The independent workforce continues to grow and mature, even as the economy continues to rebound and the unemployment rate declines, according to MBO Partners, the nation's largest provider of business services and tools to the self-employed and companies who engage them.
According to the 2017 State of Independence in America Report, the total number of self-employed Americans aged 21 and above rose to 40.9 million in 2017, up 2.8 percent from 2016. Independents, who now represent about 31 percent of the U.S. civilian labor force, are distributed across every demographic, age, gender, skill and income group.
Want to learn more about the independent workforce? Check out these infographics from MBO Partners, or read up on the latest from BenefitsPRO:
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High-earning independents
The number of high earning independents rose for the sixth year in a row. Ongoing economic expansion enables those whose skills are in high demand to get more work and to command a premium for their services.
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Now, 3.2 million full-time independents make more than $100,000 annually, up 4.9 percent from 2016 and an annualized increase of more than 3 percent each year since 2011. This population now represents nearly one in five full-time independents.
Millennials
Millennials, who have surpassed baby boomers as the nation's largest demographic cohort, are becoming a growing influence in the American labor force. As baby boomers retire and millennials age into work, younger workers are accounting for a larger share of the working population.
And that means that their preferences, work styles and goals are having an increasingly significant impact on the culture of work.
Gender
Men and women are equally as likely to pursue independent work. The gender composition of the independent workforce is 53 percent men and 47 percent women.
But men and women often express different motivations and feelings about independent work. Men were more likely than women to note that they love being their own boss (69 percent vs. 55 percent) and to say they don't like answering to a boss (65 percent vs. 57 percent).
While 54 percent of men report they earn more money working on their own than at a traditional job, only 43 percent of women said so. Men also say they are more secure working independently, by a 52 percent to 39 percent margin. Women were significantly more likely to note that flexibility was a more important motivator for independent work than men (74 percent vs. 59 percent).
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