There is now only a matter of months until IR35 legislation changes come into play. In addition to the thousands it is costing them to prepare, businesses are now starting to raise concerns regarding the loss of their top talent when IR35 legislation changes come into place in April 2021.
IR35 Legislation Changes and a Contractor Slump
Recent survey suggest that ‘2% of medium and large private sector organisations are concerned about losing current temporary workers’. Meanwhile, 62% are concerned that they ‘will not be able to attract skilled contractors and temporary workers’ come April 2021.
Quite worrying figures. With news of contractors leaving the contracting life behind and large firms halting off-payroll contractors due to IR35 changes, it seems that the concerns expressed in this survey may be justified.
Whether voluntary, or because companies wish to save themselves the time-consuming, expensive job of IR35 assessments, it seems that the top talent could be disappearing from the contracting market.
Understandably, for businesses who rely on contractors for their everyday operations, this raises considerable concerns. Will they lose their top talent? How much will such a loss cost them? Where will they fill the void left by off-payroll contractors? And, perhaps most importantly, can they somehow retain their top talent?
Can businesses retain top talent after IR353 changes?
Businesses will be relieved to hear that it is possible to retain your top talent in spite of IR35 reform.
To do so, companies need to provide contractors with reassurance that their contract, benefits and stability will not be jeopardised by IR35 and that there will be a smooth transition within the business. This means waving bye-bye to shortcut blanket-approaches and instead assessing each contract on its individual terms
This is where Optimus Shield comes in…
Our highly developed IR35 protection service has the ability to assess the IR35 status of a contract and offers an end to end process for the supply chain – mitigating all risk. Our bespoke service is insurance backed and also includes personal protection insurance for contractors in the event of a HMRC investigation.
By using this service, businesses and recruitment agencies alike can offer full peace of mind for contractors while ensuring that they maintain their competitive edge in their marketplace and retain their top talent.
To find out more about our service and how we can help you retain your top talent amidst IR35 legislation changes, please fill in the form below. Alternatively, give us a call on 03333 449 571.