A booming year for contractors on the back of strong demand from the healthcare and construction industry, as well as the overseas market, has seen digital payroll solution, Cool Company, report a 96% increase in year-over-year growth in Q1 2023. This demand has been driven by employers outsourcing their work to contractors in the wake of widespread redundancies globally.
One of the key areas of growth was in the healthcare sector where there is an acute need for medical staff to treat the growing number of patients, with Cool Company reporting a 300% rise in registrations from this sector. Similarly, the constant demand for more housing to accommodate an ever-growing population requires more people to build them resulting in a 271% increase in construction contractor registrations year-on-year. And a 205% uptick in education sector registrations was also reported.
The company’s strong start to 2023 was backed up by business-to-business growth, which rose 135% over the same period versus 2022.
Cool Company also saw an uptick in the number of timesheets processed, climbing 56% in Q1 compared to a year earlier. In addition, the number of contractors employed grew by 55% during this time.
This reflects a positive beginning to the year, which has continued from a successful 2022. The strong growth has been driven primarily by increased demand from overseas clients.
Cool Company also announced it will also be launching an innovative new user interface for contractors. The new platform is highly user-friendly and has a better and more modern design to make it stand out from the competition. And the digital payroll solution is also focusing on expanding its UK teams in both customer service and sales to keep up with the increased demand.
Kris Simpson, Country Manager UK at Cool Company, comments: ‘Cool Company continues to go from strength to strength, as borne out by our latest results.
‘At Cool Company, we are always striving to both improve our support to contractors while continuing to ensure our services are above and beyond those offered by our competitors. We’ve been working to improve our platform and are excited to launch the update in the coming months.
‘It’s also encouraging to see such strong results across all parts of the business. A key driver in this is the increase in contractor registrations, particularly in healthcare, construction and education.
‘The outlook for 2023 looks even better if we continue on this growth trajectory.’
