London & Cardiff – 26 July 2022 – Contract work may be on the rise following the Covid pandemic, but freelancers are still having to wait three times longer to get paid than full time staff as firms struggle with both cashflow and payroll issues, research shows.
Embedded finance and payment solutions provider, Sonovate, found that 53% of all small and medium sized businesses (SMEs) currently use, or have previously used, contractors – with this figure increasing to 81% when looking at just medium sized businesses. However over a quarter (27%) of SMEs admit to taking over 90 days to pay their contract staff – three times longer than the average time for permanent employees. Surprisingly, this figure increases to 37% among medium sized businesses (50-249 employees), which are often expected to have more predictable cashflow and therefore be able to make more regular, timely payments.
TO READ THE FULL ARTICLE, PLEASE VISIT: https://www.sonovate.com/media-coverage/contractors-and-freelancers-wait-3-times-longer-to-get-paid/
NB: The survey was conducted by Opinium, on behalf of Sonovate and surveyed 500 senior decision makers at small and medium sized enterprises (between 1-249 employees). Of which, 264 currently or have used freelance/contract workers in the past.
CONTACTS: Kitty Guillaume, Karen Lester or Carmen Dixon, Seven Consultancy [email protected]
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