Leading talent marketplace for freelance marketers releases 2022 report findings, in partnership with Opinium, to showcase freelancers’ thoughts on mental wellness, the economic downturn, the big quit and more
LOS ANGELES, Oct. 18, 2022 (GLOBE NEWSWIRE) — GrowSuchthe market to hire high-end marketing professionals faster and more efficiently, today announced its findings from The Second Annual GrowTal Report “The state of self-employment”, a survey of self-employed skilled service workers. Made in collaboration with opinionAward-winning global insights agency, GrowTal’s second annual “State of Freelancing” report showcases hundreds of freelancers’ answers to various questions related to both freelancers and freelancers in marketing.
The main findings of GrowTal’s Second Annual Report “The State of Freelance Work” included:
-
79% of freelancers have noticed an improvement in their mental well-being, rising to 84% among freelancers aged 18-41 (Gen Z or Millennials)
-
57% of freelancers are not interested in leaving freelance to focus on a traditional job
-
64% of freelancers surveyed say they voluntarily quit their traditional job to pursue self-employment, up from 50% in the survey 2021
-
71% of freelancers are concerned about the impact inflation is having or could have on their work
-
72% have found it less difficult to find job opportunities during this period of high inflation.
-
The top payment methods for freelancers are PayPal (51%), cash (45%), electronic funds transfer (33%), paper check (26%), Zelle (23%), and Venmo (22%).
-
95% of surveyed freelancers do not cite crypto as their preferred payment method, compared to 92% among Gen Z and millennial freelancers.
-
81% of freelancers believe that being self-employed will become more and more common in the future
The allure of freelancing
Compared to a traditional job, freelancing is more conducive to a useful career aligned with your passions. Eight in ten (82%) freelancers have found their freelance work more useful or satisfying than their experience working in a traditional job (14%). Freelancing is also more financially rewarding. Half (52%) say their freelance work is more financially rewarding than working a traditional job (39%).
Additionally, nine in ten (89%) agree that being self-employed allows them to pursue their passion. Self-employment is an opportunity to build a career around something you care about, which is often difficult to achieve in the traditional workforce.
Mental Wellness
Beyond finding freelance work financially and professionally rewarding, eight in ten (79%) freelancers have noticed an improvement in their mental well-being. This rises to 84% among freelancers ages 18-41 (Gen Z or Millennials). This represents an increase of ten percentage points from the 2021 State of Freelancing Report, where 69% said their mental well-being has improved since freelancing.
Effect of inflation on the self-employed
Freelancers are concerned about the impact inflation has or could have on their work (71%); only 10% of freelancers are not worried about it. Marketing freelancers are slightly less concerned about inflation than other skilled service freelancers who don’t offer a marketing service (68% vs. 75%).
For many freelancers, inflation has forced them to adapt their business strategy to hedge against higher costs. One way freelancers have adapted is by maximizing potential income streams. While those with traditional jobs rely on their employers to offer bonuses or pay raises during times of high inflation, freelancers rely on themselves to make extra money. A third (34%) of freelancers have sought additional avenues to freelancing, such as learning a new skill set to expand their offerings.
A “silver lining” for freelancers in the economic downturn, respondents say some companies have outsourced work to cut costs. Furthermore, one in five (19%) freelancers say that this period of high inflation has positively impacted their work because it has created more opportunities.
Great tendency to resign
Freelancers are less interested in leaving freelancing for traditional work compared to last year’s State of Freelancing report. In this year’s report, three in five (57%) freelancers are not interested in leaving freelancing to focus solely on a traditional job, while one in five (21%) would be interested in doing so.
Meanwhile, in 2021, two-fifths (37%) of freelancers expressed an interest in leaving freelance work for a traditional career (+16pp). This suggests that retention rates in self-employment are increasing. Having decided to step away from the traditional workforce, freelancers are increasingly unlikely to look back.
Being self-employed will be more common in the future
Workers have found countless benefits from being self-employed, including the ability to pursue their passion, manage their careers, and find better mental well-being (to name a few). With such a strong track record, it’s understandable why eight in ten (81%) self-employed people believe that being self-employed will become more common in the future.
“We are very excited to publish the second annual GrowTal 2022 State of Freelancing report. It’s no surprise to see that so many freelancers are finding satisfaction in this chosen line of work. We are excited to be a small part of the larger ecosystem that is helping experts improve their mental health and financial well-being through self-employment,” said Bryan Karas, CEO and Founder of GrowTal.
“As an entrepreneur and entrepreneur, moving from the corporate world to high-end freelancing has been a life-changing experience for me. In addition to the usual benefits (quality of life, lack of commuting, etc.), it has allowed me to work on multiple projects simultaneously, increase my knowledge base, and allow my core business to grow. Having a partner like GrowTal who can help me with the business development aspect of my job only makes it more efficient and profitable,” said Michael D’Elicio, CEO, Dweeso Digital Marketing and Marketing Freelancer, GrowTal.
Report Dataset
Opinium surveyed 219 qualified service freelancers between Wednesday, August 24the2022, and Tuesday, September 6the, 2022, on behalf of GrowTal, Inc. Qualified independent service refers to services that require a certain set of skills, additional training, or education in order to be competently provided. This definition excludes self-employment such as food delivery (eg DoorDash), dog-watching (eg Rover), etc.
Freelancers who offered the following services were classified as Marketing Freelancers: Branding, Public Relations, Paid Social Media Advertising, Social Media Management, Search Engine Optimization, Conversion Rate Optimization, Marketing Strategy/Interim Director , Programmatic Marketing, Product Marketing, Ecommerce Retention & Strategy, Amazon Presence Management, Email Marketing, Direct Mail Marketing, Native Advertising Marketing, Copywriting/Content Marketing, Web Development, Graphic Design, Creative Advertising, Design of the USA and data analysis.
To download the full report, visit https://www.growtal.com/the-state-of-freelancing-2022/.
About GrowTal
GrowSuch is the go-to talent marketplace for hiring the best remote marketers in the most streamlined way. GrowTal connects businesses with top marketing talent without costly recruiting efforts or the risk and commitment that come with traditional hiring practices. The GrowTal platform finds, evaluates, and connects independent contractors who provide marketing and other professional services with clients and organizations seeking their expertise.
Founded in 2019, GrowTal is led by its founder Bryan Karas, a former Facebook executive and current CEO of the digital marketing agency. Multimedia playbook. GrowTal is based in San Francisco and is backed by private investors. For more information visit GrowTal.com or follow us on LinkedIn, Twitter, FacebookY Instagram.
About Opinium Research LLP
Founded in 2007 opinion is an award-winning strategic information agency based on the belief that in a world of uncertainty and complexity, success depends on the ability to stay on top of what people to think, feel Y do. Creative and inquisitive, the Opinium team is passionate about empowering clients to make the decisions that matter. Opinium works with organizations to define and overcome strategic challenges, helping them become familiar with the world in which their brands operate. He uses the right approach and methodology to deliver sound insights, strategic advice, and targeted recommendations that drive positive change and results.
Opinium was the most accurate investigative agency in the EU referendum, the 2019 UK general election and the 2016 London mayoral election.
Media Contact:
John McCartney
Jmac PR for GrowTal
646.280.8573
[email protected]
