clients about the current market realities.

We have always been big on fostering a Contractor Community. As part of our advocacy for Independent Professionals, it is crucial to gain insight into the thoughts, perceptions, and concerns of Independent Professionals in Ireland today. Overall, the current landscape of the contracting market is in a very healthy position, with the vast majority not only citing high satisfaction and confidence levels but also expressing ambition to continue contracting when their current contracts expire.

Key Focus Areas and Findings:

Understanding the Landscape – Demographics:

Our survey aimed to capture a comprehensive snapshot of the contracting market. One of the striking findings was the diversity within the contractor base, encompassing both seasoned professionals and newcomers across various age groups. The prevalence of hybrid work arrangements reflects broader employment trends, and most of our respondents fall either in the IT sector, or working with large or medium multinational companies.

Motivations/Reasons for Contracting:

What prompts professionals to embark on the contracting journey? Our research reveals that a multitude of factors come into play, ranging from proactive self-initiated research to recommendations from peers and recruitment outreach. More individuals are recognizing the benefits that contracting offers, leading to a proactive pursuit of contract roles

Satisfaction and Benefits:

Overall, we examined the satisfaction of our respondents after making the transition to contracting and their key benefits obtained. High levels of satisfaction among contractors stem from competitive pay rates, flexibility in work schedules, and tax efficiency. Our survey dives deeper into the significance of pay rates and how contractors perceive their future earnings, highlighting a strong sense of optimism.

Looking Ahead:

Perspectives on securing future contract roles, market optimism, anticipated challenges, and factors influencing future decisions show that contractors are optimistic about their prospects, with many expecting pay increases and a chance to focus on upskilling. While challenges include income stability and market uncertainties, many contractors remain resilient and optimistic about their roles and the future of contracting. Almost all of respondents wish to stay contracting in the future, and alike will recommend contracting to others going forward too.

Conclusion:

The survey highlights the resilience and adaptability of the contracting workforce. Contractors continue to find satisfaction and success in their roles, driven by factors such as pay rates, flexibility, and career autonomy. By understanding and leveraging these trends, stakeholders can better support the contracting ecosystem, contributing to a dynamic and thriving market.

We would like to take this opportunity to thank all respondents for their vital feedback and insights, which we will use to lobby on behalf of Independent Professionals in Ireland. Finally, we invite everyone to follow our social media channels,particularly our LinkedIn page, where we will be releasing industry-specific results in the coming weeks.

If you are interested in learning more about working as an Independent Professional, please feel free to contact our team of advisors by emailing info@iconaccounting.ie or by calling 01-8077106.