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One in four contractors take pay cut in GFC

A new survey has found one in four Australian contractors have had to take a pay cut in the global financial crisis.

The Independent Professional (IPro) Index 2009 – a study of the attitudes, issues and trends of Australia’s professional contracting market – found that of the 256 contract professionals surveyed, one in four have taken a pay cut, just under half are having to be more flexible in their earnings expectations; and 38 percent have reported increased competition for work.

The research, conducted by Monash University and sponsored by Entity Solutions, found that despite these figures, the majority of independent professionals (IPros) said they are happy in their work and enjoy the freedom, variety and perceived earnings ability of self-employment. IPros rated a very positive mean score of 6.7 out of ten on the IPro Index for their attitudes across the five key areas of: lifestyle, well being, commitment to current clients, perceived support from clients, and industry-affecting trends.

Matthew Franceschini, CEO of Entity Solutions, said that while economic uncertainty had “created a situation where IPros have to be more flexible in their earnings expectations,” overall they remain a “happy group with strong job satisfaction and a very firm commitment to their clients.”

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Jessica Stanic

Jessica Stanic

Jessica has a background in both marketing and journalism and is dedicated to making the website the leading online resource for small to medium businesses with ambitions to grow.

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