Presented here i will discuss relevant statistics and observations gleaned through the fourth annual “Freelancing in America” survey, conducted with the Freelancer’s Union. According towards the organization, “Freelancing in America” will be the largest and quite a few comprehensive measure of independent workers conducted inside U.S. The online survey queried 6002 U.S. adults who had engaged in full or part-time freelance work between August 2016 and July 2017. Freelancing was looked as temporary, project-based, or contract work performed in a for-profit or not-for-profit organization or government agency.
Who we have been
In 2017, 57.3 million of the fellow citizens, representing 36% on the nation’s workforce, participated inside freelance economy and contributed $1.4 trillion to your U.S. economy. The survey found out that 63% freelance by choice, rather than by necessity, and have this way of working. Freelancers reported feeling tolerant of our work and 79% preferred freelancing to traditional employment. We’re more inclined than traditionally employed workers to feel respected, empowered and engaged in our working environment. The survey designated the next freelance categories:
Independent contractors (35%, 19.a million) — Full-time freelance consultants whose only earnings are derived from client work
Diversified workers (28%, 15.2 million)– Freelancers who regularly do client work, but additionally perform other part-time work
Moonlighters (25%, 13.5 million)– Those who periodically undertake freelance projects and traditional employment
Freelance business people (7%, 3.six million)– Full-time freelancers who assemble ad hoc teams of freelancing specialists to create a consulting firm, making sure that more complex and lucrative client work could be performed
Temporary workers (7%, 3.six million)
What we like
Time and cash impact the conclusion to freelance. Flexibility is known as a significant benefit and is also favored by 60% of freelancers. Additionally, a lot more than 50% of workers who left full-time employment to freelance made it possible to earn more money in the first year of freelancing than was earned in traditional employment. Forty-six percent raised their project fees and hourly rates in 2017 and 54% said they planned to accomplish this in 2018.
Serious challenges
Sill, cash is an issue for freelancers. Survey respondents reported that adequate billable hours, negotiating fair project fees or hourly rates and receiving timely payment of invoices (or receiving full payment) may be problematic.
On average, full-time freelancers log 36 billable hours/week. When the billable hourly rate or project fee may be known as inadequate, cash-flow is impacted and there may be a find it difficult to meet debt. Not surprisingly, the survey found out that debt is additionally a worrisome matter.
Access to health care insurance and saving for retirement certainly are a challenge. Full-time freelancers rank medical and insurance as primary concerns; 20% have no medical insurance savings.
Shaping the future
As traditional full-time, middle class paying employment carries on disappear, the ranks of freelance consultants are only able to increase, causing us to a fast-growing segment with the American workforce. Sadly, our government leaders usually are not attentive on the freelance community’s unique circumstances or our voting-bloc potential.
Eighty-five percent of survey respondents said they planned to vote inside the 2018 mid-term elections. If that statistic is accurate, it might represent nearly 49 million freelancer voters, a lot more than enough to influence congressional and gubernatorial elections. Seventy percent of survey respondents would like that candidates and political representatives would address the requirements of freelance professionals, because however lovely things could be for the chosen few who command lucrative project fees, we’re also nevertheless quite vulnerable.
Freelancers receive no paid sick, vacation, or holiday time. We do not receive co-sponsored medical health insurance or retirement benefits. Billable hours can offer feast or famine fluctuations that wreak chaos on our cash-flow and power to meet important bad debts. The 57.3 million freelance consulting professionals inside U. S. really need political representation, advocates and activism.