The State of Independence Report Includes Insights Into the Demographics, Income, Attitudes, and Motivations of America's Independent Workers
HERNDON, VA -- (Marketwired) -- Sep 29, 2015 -- MBO Partners, the largest and most experienced provider of independent contractor engagement solutions, released today its 2015 State of Independence in America Report.
The independent workforce, now boasting 30.2 million Independents aged 21 and over, continues to grow at a faster pace than overall American employment. These independents work on a full- or part-time basis each week doing work described as everything from freelance to independent consulting.
6 in 10 independent workers report that going independent was their choice completely. Some of the biggest draws to independent work include the freedom, flexibility and purpose that self-employment affords. In addition, 45% of independent workers report making more money than they would in a traditional job.
"The independent workforce is thriving, and we're predicting that it will expand at more than 5 times the rate of the overall employment growth in the United States in the next five years," said Gene Zaino, founder and CEO of MBO Partners. "Independent workers are a key driver of the American economy, producing $1.15 trillion in revenues each year, and we expect this number will continue to grow."
MBO Partners expects the independent workforce to swell to 38 million independent workers by 2020.
The 2015 State of Independence Report is the largest longitudinal study of its kind, tracking five-year growth based on more than 13,000 in-depth surveys of independent workers since 2011. The study provides insight into the attitudes, motivations, and demographics of America's self-employed workforce aged 21 and over who pursue independent work on a weekly or regular basis. Demographic breakdowns highlighted in the report include age, income, gender, and other factors.
This year's report looks specifically at several subsets of the full-time independent workforce, including those who make more than $100,000 each year in independent work. In 2015, 2.9 million of the 17.8 million Full-Time Independents (people who work 15 or more hours per week) earned more than $100,000, up 45% from 2 million in 2011.
The study also dives deep into the attitudes and motivation of Millennials, who make up 30% of the independent workforce, and are expected to pass Generation X to become the largest independent worker generation within the next two years. To date, there are 5.35 million Millennials working solo, compared to 1.9 million in 2011.
Reflecting changing attitudes about work in America, the majority of independents did not name money as a primary motivation for choosing to go solo. Of the independent workers surveyed, 72% reported that doing something they like is more important than making the most money, and 65% reported that flexibility is more important. Most independents are happier working solo than in traditional jobs.
As the independent workforce continues to grow as a key part of the US economy, MBO Partners works to make it easy for independents to run their businesses and engage seamlessly with clients.
About MBO Partners
MBO Partners is the industry's only complete business operating system for independent workers, offering technology solutions that make it easy for self-employed professionals and their clients to do business. By re-envisioning the entire contractor recruitment and engagement lifecycle, MBO improves how talented independents operate and succeed while helping enterprises reduce risk and get the best return on their contractor investments. To learn more, visit www.mbopartners.com.
High-resolution images, infographics, and video clips highlighting key points are available upon request.
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