Construction Pay Rise: Now’s a Great Time to be a Contractor
You may have noticed the banner on our website of the hard-hatted bloke soaking up the sun in the pool lounger, clearly living the dream. Well, it looks like tax rebates for contractors are part of a wave of good times in the construction industry. In fact, with recent news of a construction pay rise (particularly for contractors) exceeding other industries, “living the dream” really seems to be the norm for all construction contractors.
New research gathered in the Hays UK Salary & Recruiting Trends 2016 shows a bullish nature from firms toward contracting construction professionals across all regions of the UK.
The insightful piece is a must-read for all construction workers, engineers and property practitioners, as well as contractors within the trade. Here are some of the highlights:
- For construction, contractor pay on average grew by 5%
- Most other sectors saw less than half of that level of increase at most
- Assistant Site Manager salaries in 2015 climbed 8%, higher than any other contractor
- Senior Site Managers commanded a 10% increase from 2013 to 2014, and another 7% rise from 2014 to 2015
It goes without saying that much of this comes down to how valuable you construction lot really are. In short, competencies like yours are in short supply; the result is more opportunities and the construction pay rise we’re currently seeing. In addition to offering a core competency that’s hard to find, you’ve made it clear that your career needs to offer the flexibility for a proper work-life balance that contracting promises. Hays Construction Director Duncan Bullimore told Corner Office that companies are looking to up-skill their workforce by hiring candidates with core competencies “and then developing their skills.”
Firms respond by offering flexibility
The more you read, the more you learn that the popularity and necessity of contracting in construction isn’t isolated to one piece of research. The Royal Institution of Chartered Surveyors (RICS) reported in January that construction earning increased in 2015 by more than 6%, more than three times the average UK increase. The pay rise cuts across all skill levels within the sector. Not surprisingly, construction professionals have taken notice:
61% of construction professionals surveyed reported sharp wage rises.
Though some worry about labour shortages and drops in skill sets, the potential clearly shows a confidence in the positives the industry presents. Construction News reported recently that the sector saw activity growth in Q1 for the 12th consecutive quarter. Coupled with the strong pay opportunities and desire of firms to meet the needs of the Millennial era candidate (flexibility, allowances, etc.), everything seems to be throwing shine on construction contracting.
Tax rebates, sector growth & construction pay rise. Nice one, Brian.