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Research out today has revealed that umbrella working is being adopted by more and more high-end professionals in a diverse range of occupations. The research conducted by the Freelancer and Contractor Services Association (FCSA), the UK’s largest independent association which represents umbrella employers compares umbrella working in 2015 with 2017.
Key findings reveal that:
Commenting on the significant changes over the last two years, Julia Kermode, chief executive of FCSA said: “Our evidence shows that the umbrella marketplace has developed a lot over the past two years. Umbrella employees are enjoying a better and higher rate of pay, longer assignments and are showing more loyalty to their chosen umbrella employer. All of this indicates that the market has matured in the last few years and offers stability to those that choose it. The facts speak for themselves; with higher rates of pay, longer assignments and longer employment tenures, umbrella is a lot more secure than the numerous other precarious ways of working that we see in the UK today. By working through an umbrella company, contractors enjoy all the benefits and rights that come with being an employee; they are happy with this way of working with our research showing that many contractors stay with their umbrella for almost a year (46 weeks) nowadays, which is 53% longer than the average (30 weeks) two years ago.
“We were pleased to hear MatthewTaylor recognising the importance of umbrella firms as a valuable part of the supply chain in his recent review of modern working practices. The umbrella sector collects approximately £3bn for the Exchequer annually and the review panel clearly appreciates the important contribution it makes to the UK economy. Our latest research along with the support of Matthew Taylor is to be much heralded in an industry which is often maligned and misunderstood. We have come a long way over the past few years.”