A snapshot of the $1.2 trillion freelance financial system within the U.S. in 2020
Upwork’s seventh annual research entitled Freelance Ahead surveyed greater than 6,000 U.S. employees over the age of 18 and located that 59 million Individuals carried out freelance work up to now 12 months, representing 36% of the U.S. workforce, a rise of two million freelancers since 2019. It was carried out June 15 to July 7.
Key findings provide stunning tendencies. Amongst them:
- Freelancing will increase incomes potential: Of those that give up their full-time job with a view to freelance, 75% say they earn the identical or extra in pay than once they had a conventional employer.
- Professionals are prone to think about freelance work sooner or later: 58% of non-freelancers who’re new to distant work as a result of pandemic are actually contemplating freelancing sooner or later.
- Younger adults are turning to freelancing for financial alternative: Amid a troublesome job marketplace for latest school graduates, half of the Gen Z workforce (age 18-22) have freelanced up to now 12 months, and of these, greater than a 3rd (36%) began for the reason that onset of Covid-19.
- Extra professionals are freelancing full-time: The share of unbiased professionals who earn a dwelling freelancing full-time has elevated 8 proportion factors to 36% since 2019.
- Freelancing helps to hone abilities: 59% of freelancers have participated in abilities coaching within the final six months vs. 36% of non-freelancers.
- Corporations of all sizes flip to freelancers: There’s a burst in demand for folks to help buyer providers in addition to ecommerce improvement, net and cell design.
In accordance with Upwork president and CEO Hayden Brown, “It is not stunning freelancing is on the rise on this period of uncertainty.”
She famous one other driver is the expansion in distant work. “We anticipate this development to proceed as corporations more and more depend on freelancers as important contributors to their very own operations.”
Freelance jobs most in demand right now are in computer systems/arithmetic, and in finance/enterprise operations, in keeping with the report. Even earlier than Covid-19, 26% of freelancers labored solely distant and 46% labored remotely greater than half the time.
“The altering dynamics to the workforce that has occurred in the course of the disaster display the worth that freelancing supplies to each companies and employees,” added Adam Ozimek, Upwork’s chief economist. Disruptions in training have made flexibility key throughout a time when calls for for baby and elder care, together with job obligations, have grown.
Society’s notion about freelance can be altering. Seventy-one p.c of freelancers say perceptions of freelancing as a profession have gotten extra optimistic, the survey revealed.
In the meantime, 67% of full-time freelancers say that freelancing has ready them to deal with the uncertainty of the coronavirus pandemic higher than these in conventional jobs.
Here is a snapshot of the freelance financial system: