This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

3 Things to Know About the Growth of a Freelance Nation

NEW YORK (TheStreet) -- You can expect 40% of the U.S. workforce to be freelancers (or more technically, "independent contractors" by the year 2020.

"Traditional employment will no longer be the norm, replaced by contingent workers such as freelancers and part-time workers," Intuit said back in 2010. "The long-term trend of hiring contingent workers will continue to accelerate, with more than 80% of large corporations planning to substantially increase their use of a flexible workforce."

By hiring freelancers on (mostly) a project basis, companies can better control workflow and not having to dig into reserves to pay for such things as employee health insurance and employer-based retirement plans.

Also see: We'll Risk Our Safety or Pay Up to $1,000 for Our Phones

Freelancers, meanwhile enjoy flexible schedules, no commute (in most cases) and have leverage salaried employees don't have, including a lower risk of losing all their income to a layoff or downsizing campaign, since most freelancers have multiple clients and can more easily absorb the loss of a single client.

Since you could be one of those four in 10 Americans freelancing, best to keep up on trends affecting them.

A new study, The Future of Work: Preparing for Independence, by the Career Advisory Board and MBO Partners, points to several key themes of interest to freelancers, would-be freelancers and companies of all shapes and sizes:

Also see: How to Use Social Media on Your Summer Job Search

Salaried workers are intrigued by the freelance lifestyle. "Career goals for contemporary professionals are changing and many are choosing self-employment in order to control the type of work assignments they pursue (67%), to have a greater sense of flexibility and work-life balance (64%) and to follow a passion (59%)," the study says.

A graying workforce? Freelancers "skew older in age than the overall workforce," the report adds. More than half of the survey respondents were boomers ages 51-66 (51%); another one-third were Gen Xers, ages 35-50 (30%); and only 4% were millennials, under the age of 35. That could be good news for younger workers, as more baby boomers leave the corporate world for the contractor life, opening up new, better-paid positions for the Gen X and millennial generations.

Social Media are not a factor. While some portions of social media are key to contractors' branding and reputation, Facebook, Twitter and LinkedIn, for starters, do not make money for them. "Just 6% said social media outreach led to paid project work," the study says. "Contract workers cited word-of-mouth referrals (82%) and assignments from former employers (47%) as their top two sources of project work."

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $113.29 0.33%
FB $91.01 1.43%
GOOG $630.38 -1.13%
TSLA $248.48 2.26%
YHOO $33.14 -1.63%

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs