Independent Millennials Report Confidence in Career Path, Continue
Growing as an Economic Powerhouse
HERNDON, Va.–(BUSINESS WIRE)–As the U.S. economy continues to grow, the independent workforce is
happy, financially secure and maturing, according to MBO
Partners. The company today released its 9th annual State
of Independence in America Report, the country’s longest-running
end-to-end study of the American independent workforce.
Five key trends emerged from this year’s study:
-
Americans declare their independence: More than half of
full-time independent workers say they feel more financially secure as
independents than in traditional jobs, a record high. Seven in 10
full-time independents say they plan to continue their current path. -
The rise of the millennials: In the U.S., millennials – those
born between 1980 and 2000 – are displacing baby boomers in the
independent workforce. In 2019, millennials made up 38 percent of the
full-time independent workforce, up from 37 percent last year.
Boomers, many of whom are aging out of the workforce, fell from 35
percent to 33 percent. -
Independents pump the economy: Independent workers contributed
$1.3 trillion to the U.S. economy this year – close to the total GDP
of Spain. -
Technology helps independents do what they love: The digital
revolution is here. Word of mouth remains the top way that
independents find work, but nearly one in three independents say that
social media and online talent marketplaces are in their top three
methods. -
Americans #Hustle: More Americans are taking up a side hustle
to supplement their income, like driving for Uber or starting a
passion business. In 2019, these occasional independents rose in ranks
6.3 percent to 15 million. That number is up more than 40 percent
since 2016.
“Independent work continues to be a compelling way to make a living,
build valuable skills, find satisfaction, and contribute to economic
security for a growing number of Americans,” said Gene
Zaino, founder and CEO of MBO
Partners. “America is the land of opportunity, and for more than 40
million people, that opportunity means pursuing their passions and
enjoying flexibility as independents.”
Even as unemployment remains low, more Americans are turning to
independent work as a full-time career. Over the next five years, MBO
projects over half of the U.S. adult workforce will either be working or
have worked as an independent at some point in their career.
Full-time independents today have overwhelmingly chosen to pursue this
path. More than eight in 10 plan to continue this work or build a larger
business.
Independents are an economic force, generating 6.2 percent of U.S. GDP,
or more than the entire retail trade sector. About one in five full-time
independents – more than 3 million total – earn at least $100,000 per
year. Around 22 percent of full-time independents said they provided
goods or services to customers outside the U.S., up from just 13 percent
from 2016.
“This report highlights the critical role independent talent plays in
today’s economy and the need to include this category of high impact
talent within any organization’s workforce strategy,” said Bryan T.
Peña, chief of market strategy at MBO Partners. “The data confirms that
the demand for skilled independents continues to rise and we expect the
numbers of high-earning independents to rise as well.”
For more information or to obtain a copy of the 9th annual
State of Independence report, please visit https://www.mbopartners.com/state-of-independence/.
About MBO Partners
MBO Partners delivers solutions that make it safer and easier for
enterprise organizations and top independent professionals to work
together. Through its proprietary platform, MBO has built a
comprehensive workforce ecosystem that fuels both sides of the
independent economy. MBO strengthens relationships, minimizes risk, and
maximizes value for its clients. 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.
Contacts
Danielle Ruckert
206-607-1311
[email protected]
