Human Capital

10% of respondents reported that if they were not contracting, they would retire, 3% said they would be unemployed and 7% of respondents said they would emigrate if not contracting, thus contracting offers the opportunity to keep talent in the country, extend productivity and increase economic value both for the contractors themselves and for society in general.

Human capital refers to the collective skills, knowledge, experience, and abilities possessed by individuals that contribute to their productivity and economic value in a workforce. It encompasses education, training, wellbeing, and talents that enhance an individual’s or organisation’s capacity to achieve economic goals. Overall, the findings from this research show that the contracting sector consists of a skilled, educated workforce that has a very high level of human capital.

From work occupation analysis, 94% of contractors were high skilled contractors. Specifically, 19% were managers, directors and senior (SOC1); 69% were professionals (SOC2); and 6% were associate professionals and technician (SOC3). The major industries that contractors work in are predominantly professional service and knowledge-intensive sectors. The largest segment is pharma (including Life sciences and medical devices) 39%, followed by information technology 12%, finance 12%, engineering and technical activities 7%, and medical locum 3%.

83% of contractors reported their experience is in demand, and 55% reported that they think it would be easy for them to secure another contract. 82% believe the skills they are learning in their current role are transferable to other jobs in the future. 81% report that they manage their own skills development, with just 36% receiving training and development support from their client companies.

Many respondents agreed that contracting allowed them to participate in the workforce and helped them overcome barriers they faced when it came to securing traditional employment.