Hourly Contract Rates Decline in 2012 in UK according to IQNavigator Analysis

Hourly Contract Rates Decline in 2012 in UK according to IQNavigator Analysis PR Newswire LONDON, Dec. 11, 2012 -- Improving economy and employment fail to put upward pressure on rates for temporary professional and clerical workers LONDON, Dec. 11, 2012 /PRNewswire/ -- The rates paid for professional, clerical and IT temporary staff in the UK has fallen despite the signs of economic recovery and higher employment, according to the UK Office IQNdex. The measure of hourly rates paid by large enterprises to staffing agencies for these temporary roles has dipped 3.3 points from the same time last year according to figures published today by IQNavigator, the leading provider of external workforce and services procurement solutions to Global 2000 companies. The UK Office IQNdex also indicates that the anticipated upward pressure on rates resulting from the initial costs of implementing Agency Worker Regulations – mandating equivalent compensation and benefits for temporary and permanent staff – appears to have been short lived. While it is clear that there are more professionals and clerical staff looking for work than there are jobs available, other factors that have restrained hourly rates include inflation that has trended downward from 4.2 per cent in December 2011 to 2.7 per cent in October 2012, along with limited pay increases. The UK Office IQNdex shows that there were bright spots and certain job functions in the IT sector bucked the trend.