Interim managers confident about the future
The latest poll from the Interim Management Association (IMA) shows that the vast majority of contract interims feel optimistic about the future, Just under three quarters of respondents said they felt more confident about future prospects for the interim market than they did 12 months ago.
The sector itself has been on an upward growth trend since mid-2012.
Commenting on the results of the latest survey, Jason Atkinson, chairman of the industry body, said that he felt the 20,000 interims in the UK were “Britain’s best kept secret”, with the industry as a whole on target to push through the £2bn annual turnover mark.
PCG to take further action on Intra-Company Transfers (ICTs)
Leading contractors’ organisation, PCG, says that it is to take further action on the continuing misuse of Intra-Company Transfers by multi-national companies who are determined to get round standard visa arrangements for their staff.
According to the PCG website, the group has written to several senior politicians, and responded to two consultations in recent weeks.
New IT roles should be made available to domestic workers before being offered to overseas staff, however large companies often bypas this requirement by transferred staff via the intra-company route.
Simon McVicker, Director of Public Affairs commented: “PCG fully supports the view that companies should first seek to engage workers from the domestic labour market before looking to migrants. Unfortunately, abuse of intra-company transfer (ICT) work permits means this does not always happen.”
Contractors in banking sector willing to undercut the competition
The latest edition of the JM Group Index, which provides an overview of the state of the investment banking IT contract market, shows that demand in the sector continues to be fairly low compared to recent years. The report’s authors say that many former banking contractors have either taken on permanent roles, or sought further contracting opportunities in other industry sectors.
Contract rates, however, have remained fairly constant, with only 3 out of 62 roles facing a rate cut over the past year.
IT contractors have been willing to “undercut the competition” by as much as 20% over the past 12 months, which may have given the impression that average rates have fallen, which isn’t necessarily the case.
You can download a PDF copy of the latest JM Group Index here.
Do you understand the entries on your payslip?
According to Paraplus, a leading PAYE umbrella company, most contractors who took part in a recent survey said that they didn’t understand all the information printed on their payslips.
The main reasons cited by participants were a) “it’s not my responsibility”, and b) I don’t understand the underlying tax rules or codes.
Interestingly, out of all the 2,000 freelancers who took part in the survey, IT contractors were the worst – with 62% claiming not to be entirely knowledgeable about the content of their payslips.
Phil McDonald, MD of the firm, reminded contractors that they are ultimately responsible for checking the information contained on their payslips; “Failing to pick up on PAYE errors can leave individuals vulnerable to the risk of scrutiny from HMRC – meaning potential legal and compliance issues in the future – which are easily avoidable yet costly mistakes.”