How does the independent workforce change the game in America’s economy nowadays?
This powerful workforce is adding $715 billion annually to the economy through their freelance work, according to Freelancers Union.
The traditional 9-to-5 schedule has become a less common job schedule. Professionals have new opportunities, whether these concern work-life balance, flexibility, diversified project-based openings, access to an independent life, financial benefits and so on. Businesses in return, can access talent at the right time for the necessary time frame, and with the right skill sets.
The Infographic below reveals the 56.7 million freelancers in America, divided into 5 categories:
1. Independent Contractors (17.6 millions)
2. Diversified Workers (17.6 million)
3. Moonlighters (14.7 million)
4. Temporary Workers (3.4 million)
5. Freelance Business Owners (3.4 million)
This type of work causes economic changes: where there’s demand, there should be more work. However, there’s a cultural and social shift as well. “With effects on social structures around civil rights, workforce participation, and even democracy itself, so too will this shift to a more independent workforce have major impacts on how Americans conceive of and organize their lives, their communities, and their economic power.” – says the independent study commissioned by Freelancers Union & Upwork.
The US labor market is changing fast. Talent platforms are reducing the costs of finding talent, and they’re not only providing more work to freelancers but also growing economies. By 2025, these online talent platforms could boost global GDP by $2.7 trillion annually, according to a report released by the McKinsey Global Institute (MGI)
Millennials are the largest generation in the U.S. labor force that are driven by flexibility when it comes to when and where to work, and freelancing offers both. That is something we should take in consideration when looking for new talent.
This study from 2018, surveyed more than 6,000 U.S. workers and revealed new findings each year (starting in 2014) that showed us how much Americans spend on freelancing.