Presented allow me to share relevant statistics and observations gleaned from your fourth annual “Freelancing in America” survey, conducted through the Freelancer’s Union. According for the organization, “Freelancing in America” may be the largest and a lot comprehensive measure of independent workers conducted from the 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 at the for-profit or not-for-profit organization or government agency.
Who we’re also
In 2017, 57.3 million individuals fellow citizens, representing 36% with the nation’s workforce, participated from the freelance economy and contributed $1.4 trillion towards the U.S. economy. The survey discovered that 63% freelance by choice, rather than by necessity, and luxuriate in 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 subsequent freelance categories:
Independent contractors (35%, 19.2million) — Full-time freelance consultants whose only wages are derived from client work
Diversified workers (28%, 15.2 million)– Freelancers who regularly do client work, and also perform other part-time work
Moonlighters (25%, 13.5 million)– Those who periodically handle freelance projects and traditional employment
Freelance company owners (7%, 3.six million)– Full-time freelancers who assemble ad hoc teams of freelancing specialists to make a consulting firm, in order that more complex and lucrative client work could be performed
Temporary workers (7%, 3.six million)
What we like
Time and cash impact careful analysis freelance. Flexibility is recognized as a significant benefit and it is favored by 60% of freelancers. Additionally, a lot more than 50% of workers who left full-time employment to freelance had the ability to earn more money inside 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 take action in 2018.
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 is known as inadequate, cash-flow is impacted and there could be a find it difficult to meet bills. Not surprisingly, the survey discovered that debt is additionally a worrisome matter.
Access to medical health insurance and saving for retirement really 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 is constantly disappear, the ranks of freelance consultants can just increase, causing us to be a fast-growing segment from the American workforce. Sadly, our government leaders are certainly not attentive towards the freelance community’s unique circumstances or our voting-bloc potential.
Eighty-five percent of survey respondents said they planned to vote from the 2018 mid-term elections. If that statistic is accurate, it’d represent nearly 49 million freelancer voters, greater than enough to influence congressional and gubernatorial elections. Seventy percent of survey respondents would favor that candidates and political representatives would address the requirements freelance professionals, because it doesn’t matter how lovely things could be for the chosen few who command lucrative project fees, we’re nevertheless quite vulnerable.
Freelancers receive no paid sick, vacation, or holiday time. We do not receive co-sponsored health care insurance or retirement benefits. Billable hours may have feast or famine fluctuations that wreak chaos on our cash-flow and capacity to meet important bad debts. The 57.3 million freelance consulting professionals inside the U. S. need political representation, advocates and activism.