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Contractors can’t be complacent, PCG warns

Now is not the time to fall into complacency if you’re a freelancer or umbrella company contractor according to the Professional Contractor’s Group.

A new research from PCG says that it’s all too easy to sit back on your laurels if you’re a contracting professional, especially since demand for interim workers has risen to stratospheric levels over the past few months and shows no signs of slowing down any time soon. However, doing so could be the kiss of death for any self-employed worker as the good times will almost certainly not last forever.

And yes, it’s true, the skills shortage has resulted in an absolute boom in demand for experienced and qualified professional contract workers. However, the economic growth of the UK – and the rest of the world, for that matter – has begun to falter yet again after showing some positive signs of recovery, and this could lead to contractor demand taking a negative turn.

It’s going to be a bit dicey going forwards, based on the PCG’s most recent monthly analytic results. The industry expert says that for the most part recovery efforts are humming along, but February’s end results weren’t quite on track with previous months. This serves as a very important wake-up call for anyone who thinks they can simply ride the wave of burgeoning economic growth without having to put too much thought towarsd the future.

Honestly I can’t say I’m particularly surprised by this news. I know you’ll probably call me a pessimist but I’ve been waiting for the bottom to fall out for quite some time now. Not that I want it to happen – heavens knows I’d much rather have nothing but good news to report on the employment front – but when it comes to self-employment you need to both hope for the best and expect the worst. Part of those expectations is to prepare very carefully for whatever contingencies there might be in the future, and that includes the possibility of a drop-off in contractor demand. Honestly it doesn’t matter why a decline might happen does it? If it does – or when, if you’re feeling a bit pessimistic – any contract worker who hasn’t prepared by shoring up their finances or diversifying their client list to weather a financial bump in the road is going to be in some serious trouble, mark my words!

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