How workers think about and approach work has been evolving over the past decade, with more and more people choosing to be independent workers. The global pandemic has accelerated the Great Realization, a trend in which workers are re-examining the ways they choose to pursue careers, find professional and personal fulfillment, and manage their income and lifestyles. The State of Independence study supports this, with more than a decade of data showing that people who choose to work independently find high levels of satisfaction, work-life balance, and even report feeling happier, healthier and more financially secure than traditional workers.
This year’s study showed five key insights about the rise of independent work.
- Side hustle to the rescue. The economy has reopened but many Americans are unemployed or have had their hours reduced. Seventy-three percent (73%) of those who started working as a part-time independent indicate supplementing their income as the reason.
- Women respond to the “shecession”. Data from the Institute for Women’s Policy Research showed that 11 million women lost their jobs during this pandemic. Women fought back by seeking work that afforded them to earn income in a way that fits into their demanding schedules. Over half (55%) of the new independents identify as female.
- Risk is relative. The pandemic reinforced a growing view that traditional jobs are riskier and less secure than they once were. This view is reflected in the study with 68% of full-time independents indicating that working independently is more secure than having a traditional job.
- Younger generations lean into freedom. About two-thirds (68%) of new independent workers, who started their business in the past year are Gen Zers (aged 18-25) or Millennials (aged 26-40).
- This way to independence. Today the road to independence has become easier and cheaper thanks to online platforms and companies embracing the independent workforce. Among those who began as independent workers over the prior year, 40% report using online talent platforms that make it easier for workers and enterprises to do business together. Further, 72% cite social media as an important tool for building their brand and reputation.
MBO Partners launched this research in 2011 when independent work was still something of a novelty, more often than not a necessity driven by economic circumstances. Today, independent work is not only mainstream but a critical tool for enterprises to become a client of choice.
“The pandemic accelerated an inevitable tipping point for the modernization of work, as evidenced by the 51 million independent workers in America,” said Miles Everson, CEO of MBO Partners. “In the new work landscape, independence is not only mainstream, but a vital part of the American economy and workforce.”
MBO Partners will release the full 2021 State of Independence study in the fall. To obtain a copy of the brief, please visit https://www.mbopartners.com/state-of-independence/.
About MBO Partners®
MBO Partners is a deep jobs platform that connects and enables independent professionals and microbusiness owners to do business safely and effectively with enterprise organizations. Its unmatched experience and industry leadership enable it to operate on the forefront of the independent economy and consistently advance the next way of working.
For more information, visit mbopartners.com
SOURCE MBO Partners