At PeopleCaddie, we pride ourselves on serving our users on both sides of the employer-contractor relationship, and keeping close tabs on their experiences, needs and trends that affect them. That’s why we recently conducted our inaugural contractor survey, which focused on freelancers working for public accounting firms and found there is strong demand for contractors.
What we discovered in the results of this survey, which exclusively queried professionals who have completed at least one contract assignment in the past three years, offered some keen insights. What follows is a handful of thoughts and findings about contractors in the public accounting space:
- 80 percent of survey respondents had less than 10 years of public accounting experience, with almost half having less than five
There’s a misconception about contractors being mostly people who can’t find traditional employment, or semi-retirees looking for supplemental income. Instead, the survey reflects a growing interest in independent contracting among young professionals and strong interest in workers in this demographic from public accounting firms.
- 76 percent of survey respondents were able to find their most recent assignment in less than one month
Another myth debunked. The old saw that freelance work is highly volatile and frequently leaves contractors unemployed doesn’t cut it anymore. PeopleCaddie’s survey found that it didn’t take long for contractors to find assignments. In fact, 81 percent of respondents felt that finding contracts was easy, and more than 60 percent had multiple assignments to choose from, reflecting strong demand from employers and low unemployment risk for these contractors.
- 76 percent of survey respondents were able to immediately increase their income by becoming contractors
The most common increase in pay among survey participants was in the 20-39 percent range relative to their last permanent position. The median assignment lasted 4-6 months – a reasonable sweet spot for contractors looking for new challenges and variety, while also seeking income stability and less overall time between contract assignments.
- 89 percent of respondents expressed satisfaction with their decision to contract
Asked what they found most fulfilling, our survey respondents pointed most often to flexibility, increased pay and reduced stress – in that order. The paradigm that values full-time employment over all else is changing. Contract work comes with its own benefits, and more workers are coming to the realization that it is far more attractive than the lesser professional existence it has long been characterized as. For a legion of workers across demographics, freelancing isn’t a fallback. It’s a welcome choice.
Think PeopleCaddie’s talent cloud can satisfy your contractor needs? See how it works by clicking here.