Presented listed below are relevant statistics and observations gleaned in the fourth annual “Freelancing in America” survey, conducted because of the Freelancer’s Union. According towards the organization, “Freelancing in America” may be the largest and the majority comprehensive measure of independent workers conducted inside 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 thought of 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 in our fellow citizens, representing 36% on the nation’s workforce, participated within the freelance economy and contributed $1.4 trillion on the U.S. economy. The survey discovered that 63% freelance by choice, rather than by necessity, and revel in this way of working. Freelancers reported feeling loving toward our work and 79% preferred freelancing to traditional employment. We’re more probable 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, but additionally perform other part-time work
Moonlighters (25%, 13.5 million)– Those who periodically accept freelance projects and traditional employment
Freelance companies (7%, 3.six million)– Full-time freelancers who assemble ad hoc teams of freelancing specialists to create a consulting firm, to ensure that more complex and lucrative client work could be performed
Temporary workers (7%, 3.six million)
What we like
Time and funds impact current debts freelance. Flexibility may be known as a significant benefit which is favored by 60% of freelancers. Additionally, greater than 50% of workers who left full-time employment to freelance could actually 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 take action 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 is known as inadequate, cash-flow is impacted and there is usually a find it difficult to meet bills. Not surprisingly, the survey found out that debt is additionally a worrisome matter.
Access to medical care insurance and saving for retirement can be a challenge. Full-time freelancers rank medical and dental insurance plans as primary concerns; 20% have no medical care insurance savings.
Shaping the future
As traditional full-time, middle class paying employment is constantly on the disappear, the ranks of freelance consultants is only able to increase, causing us to a fast-growing segment on the American workforce. Sadly, our government leaders will not be 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, in excess of 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 regardless of how lovely things can be for the chosen few who command lucrative project fees, were 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 may have feast or famine fluctuations that wreak harm on our cash-flow and power to meet important obligations. The 57.3 million freelance consulting professionals inside U. S. really need political representation, advocates and activism.