Insights and rates for contractors
Demand for tech contractors has never been greater, which is putting pressure on contractor rates – and there appears to be little relief on the horizon. Converging factors of enacted or accelerated digital transformations during COVID-19 restrictions, closed international borders and an already constrained labour market are all adding strain to a market that was already facing skills shortages.
In this highly competitive market, organisations need to consider innovative approaches to secure the specialist skills that they are after, beyond just the salary on offer.
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Key findings from our Contractor Rates Guide
Overarchingly, we saw a number of organisations continue their migrations to cloud-based services and adjusting their tech stacks to embed competitive advantage. However, new, more advanced technology often means there’s an even smaller pool of talent to draw from, therefore putting even more pressure on more specialist skill sets.
All organisations have a limit to how high rates can go while still remaining viable and sustainable and need to explore levers beyond dollars to attract skilled technology professionals. For contractors, in addition to rates, this means considering the broader value exchange that a business can offer you.
All tech leaders reported that contractors are increasingly interested in understanding the details of the project that they would be working on. The ability to learn new skills, or work on projects that align with their purpose is a sought-after benefit when accepting a new contract term and therefore something many organisations are committed to communicating clearly.
Key takeaways for employers:
Staff retention including contractors, in such a volatile market is more important than ever.
Remote working is here to stay. Consider personalising your flexibility offering for the individual.
Widen your candidate pool to consider workers from other industries.
Streamline recruitment processes when juggling contractors and offers.
Ensuring your organisation’s purpose and employee value proposition are up to date and communicated clearly.
Key takeaways for contractors:
Demand is high, but be careful to avoid burning bridges or pricing yourself out of consideration.
Money is important, however consider the broader value exchange on offer.
Always keep expanding your technical and soft skill sets.