The Analysis, Part of the Annual State of Independence Series, Examines a Fundamentally Transformed American Labor Market
HERNDON, VA -- (Marketwired) -- Jun 30, 2015 -- MBO Partners, the largest and most experienced provider of independent contractor engagement solutions, today announced the first release of data from its 2015 State of Independence in America research. MBO Partners will release the full State of Independence Report, with additional findings tracking five years of data on the independent workforce, in the fall. The topline data demonstrates that the full-time independent workforce, with close to 18 million workers earning a significant portion or all of their income outside of traditional employment, is a permanent and rapidly growing portion of the American economy. In addition to these full-time independents, there are 12.5 million "side-giggers," who take on part-time independent work.
High-earning independent workers now represent 10% of all independents and are the fastest-growing segment. The number of independents earning $100,000 or more per year has grown 45% over the last five years, totaling 2.9 million people.
The American economy is bouncing back, but in a fundamentally different form from what it looked like pre-recession. The independent workforce, a small portion of the overall labor pool before the recession, has seen unprecedented growth, outstripping traditional employment gains and jobs report numbers despite some predictions that a recovery in the job market would lure independents back to traditional employment. Overall, the independent workforce has recorded 12% growth, compared to 7% growth in overall employment over the last 5 years. This trend is forecasted to continue, as 4 in 5 independents plan on staying independent, and 1 in 7 non-independents plan to join that group in the coming years.
"As this first look at the State of Independence research shows, the independent workforce is a rapidly growing population of high-income professionals," said Gene Zaino, founder and CEO of MBO Partners. "Nearly 18 million Americans are independent workers, and with 79% saying they are happier working independently than in traditional jobs, we expect this trend to continue."
When evaluating the independent lifestyle, a majority of independents say that it was entirely their choice to go independent, and 4 in 5 say they are happier for it. Flexibility and ownership are major draws to independent work, as is earning potential. With multiple revenue streams from an average of four or more clients, 4 in 10 workers say they feel more secure working independently than in a traditional job.
Tracking five-year growth, the MBO Partners State of Independence series is based on more than 14,000 in-depth surveys of independent workers since 2011. The study evaluates the motivations, satisfaction, and demographics of those working as independent consultants, freelancers, contractors, and self-employed, temporary, or on-call workers.
As the number of independents grows as a major part of the new American workforce, MBO Partners continues to support them by providing the technology and services they need to start and run their business, from payroll to contracts to accounting.
About MBO Partners
MBO Partners is the leading provider of solutions that empower the independent workforce. We make it easy for self-employed professionals and their clients to do business. For independent consultants, freelancers and micro-service companies, MBO Partners delivers the tools, systems and processes that manage their entire business infrastructure. For the enterprise, and other organizations that use contract talent, MBO Partners provides a complete independent contractor aggregation and engagement offering, including compliance and payment solutions for 1099s, sole proprietors and micro-businesses. Our platform includes contract administration, service provider revenue cycle management, expense management, tax withholding, and access to valuable resources such as business insurances, health and retirement benefits and more. We couple this with the "white glove" attention of a dedicated business manager for every consultant and a seasoned account team for enterprise programs. To learn more, visit: www.mbopartners.com.
The annual State of Independence Report tracks the rise of the independent workforce in America. To learn more, visit: www.mbopartners.com/state-of-independence.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2849832
Contact: Michael Dolmatch 212-784-5709 [email protected]
NewsMaker is an Australian Press Release Distribution and Social Media Marketing service founded in 2004. The company today represents over 22,000 brands who seek to share their content with journalists, bloggers and the community.
P: +61 414 69 70 71