Around 31% of SME owners in the United Kingdom consistently fail to pay their freelancers and contractors in time, mainly due to delayed payments from their own clients and also because of outdated payment infrastructures, which impact their ability to pay on time.
Revealing this, a report from Sonovate, a London-based contingent workforce funding solutions provider and lender, said that the concerned SME owners need to embrace innovative digital and integrated solutions and discard inefficient legacy systems so that they don’t miss out on talent as almost half (48%) of UK’s contract workers refuse to continue to work for a firm that doesn’t pay on time..
