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Full-time independents increase 6.5% this year: MBO Partners

Full-time independents increase 6.5% this year: MBO Partners

SIA Editorial Staff
| October 15, 2024

Main article

The number of full-time independent workers rose 6.5% this year to 27.7 million, according to a new study by MBO Partners.

“This 6.5% growth in full-time independents signals a clear rejection of the traditional employer-employee social contract,” Miles Everson, CEO of MBO Partners, said in a press release.

“The concept of stable benefits, job security and mutual loyalty is unraveling,” Everson said. “Our study found that 65% of full-time independent workers feel more secure in their careers, and their confidence is reflected in their decision to pursue autonomy and forge their own paths.”

MBO Partners defines independent workers as consultants, freelancers, contractors, solopreneurs, microbusiness owners, temporary workers employed through staffing firms and on-call workers.

Full-time independent workers are those who work independently for more than 15 hours per week. However, the report also noted the overall the number of independent workers was roughly flat this year compared to last year. There were 72.7 million independent workers in total this year compared to 72.1 million in 2023.

Total independent workers remained flat because while full-time independents increased, the number of part-time independents and occasional independents declined:

  • The number of part-time independent workers — those who work 15 or fewer hours per week — fell 10% to 8.5 million this year.
  • Occasional independents, defined as those who do earn money periodically and irregularly but at least monthly by working independently, fell to 36.5 million in 2024 from 36.6 million in 2023.

This year marked the first time in 14 years of conducting the study that the number of part-time independents fell. Reasons include more part-timers becoming full-time independents and more part-timers returning to traditional employment.

“Historically, strong payroll jobs markets have pulled people back from independent work into full-time jobs,” the report stated. “On the other hand, strength of the economy at large often means there is more work to go around and greater demand for services.”

The report also noted a tailwind from structural changes supporting independent work, from online talent exchanges to platforms like MBO Partners itself. It also noted the number of occasional part-time independents has increased enough over the past four years that the law of large numbers kicked in, making additional growth difficult.

Other findings in the report include:

  • More use of talent platforms. Last year’s survey found that 40% of independents used online talent marketplaces, and 47% planned to do so in the next 12 months. This year’s survey found that 47% used such platforms, and 51% — a majority for the first time — planned to do so in the next 12 months.
  • Finding work. More than half of independents, 53%, said they found work through word of mouth. Another top way was social media at 43%.
  • More high earners. The number of independents earning more than $100,000 per year rose 2% to 4.7 million in this year’s report.

The survey took place in June and included 6,575 US residents, including 1,132 independent workers.