So what is contracting all about?
There are many reasons why contracting has become so popular in recent years:
- Specialisation in some labour markets makes employing certain individuals unnecessary and expensive (EG Software Training, Web Development etc).
- Flexible and Professional work force giving you resource only when you need it.
- Buying in experience to add value to your permanent workforce.
- International labour movements.
- Greater choice of candidate to overcome bigger challenges in a global economy.
- True cost of employing permanent staff is rising (NI, Pensions, Training, Car and Sickness etc).
- Contractors are financially better off and target/result driven.
- Speed of Hire
Many organisations in the public sector see the value in hiring contract or interim staff and individuals can also see the advantages of working in this way. Around 80% of ESP contracts either extend (occasionally many times) or go "temp to perm" and we seek to work with quality contractors as they move from assignment to assignment building up lasting relationships to our mutual benefit.
Working for ESP on contract means one of three things; Working as a PAYE temp (the traditional employment business route), Via a PAYE Umbrella company or through your own limited company. Each of these choices have implications on personal administration, tax and NI and working practices.