By Matthew Brown, managing director, giant group
Our latest analysis of our database found interesting, and
optimistic, results for engineering contractors. According to the findings just
4% of contractors in this field expect their earnings to drop over the next 12
months. But what are the reasons behind this positive sentiment?
While skills shortages have certainly played some part, the
issue hasn’t been aided by the fact that the UK is currently undergoing
something of an engineering renaissance with a number of major schemes being
commissioned, all requiring specialist skill sets. In addition to Crossrail and the development
of Google’s new London offices, projects such as the £294m Borders Railway and the creation of
the Queensferry
Crossing are stretching resources even further. There’s also a plethora of slightly smaller
scale projects that require expertise including the extension of the M6 (a plan
that has been in the offing since 1948) as well as the development of Brighton
Marina. These schemes, as well as the many others currently underway across
the UK, are just one reason why engineering specialists have been able to pick
between jobs and claim rates that are considerably above the market average.
Our analysis also found that engineering contractors are
staying in roles for longer than they have done in the past. While this could
be a result of the longer term nature of projects being undertaken, it also
suggests that professionals are focusing on skills development, rather than the
potential to earn more money. The contracting arena as a whole has faced unfair
criticism in recent years with some commentators suggesting individuals flit
between roles in order to earn improved levels of pay and these results highlight,
once again, that this stereotype is wholly incorrect.
However, while sentiment in the contracting arena is high as
a result of the ongoing demand for niche skills, it’s likely that contractors
will be relied on - not just to provide specialist expertise - but also to plug
gaps in the workforce where shortages have hit hardest. Even if there is a
monumental shift towards improving the numbers of students undertaking STEM
subjects at school and higher education, the UK is now deep in a development frenzy
and so contractors should be set to benefit for the foreseeable future. But
with only a finite amount of expertise to go around, projects could potentially
be threatened
if they continue to be commissioned at such a fast rate. A number of industries
are already heavily reliant on the niche skills of contractors and overseas
workers and more has to be done to get an increased number of experts operating
in the field in the future.
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