Pay Quest

‘Stagnation’ in the UK’s domestic economy may create contract opportunities

UK contractors may benefit in the short term from the current ‘stagnation’ in the domestic economy as firms take on temp staff rather than permanent employees. The latest British Chambers of Commerce (BCC) Quarter 3 Quarterly Economic Survey (QES) shows a weakening picture in the domestic market, exports, business confidence, cashflow and investment in plant and machinery. Hiring has slowed, but contractors present a short term and low risk solution to firms’ talent resourcing needs. Despite the gloomy outlook, some key indicators remain positive, as BCC Director General John Longworth explains: “Many of the balances are in positive territory, but they are not as strong as we'd like to see.”

Marketing and media contractors benefit from short-term marketing budget increases

Contractors and freelancers working in the marketing and media sectors will benefit from short-term increases in market budgets during the third quarter of 2011. However, the Institute of Practitioners in Advertising (IPA) Bellwether Report - 2011 Q3 paints a gloomier picture over the longer term, with confidence at a ten-quarter low. The increased spend is not homogenous and ‘traditional media’ are missing out, as Markit Chief Economist and Bellwether report author Chris Williamson explains: “Extra money is being targeted at online advertising, direct marketing and sales promotions, but there remains a worrying reluctance to increase spend on traditional main media activities.”

Posted on Friday 14th October 2011