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Parable of the Pipeline
It takes less than 10 minutes to sign up for this opportunity. See for yourself how easy it is to make extra money and earn a residual income!
How to Make Money from Home
How to Make Money from Home with an Online Job
Online jobs, as defined in this post, are jobs that offer you the ability to work from home using your computer and in some cases, your computer and telephone. Employers pay you to perform work that you complete over the Internet and allow you to make money from home.
Companies such as Monster and LinkedIn the starting point when it comes to using the internet to find talent, according to Elance CEO Fabio Rosati. In the future, it will be common for businesses not only to identify candidates online, but also to interview, hire and work with them at a distance. "The initiation of the search begins online already," he told GigaOM in an interview. "The piece that we predict will be accelerating is the amount of hiring that will actually be completed online to result in an online working relationship. Within a few years, your ability to work remotely will be so extraordinarily compelling that we will literally not even feel the need to meet in person."
Half of businesses will have online teams by 2020. Both a recent survey from Elance competitor oDesk and recent comments made to GigaOM by Gene Zaino, CEO of MBO Partners, have indicated that businesses increasingly see hiring contractors as a long-term strategy and competitive advantage, rather than a short-term stopgap or simple cost-cutting measure. Elance apparently agrees with Rosati explaining how more and more businesses will come to see the benefits of online hiring and come to view the practice as a normal, if not essential, business practice.
"We estimate probably less than ten percent of businesses have online teams right now. We are pretty much at the same stage where eCommerce was at the beginning of the last decade," he said. "Around 2000 probably one in ten had a website and an online presence. By the end of the decade about half of businesses had an online presence and if they didn't, they were planning to. We believe the same thing is happening to building online teams and having workers who work for you in the cloud. In the next eight years we're going to see substantial acceleration of this trend and it will become a mainstream phenomenon."
Online advertised vacancies were up 155,900 to 5,060,100 in June, according to The Conference Board Help Wanted OnLine® (HWOL) Data Series. The May Supply/Demand rate stands at 2 unemployed for each vacancy, with a total of 4.9 million more unemployed workers than the number of advertised vacancies. The number of unemployed was 9.8 million in May.
"The June increase of 155,900 is positive news. However, the net effect is that labor demand was basically flat for the first six months of 2014," said June Shelp, Vice President at The Conference Board. "There is churn in the labor market as people change jobs. Most of the gains since last June were in the lower-paying service jobs, not the higher-paying professional jobs."
Since June 2013, advertised vacancies for professional jobs dropped by almost 80,000 while service/production jobs gained a total of 170,000 vacancies. Since last June, employer demand has been down for the higher-paying professional jobs (where the average pay ranges from $34/hour to $53/hour). Professional occupations like managers (-8,300), business and finance workers (-11,200), and even computer workers (down 51,000) all dropped. In contrast, lower-paying jobs (where the pay ranges from just over $10/hour to $20/hour) gained. Transportation workers (+73,000), office support (+42,100), production workers (+19,300), and construction (+19,300) all rose. (See Table 7 for the year-to-year movement and average salaries for all major occupations.)
How to Make Money from Home with Online Business Opportunities
Online advertising, also called Internet marketing or Internet advertising, is a form of marketing and advertising which uses the Internet to deliver promotional marketing messages to consumers. It includes email marketing, search engine marketing (SEM), social media marketing, many types of display advertising (including web banner advertising), and mobile advertising.
Like other advertising media, online advertising frequently involves both a publisher, who integrates advertisements into its online content, and an advertiser, who provides the advertisements to be displayed on the publisher's content. Other potential participants include advertising agencies who help generate and place the ad copy, an ad server who technologically delivers the ad and tracks statistics, and advertising affiliates who do independent promotional work for the advertiser.
Online advertising is a large business and is growing rapidly. In 2011, Internet advertising revenues in the United States surpassed those of cable television and nearly exceeded those of broadcast television. In 2012, Internet advertising revenues in the United States totaled $36.57 billion, a 15.2% increase over the $31.74 billion in revenues in 2011. U.S. internet ad revenue hit a historic high of $20.1 billion for the first half of 2013, up 18% over the same period in 2012. Online advertising is widely used across virtually all industry sectors. This is how to make money from home if you are skilled at marketing or can learn the tips and tricks.
Types of ways to make money from home include:
· Advertiser
· Affiliate Manager
· Affiliate Marketer
· Blogger
· Membership Site Owner
· Online Publisher (Self-employed)
Conclusion
I have explained how to make money from home with online jobs as well as painted a picture of the future for online employment.
Using the right resources, you can earn a part-time or a full-time income working from the comfort of your home.
Click here to learn how to make money from home with an online job.
Online jobs, as defined in this post, are jobs that offer you the ability to work from home using your computer and in some cases, your computer and telephone. Employers pay you to perform work that you complete over the Internet and allow you to make money from home.
Companies such as Monster and LinkedIn the starting point when it comes to using the internet to find talent, according to Elance CEO Fabio Rosati. In the future, it will be common for businesses not only to identify candidates online, but also to interview, hire and work with them at a distance. "The initiation of the search begins online already," he told GigaOM in an interview. "The piece that we predict will be accelerating is the amount of hiring that will actually be completed online to result in an online working relationship. Within a few years, your ability to work remotely will be so extraordinarily compelling that we will literally not even feel the need to meet in person."
Half of businesses will have online teams by 2020. Both a recent survey from Elance competitor oDesk and recent comments made to GigaOM by Gene Zaino, CEO of MBO Partners, have indicated that businesses increasingly see hiring contractors as a long-term strategy and competitive advantage, rather than a short-term stopgap or simple cost-cutting measure. Elance apparently agrees with Rosati explaining how more and more businesses will come to see the benefits of online hiring and come to view the practice as a normal, if not essential, business practice.
"We estimate probably less than ten percent of businesses have online teams right now. We are pretty much at the same stage where eCommerce was at the beginning of the last decade," he said. "Around 2000 probably one in ten had a website and an online presence. By the end of the decade about half of businesses had an online presence and if they didn't, they were planning to. We believe the same thing is happening to building online teams and having workers who work for you in the cloud. In the next eight years we're going to see substantial acceleration of this trend and it will become a mainstream phenomenon."
Online advertised vacancies were up 155,900 to 5,060,100 in June, according to The Conference Board Help Wanted OnLine® (HWOL) Data Series. The May Supply/Demand rate stands at 2 unemployed for each vacancy, with a total of 4.9 million more unemployed workers than the number of advertised vacancies. The number of unemployed was 9.8 million in May.
"The June increase of 155,900 is positive news. However, the net effect is that labor demand was basically flat for the first six months of 2014," said June Shelp, Vice President at The Conference Board. "There is churn in the labor market as people change jobs. Most of the gains since last June were in the lower-paying service jobs, not the higher-paying professional jobs."
Since June 2013, advertised vacancies for professional jobs dropped by almost 80,000 while service/production jobs gained a total of 170,000 vacancies. Since last June, employer demand has been down for the higher-paying professional jobs (where the average pay ranges from $34/hour to $53/hour). Professional occupations like managers (-8,300), business and finance workers (-11,200), and even computer workers (down 51,000) all dropped. In contrast, lower-paying jobs (where the pay ranges from just over $10/hour to $20/hour) gained. Transportation workers (+73,000), office support (+42,100), production workers (+19,300), and construction (+19,300) all rose. (See Table 7 for the year-to-year movement and average salaries for all major occupations.)
How to Make Money from Home with Online Business Opportunities
Online advertising, also called Internet marketing or Internet advertising, is a form of marketing and advertising which uses the Internet to deliver promotional marketing messages to consumers. It includes email marketing, search engine marketing (SEM), social media marketing, many types of display advertising (including web banner advertising), and mobile advertising.
Like other advertising media, online advertising frequently involves both a publisher, who integrates advertisements into its online content, and an advertiser, who provides the advertisements to be displayed on the publisher's content. Other potential participants include advertising agencies who help generate and place the ad copy, an ad server who technologically delivers the ad and tracks statistics, and advertising affiliates who do independent promotional work for the advertiser.
Online advertising is a large business and is growing rapidly. In 2011, Internet advertising revenues in the United States surpassed those of cable television and nearly exceeded those of broadcast television. In 2012, Internet advertising revenues in the United States totaled $36.57 billion, a 15.2% increase over the $31.74 billion in revenues in 2011. U.S. internet ad revenue hit a historic high of $20.1 billion for the first half of 2013, up 18% over the same period in 2012. Online advertising is widely used across virtually all industry sectors. This is how to make money from home if you are skilled at marketing or can learn the tips and tricks.
Types of ways to make money from home include:
· Advertiser
· Affiliate Manager
· Affiliate Marketer
· Blogger
· Membership Site Owner
· Online Publisher (Self-employed)
Conclusion
I have explained how to make money from home with online jobs as well as painted a picture of the future for online employment.
Using the right resources, you can earn a part-time or a full-time income working from the comfort of your home.
Click here to learn how to make money from home with an online job.
How to Make Money from Home - Getting an Online Job
How to Make Money from Home with an Online Job
One of the major problems with getting a legitimate online job is Google. This is what I mean by that shocking statement. I just googled "online jobs" and the results included: blogs that provide information about work-at-home opportunities. Two employment websites; Indeed.com and CareerBuilder.com, and a couple of websites with several companies offering legitimate online jobs (low-paying jobs however).
I'm trying to figure out how to make money from home with an online job; not a work-from-home opportunity or a home-based business. Not that there is anything wrong with legitimate work-from-home-opportunities or legitimate home-based businesses. I want to trade time for guaranteed wages in order to create an income I can rely on every week.
Clicking on the Indeed.com link, I saw a job listing for a "Search Quality Moderator - Entry Level", a job listing for a "Representative, Customer Service", and a job listing for an "Online Sales Representative" in the advertisement section (top 3 listings). I saw a "Help Needed Online Ad Processors" job listing below the advertised job listings. The rest of what I saw were non-online job related listings.
CareerBuilder offered a few more relative job listings which appear to be for actual online jobs but I needed to carefully read the listing heading and information in order to determine if it is for an online job or a job which contains the word "online" such as "Senior Manager, Online Marketing" and "Advertising Sales Representative (Online Media)". Neither of these job listings were actually online jobs but rather jobs that required activities in the online realm. Both of these listings required the employee to travel to an office location, work a full day, then leave the office. Not online opportunities that I'm seeking.
Many of the work-from-home opportunities in the search results include envelope stuffing, and product assembly. Some of the opportunities in the search results include online re-seller activities through eBay, which is actually a home-based business rather than an online job, affiliate blogger, which is actually a home-based business rather than an online job, beauty product seller, which is actually a home-based business rather than an online job.
Most of the legitimate listings I found in the result set included low-paying, customer service types of online employment. Nothing that I could rely on to sustain my standard of living. Not how to make money from home in my opinion.
There are a lot of irrelevant results from the Google search in my experience. Time wasted on weeding out the illegitimate, low-paying jobs could be spent on applying for legitimate, high-paying online employment.
Scams
Another major problem is the number of scams that exist. These scams are not just time wasters but can cost you a great deal of money. Many of them request your bank or credit card information and proceed to deduct funds. Some scams can drain your bank account completely.
Many online job scams originate outside of the United States. Federal officials have identified many scams:
• Telemarketing Fraud
• Nigerian Letter or "419" Fraud
• Identity Theft
• Advance Fee Schemes
• Health Care Fraud or Health Insurance Fraud
• Redemption / Strawman / Bond Fraud
• Letter of Credit Fraud
• Prime Bank Note Fraud
• "Ponzi' Schemes
• Pyramid Schemes
• Market Manipulation or "Pump and Dump" Fraud
Several scams are directly related to online job offerings. Other scams are indirectly related to online jobs and/or work-from-home opportunities.
Populating Employer Database
Another major problem is the number of employers that rely on job listings in order to maintain their resource pool or online personnel database. Many companies post online job listings for the purpose of populating their "supply" database. The reason for this is the employer needs to demonstrate its ability to provide suitable employees to stakeholders should the company decide to increase the number of online jobs.
Many employers are considering migrating from traditional jobs to online jobs in order to reduce overhead. A database full of potential candidates gives the employer a sense of security and enables the employer to make decisions about replacing traditional jobs with online jobs.
Many applications you submit are for "place-holder" online positions that may be filled in the future or may never filled at all.
Competition
Another major problem is the number of candidates applying for online jobs. According to an article in the Huffington Post, there are 3 unemployed people competing for every traditional job opening. The article made no mention of online jobs or related ratios but it can be assumed that the ratio is much higher. The reason I make that assumption is the fact that more and more people are looking for ways to make money from home than ever before. Either to supplement their income or replace their income.
These types of jobs offer many benefits such as gas savings, time savings, flexible schedules, and more control of your life in general. Millions of people are looking for ways to reap these benefits. So it is fair to say that competition for online jobs is fierce.
Skill sets
Another major problem is the types of skills required to qualify for online employment. Elance-oDesk (formerly Elance) is a company that specializes in providing employees with freelance employment opportunities. The company boasts it has over eight million freelance employees from over 180 countries. A report was released earlier this year and below are some key findings from the report:
The hottest skills in demand according to an analysis of the more than 650,000 jobs posted on Elance this year include -
Software development skills such as HTML5 (+238 percent), Mobile (+137 percent), WordPress (+100 percent), Facebook (+66 percent) and Twitter (+47 percent)
Creative skills like Graphic Design (+176 percent) and Content Writing (+72 percent)
Marketing skills such as Internet Marketing (+132 percent), Marketing Communications (+53 percent) and Telemarketing (52 percent)
Administrative skills, including Transcription (+114 percent), Administrative Support (+87 percent) and Data Entry (+69 percent)
Consulting skills ranging from Product Manufacturing (+186 percent),
Architectural Design (+185 percent), Financial Analysis (+140 percent) and Legal (+86 percent) to Business Strategy (+76 percent)
Many of the online jobs listed on Elance-oDesk's website and similar websites require specific skill sets. People who lack experience with technical, creative, consulting, or administrative jobs do not have the required skill sets and are at a disadvantage.
Conclusion
Wasted time, energy, and money can be avoided when searching for a legitimate online job if you have the right approach. You can acquire the appropriate skill sets in order to get an online job if you do not currently possess them but you will need to understand which skills are needed and how to acquire those skills.
Use proven strategies if you are serious about getting a high-paying online job in order to avoid getting scammed.
Click here to learn how to make money from home with an online job.
One of the major problems with getting a legitimate online job is Google. This is what I mean by that shocking statement. I just googled "online jobs" and the results included: blogs that provide information about work-at-home opportunities. Two employment websites; Indeed.com and CareerBuilder.com, and a couple of websites with several companies offering legitimate online jobs (low-paying jobs however).
I'm trying to figure out how to make money from home with an online job; not a work-from-home opportunity or a home-based business. Not that there is anything wrong with legitimate work-from-home-opportunities or legitimate home-based businesses. I want to trade time for guaranteed wages in order to create an income I can rely on every week.
Clicking on the Indeed.com link, I saw a job listing for a "Search Quality Moderator - Entry Level", a job listing for a "Representative, Customer Service", and a job listing for an "Online Sales Representative" in the advertisement section (top 3 listings). I saw a "Help Needed Online Ad Processors" job listing below the advertised job listings. The rest of what I saw were non-online job related listings.
CareerBuilder offered a few more relative job listings which appear to be for actual online jobs but I needed to carefully read the listing heading and information in order to determine if it is for an online job or a job which contains the word "online" such as "Senior Manager, Online Marketing" and "Advertising Sales Representative (Online Media)". Neither of these job listings were actually online jobs but rather jobs that required activities in the online realm. Both of these listings required the employee to travel to an office location, work a full day, then leave the office. Not online opportunities that I'm seeking.
Many of the work-from-home opportunities in the search results include envelope stuffing, and product assembly. Some of the opportunities in the search results include online re-seller activities through eBay, which is actually a home-based business rather than an online job, affiliate blogger, which is actually a home-based business rather than an online job, beauty product seller, which is actually a home-based business rather than an online job.
Most of the legitimate listings I found in the result set included low-paying, customer service types of online employment. Nothing that I could rely on to sustain my standard of living. Not how to make money from home in my opinion.
There are a lot of irrelevant results from the Google search in my experience. Time wasted on weeding out the illegitimate, low-paying jobs could be spent on applying for legitimate, high-paying online employment.
Scams
Another major problem is the number of scams that exist. These scams are not just time wasters but can cost you a great deal of money. Many of them request your bank or credit card information and proceed to deduct funds. Some scams can drain your bank account completely.
Many online job scams originate outside of the United States. Federal officials have identified many scams:
• Telemarketing Fraud
• Nigerian Letter or "419" Fraud
• Identity Theft
• Advance Fee Schemes
• Health Care Fraud or Health Insurance Fraud
• Redemption / Strawman / Bond Fraud
• Letter of Credit Fraud
• Prime Bank Note Fraud
• "Ponzi' Schemes
• Pyramid Schemes
• Market Manipulation or "Pump and Dump" Fraud
Several scams are directly related to online job offerings. Other scams are indirectly related to online jobs and/or work-from-home opportunities.
Populating Employer Database
Another major problem is the number of employers that rely on job listings in order to maintain their resource pool or online personnel database. Many companies post online job listings for the purpose of populating their "supply" database. The reason for this is the employer needs to demonstrate its ability to provide suitable employees to stakeholders should the company decide to increase the number of online jobs.
Many employers are considering migrating from traditional jobs to online jobs in order to reduce overhead. A database full of potential candidates gives the employer a sense of security and enables the employer to make decisions about replacing traditional jobs with online jobs.
Many applications you submit are for "place-holder" online positions that may be filled in the future or may never filled at all.
Competition
Another major problem is the number of candidates applying for online jobs. According to an article in the Huffington Post, there are 3 unemployed people competing for every traditional job opening. The article made no mention of online jobs or related ratios but it can be assumed that the ratio is much higher. The reason I make that assumption is the fact that more and more people are looking for ways to make money from home than ever before. Either to supplement their income or replace their income.
These types of jobs offer many benefits such as gas savings, time savings, flexible schedules, and more control of your life in general. Millions of people are looking for ways to reap these benefits. So it is fair to say that competition for online jobs is fierce.
Skill sets
Another major problem is the types of skills required to qualify for online employment. Elance-oDesk (formerly Elance) is a company that specializes in providing employees with freelance employment opportunities. The company boasts it has over eight million freelance employees from over 180 countries. A report was released earlier this year and below are some key findings from the report:
The hottest skills in demand according to an analysis of the more than 650,000 jobs posted on Elance this year include -
Software development skills such as HTML5 (+238 percent), Mobile (+137 percent), WordPress (+100 percent), Facebook (+66 percent) and Twitter (+47 percent)
Creative skills like Graphic Design (+176 percent) and Content Writing (+72 percent)
Marketing skills such as Internet Marketing (+132 percent), Marketing Communications (+53 percent) and Telemarketing (52 percent)Administrative skills, including Transcription (+114 percent), Administrative Support (+87 percent) and Data Entry (+69 percent)
Consulting skills ranging from Product Manufacturing (+186 percent),
Architectural Design (+185 percent), Financial Analysis (+140 percent) and Legal (+86 percent) to Business Strategy (+76 percent)
Many of the online jobs listed on Elance-oDesk's website and similar websites require specific skill sets. People who lack experience with technical, creative, consulting, or administrative jobs do not have the required skill sets and are at a disadvantage.
Conclusion
Wasted time, energy, and money can be avoided when searching for a legitimate online job if you have the right approach. You can acquire the appropriate skill sets in order to get an online job if you do not currently possess them but you will need to understand which skills are needed and how to acquire those skills.
Use proven strategies if you are serious about getting a high-paying online job in order to avoid getting scammed.
Click here to learn how to make money from home with an online job.
Facts You Should Know About Retirement - Before You Retire
How much money will you need for retirement?
One of the biggest questions that needs to be answered when determining your retirement strategy is how much you will need for retirement.
A rule of thumb is that you will need approximately 70% of your household pre-retirement annual net salary in order to maintain your current lifestyle.
So, if your household pre-retirement net annual salary is $40,000, you will need $28.000 annually ($40,000 * .70 = $28,000).
That might be enough if your mortgage is paid off and you are in excellent health when you leave your employer for good. But if you plan to vacation around the world, build your dream home, or get that RV you've always wanted, you may need substantially more than 70% of your pre-retirement annual net salary.
It's critical to be realistic and make realistic estimates about what kind of expenses you will have in retirement. Understand how you want to live in retirement and how much it will cost. These estimates are important when it comes time to figure out how much you need to save in order to afford your retirement.
At what age can you begin receiving Social Security benefits?
Full retirement age had been 65 for many years. However, beginning with people born in 1938 or later, that age gradually increases until it reaches 67 for people born after 1959. By the way, the earliest a person can start receiving Social Security retirement benefits will remain at age 62 according to the Social Security Administration.
How long will you live?
Life expectancy in the USA rose in 2012 to 78.8 years according to USA Today.
With this in mind, you will need $28,000 each year for 11.8 years (age 78.8 - age 67 = 11.8 years) in order to maintain your current lifestyle during retirement.
So, by the age of 67, you should have $330,400 in retirement savings ($28,000 * 11.8). This is considering you won't invest your money after reaching age 67. Most people will keep their money "close to home" in a money market savings account, money market CD, or municipal bonds that are very secure. These investment vehicles offer extremely low returns but are among the safest ways to continue grow your nest egg during your retirement years.
Watch out for unexpected expenses.
Health care is often the biggest expense in retirement as well as the hardest expense to predict. According to a survey released by Merrill Lynch and the research firm Age Wave, health care expenses were the top financial concern in retirement for people over the age of 50. Survey respondents said they were more worried about health care costs than they were about Social Security or the risk of running out of money.
Another finding from the survey is that more than half of retirees retired earlier than they expected, and the number one reason for their early retirement was a health-related problem.
The study found that, regardless of wealth level, health care expenses rank as the most pressing financial concern in retirement (41 percent), exceeding even the fear of outliving one's money (29 percent). In fact, people age 50+ are nearly twice as worried about the cost of retirement health care as they are about the actual quality of care they might receive.
"Health challenges can be a double threat to retirement financial security," said David Tyrie, head of Retirement and Personal Wealth Solutions for Bank of America Merrill Lynch. "Between unpredictable and costly health care expenses and unexpected early retirement due to health problems, planning ahead can be confusing and overwhelming. People are increasingly seeking guidance to help them make informed decisions, for themselves and their families."
The majority of retirees surveyed (55 percent) retired earlier than they had expected, while 38 percent retired when they planned to, and just 7 percent later than they expected. Although early retirement has often been equated with financial success, today's retirees age 50+ cite health problems as the top reason (37 percent).
According to the study, people are more concerned about the financial impact of a spouse's serious illness (66 percent) than they are about their own illness (62 percent). Women, who are likely to live longer and more apt to spend down savings on their spouse's health care, are even more concerned than men (70 percent vs. 62 percent) about the financial impact of their spouse developing a serious health problem. The study also finds that many people age 50+ anticipate they would help other family members facing health problems and health care costs. This may be one reason why people's concerns about how to plan for health care costs include potential health problems of their children (50 percent), parents (32 percent) and siblings (29 percent).
You may want to spend some time with online retirement calculators to determine whether you are on target for your retirement goal (or what your goal should be in some cases.)
How to Make Money from Home
Don't be alarmed if you are behind schedule. Thanks to compound interest, you may be able to make up lost ground fairly quickly if you put your money into the right investment vehicles. You may also find that there are ways to make extra money from home for investment purposes. For example, you may discover a way to earn an extra $2,000 or more per month working from home. Placing that $2,000 into a high-yield investment vehicle can do wonders for your retirement plan over time.
Online employment and online business opportunities are great ways to earn extra money. Work from home in order to increase your retirement savings if necessary. Getting an online job may allow you to utilize your skills and experience while helping you make money from home. There are plenty of ways to make money online and there are posts which provide details on how to make money from home with an online job. Click here to learn how to make money from home and how to find a legitimate online job.
One of the biggest questions that needs to be answered when determining your retirement strategy is how much you will need for retirement.
A rule of thumb is that you will need approximately 70% of your household pre-retirement annual net salary in order to maintain your current lifestyle.
So, if your household pre-retirement net annual salary is $40,000, you will need $28.000 annually ($40,000 * .70 = $28,000).
That might be enough if your mortgage is paid off and you are in excellent health when you leave your employer for good. But if you plan to vacation around the world, build your dream home, or get that RV you've always wanted, you may need substantially more than 70% of your pre-retirement annual net salary.
It's critical to be realistic and make realistic estimates about what kind of expenses you will have in retirement. Understand how you want to live in retirement and how much it will cost. These estimates are important when it comes time to figure out how much you need to save in order to afford your retirement.
At what age can you begin receiving Social Security benefits?
Full retirement age had been 65 for many years. However, beginning with people born in 1938 or later, that age gradually increases until it reaches 67 for people born after 1959. By the way, the earliest a person can start receiving Social Security retirement benefits will remain at age 62 according to the Social Security Administration.
How long will you live?
Life expectancy in the USA rose in 2012 to 78.8 years according to USA Today.
With this in mind, you will need $28,000 each year for 11.8 years (age 78.8 - age 67 = 11.8 years) in order to maintain your current lifestyle during retirement.
So, by the age of 67, you should have $330,400 in retirement savings ($28,000 * 11.8). This is considering you won't invest your money after reaching age 67. Most people will keep their money "close to home" in a money market savings account, money market CD, or municipal bonds that are very secure. These investment vehicles offer extremely low returns but are among the safest ways to continue grow your nest egg during your retirement years.
Watch out for unexpected expenses.
Health care is often the biggest expense in retirement as well as the hardest expense to predict. According to a survey released by Merrill Lynch and the research firm Age Wave, health care expenses were the top financial concern in retirement for people over the age of 50. Survey respondents said they were more worried about health care costs than they were about Social Security or the risk of running out of money.
Another finding from the survey is that more than half of retirees retired earlier than they expected, and the number one reason for their early retirement was a health-related problem.
The study found that, regardless of wealth level, health care expenses rank as the most pressing financial concern in retirement (41 percent), exceeding even the fear of outliving one's money (29 percent). In fact, people age 50+ are nearly twice as worried about the cost of retirement health care as they are about the actual quality of care they might receive.
"Health challenges can be a double threat to retirement financial security," said David Tyrie, head of Retirement and Personal Wealth Solutions for Bank of America Merrill Lynch. "Between unpredictable and costly health care expenses and unexpected early retirement due to health problems, planning ahead can be confusing and overwhelming. People are increasingly seeking guidance to help them make informed decisions, for themselves and their families."
The majority of retirees surveyed (55 percent) retired earlier than they had expected, while 38 percent retired when they planned to, and just 7 percent later than they expected. Although early retirement has often been equated with financial success, today's retirees age 50+ cite health problems as the top reason (37 percent).
According to the study, people are more concerned about the financial impact of a spouse's serious illness (66 percent) than they are about their own illness (62 percent). Women, who are likely to live longer and more apt to spend down savings on their spouse's health care, are even more concerned than men (70 percent vs. 62 percent) about the financial impact of their spouse developing a serious health problem. The study also finds that many people age 50+ anticipate they would help other family members facing health problems and health care costs. This may be one reason why people's concerns about how to plan for health care costs include potential health problems of their children (50 percent), parents (32 percent) and siblings (29 percent).
You may want to spend some time with online retirement calculators to determine whether you are on target for your retirement goal (or what your goal should be in some cases.)
How to Make Money from Home
Don't be alarmed if you are behind schedule. Thanks to compound interest, you may be able to make up lost ground fairly quickly if you put your money into the right investment vehicles. You may also find that there are ways to make extra money from home for investment purposes. For example, you may discover a way to earn an extra $2,000 or more per month working from home. Placing that $2,000 into a high-yield investment vehicle can do wonders for your retirement plan over time.
Online employment and online business opportunities are great ways to earn extra money. Work from home in order to increase your retirement savings if necessary. Getting an online job may allow you to utilize your skills and experience while helping you make money from home. There are plenty of ways to make money online and there are posts which provide details on how to make money from home with an online job. Click here to learn how to make money from home and how to find a legitimate online job.
Benefits of Working a High-Paying Online Job
Imagine waking up in the morning, eating breakfast, turning on your computer, and begin working. Shower and dressing are optional. You work your shift, taking breaks throughout the day. Turn off your computer at the end of your shift and turn on your television.
A paycheck is deposited into your bank account at the end of the week - just in time for a weekend getaway and shopping. If you have children who need help getting up and ready for school in the morning, this scenario may be a little different.
Online jobs, as defined in this article, are jobs that offer you the ability to work from home using your computer and in some cases, your computer and telephone. Employers pay you to perform work that you complete over the Internet.
Work from home and save gas, time, avoid traffic. No need for a car. Many companies offer you the ability to earn money as you work from the comfort of your home. Most don't charge you any fees, and the hours are flexible. Some companies will provide you with the tools and resources you need to be successful.
Save Money on Fuel -
Your monthly fuel savings can be calculated as follows:
Round trip daily commute miles to and from the workplace
Multiplied by 20 (average number of work days per month)
Multiplied by 20 (average number of work days per month)
Divided by the number of miles your vehicle gets per gallon
Multiplied by the price of a gallon of gasoline
Example
If your round trip daily commute miles to and from the workplace is 50 miles,
Multiply 50 by 20. This is equal to 1,000 (this is the number you are driving each month on average to and from work.)
Next, divide 1,000 by the number of miles your vehicle gets per gallon of gas. In this example we'll say the average mileage per gallon is 18.
1,000 divided by 15 is 66.67 (This is the number of gallons of gasoline you purchase each month on average to get to and from work.)
Finally multiply 66.67 by the price of gasoline. Use the price you paid the last time you were at the pump.
The last time I was at the pump, I paid $3.06 per gallon.
In this scenario, I'm paying $204 a month for gasoline. $51 a week on average.
This doesn't include the amount of wear and tear I'm putting on my vehicle.
What could you do with an additional $200 a month?
Save Time -
Your monthly time savings can be calculated as follows:
Roundtrip daily commute time to and from the workplace
Multiplied by 20 (average number of work days per month)
Example
If your roundtrip daily commute time to and from the workplace is 90 minutes,
Multiply 90 minutes by 20. This equals 1,800 minutes
Finally divide 1,800 by 60 to convert to hours.
Your time savings would be 30 hours in this scenario. 7.5 hours a week on average.
What could you do with an additional 30 hours a month?
I was in Houston, Texas recently and the commute time from my hotel to the convention center was approximately 30 minutes. That's astounding considering the distance from the hotel to the convention center is eight miles!
If you live in a large, congested city, the reduced stress could be reason enough to leave your job and work at home.
Online jobs are perfect for:
· single parents
· people recently laid off from work
· people on disability
· people living away from the city - remote locations
· college students
· semi-retired people
There are many advantages with working an online job. The economy has opened up opportunities in almost every industry for people wanting to earn an income working from home on their computer.
I encourage you to explore the possibilities and opportunities that await you.
The future of work: Fiercely independent and agile
Gene Zaino, of MBO Partners, believes that by 2020 more than half of U.S. workers will be independent, leading to a new independent majority. But for this to happen, we’ll have to see some significant legislative and structural changes.
In the 2011 inaugural MBO Partners Independent Workforce Index, a study of independent professionals in America, it is clear that the cataclysmic workforce shifts of the past decades have fueled a new kind of productivity, wealth and personal growth opportunity for American workers and companies. A new breed of entrepreneurial experts is a shining, silver lining in an otherwise gloomy workforce picture. And it’s time to unleash the potential of this innovative, entrepreneurial, and fast-growing group. The future of independent work in America is both promising and here to stay, but there are real obstacles we must keep in mind if we are to realize the potential.
This bold new untethered, independent workforce spans gender and generations and is currently 16 million strong in the U.S. today. Both at MBO Partners (which helps bring independent consultants and companies together) and in other roles, I’ve been watching and serving the independent workforce for more than 25 years, and I believe that by 2020 more than half of U.S. workers will be independent, leading to a new independent majority.
What the future workforce looks like
What does this future workforce look like today? According to the MBO study this take-charge group possesses not only a high level of self-reliance and control but is setting the bar for a higher standard in the very nature of work. Nearly 79 percent of the independent workers we surveyed stated they are highly satisfied or satisfied with their work situation versus half of non-independent employees who are unhappy and 70 percent who are not engaged or are disengaged.
For the independent worker, the litmus test for career success is not position, title or income but a rich life where work fulfills a deeper passion. In the MBO study, 75 percent of independents overall stated that doing something they love was more important than making money while 74 percent stated that they wanted a job where they know they were making a difference.
The MBO study also reveals that of the 16 million, more than 10 million are independent experts — that’s seven in 10 of today’s independent workforce. These experts offer specialized knowledge and skills to the open market. These motivated “solopreneurs” are becoming the talent-of-choice for some of the world’s most successful enterprises, as a recent Aberdeen study of organizations hiring contract talent reveals. This study found that the top reason that companies chose independent talent wasn’t cost — as is often assumed — but rather access to specialists with unique skills and talents who are more highly engaged producing breakthrough results. In this new economy, MBO Partners sees a future of work largely comprised of independent experts, enabling organizations to assemble powerful, hand-picked arsenals of specialized talent.
In the 2011 inaugural MBO Partners Independent Workforce Index, a study of independent professionals in America, it is clear that the cataclysmic workforce shifts of the past decades have fueled a new kind of productivity, wealth and personal growth opportunity for American workers and companies. A new breed of entrepreneurial experts is a shining, silver lining in an otherwise gloomy workforce picture. And it’s time to unleash the potential of this innovative, entrepreneurial, and fast-growing group. The future of independent work in America is both promising and here to stay, but there are real obstacles we must keep in mind if we are to realize the potential.
This bold new untethered, independent workforce spans gender and generations and is currently 16 million strong in the U.S. today. Both at MBO Partners (which helps bring independent consultants and companies together) and in other roles, I’ve been watching and serving the independent workforce for more than 25 years, and I believe that by 2020 more than half of U.S. workers will be independent, leading to a new independent majority.
What the future workforce looks like
What does this future workforce look like today? According to the MBO study this take-charge group possesses not only a high level of self-reliance and control but is setting the bar for a higher standard in the very nature of work. Nearly 79 percent of the independent workers we surveyed stated they are highly satisfied or satisfied with their work situation versus half of non-independent employees who are unhappy and 70 percent who are not engaged or are disengaged.
For the independent worker, the litmus test for career success is not position, title or income but a rich life where work fulfills a deeper passion. In the MBO study, 75 percent of independents overall stated that doing something they love was more important than making money while 74 percent stated that they wanted a job where they know they were making a difference.
The MBO study also reveals that of the 16 million, more than 10 million are independent experts — that’s seven in 10 of today’s independent workforce. These experts offer specialized knowledge and skills to the open market. These motivated “solopreneurs” are becoming the talent-of-choice for some of the world’s most successful enterprises, as a recent Aberdeen study of organizations hiring contract talent reveals. This study found that the top reason that companies chose independent talent wasn’t cost — as is often assumed — but rather access to specialists with unique skills and talents who are more highly engaged producing breakthrough results. In this new economy, MBO Partners sees a future of work largely comprised of independent experts, enabling organizations to assemble powerful, hand-picked arsenals of specialized talent.
Freelance still runs on word of mouth
By Michael Kanell, The Atlanta Journal-Constitution
Fragment the economy into ever-more efficient units — freelancers who can start and stop assignments on a moment's notice. Toss in 21st century technology — communication that can pass job assignments around the world in less than a second.
And you know that means futuristic ways of connecting people to work.
Yet as the number of independent workers continues to expand, the most common way they find assignments and get work is ... word of mouth?
Yes, according to a piece this week in the Harvard Business Review, based on a new survey by MBO Partners.
Freelancers, or "solopreneurs," as MBO refers to them, are people who do contract work on assignments that may be defined by a time limit or pegged to a project. When the time is up, the contract completed or the work is finished, they move on.
A lot different than the old idea of having one employer for years or even a whole working career.
The economy is increasingly peppered with these people. An estimated 17.9 million "solopreneurs," and 12.1 million more who do freelance work on the side, according to MBO, which based its estimates on an online poll.
These are not just dog-walkers, lawn-mowers and intersection-sign-holders. Many of them are techies, but others are accountants and lawyers and executives. About 2.7 million of them make more than $100,000, says MBO.
And many people have assumed that this new model would combine with technology to change the way work gets assigned. Only not so much, says article author, Justin Fox.
Among these freelancers, 12 percent said they got assignments mostly from an agency. Four percent said they were referred by another employer. Three percent said they got their gigs from online sites and three others cited social media.
Those methods were dwarfed by the share that said they relied on word of mouth: 75 percent.
___
(c)2014 The Atlanta Journal-Constitution (Atlanta, Ga.)
Visit The Atlanta Journal-Constitution (Atlanta, Ga.) at www.ajc.com
Distributed by MCT Information Services
McClatchy-Tribune
Fragment the economy into ever-more efficient units — freelancers who can start and stop assignments on a moment's notice. Toss in 21st century technology — communication that can pass job assignments around the world in less than a second.
And you know that means futuristic ways of connecting people to work.
Yet as the number of independent workers continues to expand, the most common way they find assignments and get work is ... word of mouth?
Yes, according to a piece this week in the Harvard Business Review, based on a new survey by MBO Partners.
Freelancers, or "solopreneurs," as MBO refers to them, are people who do contract work on assignments that may be defined by a time limit or pegged to a project. When the time is up, the contract completed or the work is finished, they move on.
A lot different than the old idea of having one employer for years or even a whole working career.
The economy is increasingly peppered with these people. An estimated 17.9 million "solopreneurs," and 12.1 million more who do freelance work on the side, according to MBO, which based its estimates on an online poll.
These are not just dog-walkers, lawn-mowers and intersection-sign-holders. Many of them are techies, but others are accountants and lawyers and executives. About 2.7 million of them make more than $100,000, says MBO.
And many people have assumed that this new model would combine with technology to change the way work gets assigned. Only not so much, says article author, Justin Fox.
Among these freelancers, 12 percent said they got assignments mostly from an agency. Four percent said they were referred by another employer. Three percent said they got their gigs from online sites and three others cited social media.
Those methods were dwarfed by the share that said they relied on word of mouth: 75 percent.
___
(c)2014 The Atlanta Journal-Constitution (Atlanta, Ga.)
Visit The Atlanta Journal-Constitution (Atlanta, Ga.) at www.ajc.com
Distributed by MCT Information Services
McClatchy-Tribune
The IC’s revenge: Using SOW agreements to mitigate risk
Over the past few years, more and more organizations and their CW programs have made a conscious decision to use fewer independent contractors or none at all. With local, state and federal governments’ growing interest in misclassification, it seemed to be a “no brainer.” Why even take the chance, especially when you consider not only the financial penalties applied but the irreversible damage to the organization’s brand.
With the economic downturn and unemployment at an all-time high, CW programs were able to implement this change with minimal impact. Wanting to continue to work, many independent contractors begrudgingly waived their status to become w-2 employees of payrolling firms or staffing companies. However, the tables are turning and we are seeing — especially in hot markets — the revenge of the independent contractor.
Misclassification enforcement has not gone away, as a matter of fact some states are being incentivized with financial grants from the US Department of Labor to dig even deeper. So can an organization engage the talent it needs with an IC and yet minimize their risk? The answer to that question is an emphatic yes, and in fact many are. One critical step is to utilize a bona fide IC compliance test, verifying the behavioral, financial and legal control of the individual in question. Partnering with an IC compliance provider to perform the proper vetting is recommended. This will ensure the individual is a “true” independent contractor.
Is this enough? It can be; however, we have seen an increase in the number of organizations engaging the independent contractor under a statement-of-work (SOW) contract to add another level of risk mitigation. They are in essence, a one-person project with that one person as his or her own business. If properly executed, a SOW contract allows for an even greater definition of a business-to-business relationship. A proper statement of work must establish contractual terms and conditions around work activities, work deliverables and deadlines, and agreed-upon payment terms, which are usually per milestone or at project completion. SOW agreements are about how the agreement is written and there must be no confusion on the IC’s ability to perform the work as they see fit.
Educating your internal staff is also critical with these types of engagements. Organizations should coach and train their engagement managers to understand that the work is not being done by an individual but instead a business. They must allow the independent contractor to maintain control over where, when and how the work will be completed, as long as the agreed-upon deliverable is done on time and on budget. This can be very difficult for some to relinquish this type of control, but it must be done to mitigate the risk.
With the tides changing and independent contractors gaining their ground, buyers need to prepare their programs and their organizations to be able to leverage this talent when necessary. Being able to engage independent contractors and their critical skills as a business to business relationship is truly a win/win for all.
- See more at: http://www.staffingindustry.com/eng/Research-Publications/Publications/CWS-3.0/October-15-2014/The-IC-s-revenge-Using-SOW-agreements-to-mitigate-risk?cookies=disabled#sthash.UkYSZ6vJ.dpuf
With the economic downturn and unemployment at an all-time high, CW programs were able to implement this change with minimal impact. Wanting to continue to work, many independent contractors begrudgingly waived their status to become w-2 employees of payrolling firms or staffing companies. However, the tables are turning and we are seeing — especially in hot markets — the revenge of the independent contractor.
Misclassification enforcement has not gone away, as a matter of fact some states are being incentivized with financial grants from the US Department of Labor to dig even deeper. So can an organization engage the talent it needs with an IC and yet minimize their risk? The answer to that question is an emphatic yes, and in fact many are. One critical step is to utilize a bona fide IC compliance test, verifying the behavioral, financial and legal control of the individual in question. Partnering with an IC compliance provider to perform the proper vetting is recommended. This will ensure the individual is a “true” independent contractor.
Is this enough? It can be; however, we have seen an increase in the number of organizations engaging the independent contractor under a statement-of-work (SOW) contract to add another level of risk mitigation. They are in essence, a one-person project with that one person as his or her own business. If properly executed, a SOW contract allows for an even greater definition of a business-to-business relationship. A proper statement of work must establish contractual terms and conditions around work activities, work deliverables and deadlines, and agreed-upon payment terms, which are usually per milestone or at project completion. SOW agreements are about how the agreement is written and there must be no confusion on the IC’s ability to perform the work as they see fit.
Educating your internal staff is also critical with these types of engagements. Organizations should coach and train their engagement managers to understand that the work is not being done by an individual but instead a business. They must allow the independent contractor to maintain control over where, when and how the work will be completed, as long as the agreed-upon deliverable is done on time and on budget. This can be very difficult for some to relinquish this type of control, but it must be done to mitigate the risk.
With the tides changing and independent contractors gaining their ground, buyers need to prepare their programs and their organizations to be able to leverage this talent when necessary. Being able to engage independent contractors and their critical skills as a business to business relationship is truly a win/win for all.
- See more at: http://www.staffingindustry.com/eng/Research-Publications/Publications/CWS-3.0/October-15-2014/The-IC-s-revenge-Using-SOW-agreements-to-mitigate-risk?cookies=disabled#sthash.UkYSZ6vJ.dpuf
MBO Partners Gene Zaino on the Rise of the Independent Worker: Men, Women and Surprise Findings
- October 13, 2014 10:07 AM
I recently had the chance to ask Gene Zaino, president and CEO of MBO Partners, to share his comments and thoughts on his firm’s 2014 State of Independence in America workforce study. In this two part-series on Spend Matters, we feature Gene’s perspective on the topic.
Before getting to the start of our interview with Gene, we’ll share one of the highlights from the report: the differing reasons for women and men going independent. In this regard, MBO finds, “Men and women choose to be independent at nearly identical rates, have similar satisfaction levels and plan on staying independent at similar rates … But there is one area where men and women differ: they have different reasons for being independent. Women tend to be more interested in flexibility and developing fulfilling work that fits into their lifestyle. Men tend to focus on being in control, being their own boss and maximizing their income.”
Spend Matters: In comparing your research findings with the anecdotal evidence of a shift to a freelance workforce (e.g., Freelance Nation), what stands out the most to show there’s no moving back? Gene Zaino: We have 4 years of consistency showing continued growth, but, most importantly, respondents increasing satisfaction while their fears and obstacles are decreasing.
SM: What surprised you the most in the research?
GZ: The fact that this group contributes over $1 trillion to our economy and represent hiring of other contractors that equate to 2.2 million fulltime equivalent jobs.
SM: Should the government embrace this model (e.g., greater tax breaks for self employment) or do you think there will always be a sense of negativity associated with not collecting both sides of the payroll tax?
GZ: Neither. I think private industry will help these independents find easier ways to operate as responsible tax paying businesses, ensuring that both sides of payroll taxes are remitted. This will eliminate the fear to embrace this highly charged economic growth engine (by both government and the companies that want to use them).
- See more at: http://spendmatters.com/2014/10/13/mbo-partners-gene-zaino-on-the-rise-of-the-independent-worker-men-women-and-surprise-findings/#sthash.YLfyRrjH.dpuf
I recently had the chance to ask Gene Zaino, president and CEO of MBO Partners, to share his comments and thoughts on his firm’s 2014 State of Independence in America workforce study. In this two part-series on Spend Matters, we feature Gene’s perspective on the topic.
Before getting to the start of our interview with Gene, we’ll share one of the highlights from the report: the differing reasons for women and men going independent. In this regard, MBO finds, “Men and women choose to be independent at nearly identical rates, have similar satisfaction levels and plan on staying independent at similar rates … But there is one area where men and women differ: they have different reasons for being independent. Women tend to be more interested in flexibility and developing fulfilling work that fits into their lifestyle. Men tend to focus on being in control, being their own boss and maximizing their income.”
Spend Matters: In comparing your research findings with the anecdotal evidence of a shift to a freelance workforce (e.g., Freelance Nation), what stands out the most to show there’s no moving back? Gene Zaino: We have 4 years of consistency showing continued growth, but, most importantly, respondents increasing satisfaction while their fears and obstacles are decreasing.
SM: What surprised you the most in the research?
GZ: The fact that this group contributes over $1 trillion to our economy and represent hiring of other contractors that equate to 2.2 million fulltime equivalent jobs.
SM: Should the government embrace this model (e.g., greater tax breaks for self employment) or do you think there will always be a sense of negativity associated with not collecting both sides of the payroll tax?
GZ: Neither. I think private industry will help these independents find easier ways to operate as responsible tax paying businesses, ensuring that both sides of payroll taxes are remitted. This will eliminate the fear to embrace this highly charged economic growth engine (by both government and the companies that want to use them).
- See more at: http://spendmatters.com/2014/10/13/mbo-partners-gene-zaino-on-the-rise-of-the-independent-worker-men-women-and-surprise-findings/#sthash.YLfyRrjH.dpuf
Online Advertised Job Vacancies Up Over the Year, The Conference Board Reports Today
NEW YORK, April 2 /PRNewswire/ -- Total online job ads were 3,754,400 in March, a dip of 69,800 or 2 percent from February, according to The Conference Board Help-Wanted On Line Data Series(TM) released today, reflecting the shorter reference period of mid-February to mid-March, when there were three fewer days than in the previous month.
There were 2.5 advertised vacancies online for every 100 persons in the labor force in March. Over the year March'06 - March '07, online advertised vacancies increased 18 percent for the nation as a whole. "All in all, the labor market is holding remarkably steady," said Gad Levanon, Economist at The Conference Board. "The March dip in advertised vacancies is entirely due to fewer days in the February-March reference period."
Growth in the number of online job ads over the year continues to be in the double digits. "I would expect that the federal employment numbers scheduled for release later this week will show the same reasonable, but not spectacular, gains we've seen over the last few months," Levanon indicated.
The Conference Board introduced its newly redesigned Help Wanted Online Data Series(TM) (HWOL) with the release of the October 2006 data. The HWOL program is now one of the earliest released economic indicators for the previous month. Geographic coverage has been expanded and now provides detailed monthly data on labor demand (vacancies) for the U.S., the 9 Census regions, the 50 States, and 52 of the largest metro areas.
Information for Total Ads has been introduced along with the already existing New Ads data.Economic analysis in the release has been broadened to include both labor supply (unemployment) and labor demand (vacancies); in addition, the program has been expanded to include geographic occupational detail on labor demand along with occupational pay levels.
Detailed information on this series is available in the technical notes to this series on The Conference Board website www.conference-board.org/economics/helpwantedOnline.cfm. The upcoming schedule of monthly releases is listed in this release as well as the technical notes on the web site.
The underlying data for The Conference Board HWOL are provided by Wanted Technologies Corporation. Financial support for this series is provided by CareerBuilder.com.
There were 2.5 advertised vacancies online for every 100 persons in the labor force in March. Over the year March'06 - March '07, online advertised vacancies increased 18 percent for the nation as a whole. "All in all, the labor market is holding remarkably steady," said Gad Levanon, Economist at The Conference Board. "The March dip in advertised vacancies is entirely due to fewer days in the February-March reference period."
Growth in the number of online job ads over the year continues to be in the double digits. "I would expect that the federal employment numbers scheduled for release later this week will show the same reasonable, but not spectacular, gains we've seen over the last few months," Levanon indicated.
The Conference Board introduced its newly redesigned Help Wanted Online Data Series(TM) (HWOL) with the release of the October 2006 data. The HWOL program is now one of the earliest released economic indicators for the previous month. Geographic coverage has been expanded and now provides detailed monthly data on labor demand (vacancies) for the U.S., the 9 Census regions, the 50 States, and 52 of the largest metro areas.
Information for Total Ads has been introduced along with the already existing New Ads data.Economic analysis in the release has been broadened to include both labor supply (unemployment) and labor demand (vacancies); in addition, the program has been expanded to include geographic occupational detail on labor demand along with occupational pay levels.
Detailed information on this series is available in the technical notes to this series on The Conference Board website www.conference-board.org/economics/helpwantedOnline.cfm. The upcoming schedule of monthly releases is listed in this release as well as the technical notes on the web site.
The underlying data for The Conference Board HWOL are provided by Wanted Technologies Corporation. Financial support for this series is provided by CareerBuilder.com.
Top Ten Jobs for the Next Decade and Beyond
1. Computer Programmer
Even though many American companies actively recruit overseas workers for programming jobs, there is still plenty of work for qualified computer specialists right here in the United States. Security breaches and concerns about potential terrorism have heightened security at many companies. Because "offshoring" computer programming work poses so many security risks, many large employers have reverted to using in-house teams of programmers who can be monitored more carefully. A degree in computer forensics would allow you to become one of the monitors.
In addition, the development of new operating systems and common code bases has allowed many more industries to develop custom software solutions. A decade ago, many companies from wildly different fields might have used the same spreadsheet program. Today, developers with unique backgrounds build specialized applications like databases, point-of-sale systems, and customer relationship networks.
2. Day Care Provider
Until recently, many day care providers struggled with low wages, high stress, and poor job security. With the explosive demand for quality child care, however, many parents are now willing to pay higher premiums to facilities with excellent reputations and strong learning programs. A professional in this industry can command an even higher salary with an early childhood special education degree.
Though some parents lament the reduced emphasis on play activities in many modern day care settings, the consumer demand creates many lucrative opportunities for child development majors who want to follow their passion while earning significant rewards.
3. Elder Care Specialist
The parents of Baby Boomers relied on large families to share the burden of caring for elderly loved ones. With fewer children to care for them, the Baby Boomers are turning, in record numbers, to professionally operated assisted living facilities. A far cry from yesterday's nursing homes, today's senior communities often integrate luxury amenities like four-star dining, golf, and live entertainment.
Despite the luxury resort setting, each facility relies on teams of qualified healthcare specialists to look after the needs of residents. With government and consumer scrutiny of elder care facilities at an all-time high, employers demand job candidates with proven skills and positive attitudes. Consider a degree in health information technology for a fast-growing job with a minimal amount of clinical work.
4. Employment Specialist
Caught between the demands of child care and elder care, more Americans have turned to employment agencies to arrange short term or flexible employment relationships. Likewise, companies that need to scale up or scale down their operations to comply with seasonal customer demand have outsourced their staffing needs to a growing number of professional agencies.
The U.S. Department of Labor identifies "employment placement specialist" as one of the fastest-growing specialties of the coming decade. For people with strong interpersonal skills and a wide range of interests, this position offers the opportunity to connect eager employers with qualified workers. Not only does this career offer significant job satisfaction, it usually pays a commission on the income of placed workers. Therefore, a busy employment specialist can earn a significant income by using her natural matchmaking talents.
5. Environmental Engineer
With the rapid growth of previously small communities all across the country, many local governments and private developers must wrestle with the challenges of rising populations. At the same time, many of our country's more established cities and towns must cope with crumbling infrastructure, such as outdated water and sewer lines or failing electrical supplies.
Environmental engineers play an important role in every community. They oversee new construction and renovation, assuring the preservation of natural resources and the safety of residents. With new, more stringent regulations on the books, many environmental engineers now work for developers and corporations that want to take a proactive approach to their business. By acting in the public interest, these companies can build strong relationships with customers while avoiding damaging fines or even prosecution.
6. Home Health Aide
Many aging Baby Boomers intend to live in their own homes for as long as possible. Likewise, many people who suffer from injuries or illness can avoid the huge expenses of a long hospital stay by recuperating at home. Both of these populations rely heavily on the work of home health aides to maintain their well being.
In many cases, home health aides are nurses who prefer to work in patients' homes instead of in the stressful environment of a hospital or an assisted living facility. Frequently, home health aides benefit from flexible scheduling and short commutes, making this a solid career choice for parents of young children. Some aides can assist licensed professionals without holding a license themselves, offering excellent opportunities to earn income while still completing their degree program.
7. Management Consultant
A growing number of companies prefer to seek outside help with specialized problems or challenges, rather than attempt to keep experts on their own staffs. As a result, consultants who build reputations for solving client problems can earn significant income by dropping in on clients around the world.
Once dominated by road warriors, the consulting arena has opened up to a variety of professionals, thanks to new networking technology. With qualifications and insight earned from years of experience and study, a consultant might work from home while helping clients all over the world.
Many professionals who have grown bored with their companies or with their careers can shake things up by setting up shop as a consultant. In fact, many consultants launch their practices while still holding down a day job or completing an advanced degree program.
8. Networking Specialist
Unlike a traditional computer programmer, who focuses on solving problems with software, a networking specialist must figure out how to keep all of the various devices in an organization connected to each other. As networking grew from an offshoot of computer engineering into its own specialty, many professionals learned how to efficiently manage a company's information flow through hidden cables and routers.
Technology continues to advance, so new and different jobs are constantly emerging. Today's networking specialist, for example, must integrate wireless devices like phones, laptops, and pagers into their data structures. Whether working for a private employer, an Internet service provider, or a government agency, networking specialists must work on-site to install and maintain highly specialized equipment. With new generations of networking hardware emerging every few years, this is a professional role that can never be delegated to overseas workers.
9. Physician's Assistant
As more Americans seek medical treatment more frequently, many doctor's offices struggle to keep up with demand. High malpractice insurance rates and the pursuit of less stressful, more lucrative careers are diverting potential doctors into other fields of study. Therefore, many medical practices rely more frequently on physician's assistants to bridge an important gap in the health care process.
Students who enjoy medicine but do not wish to pursue a full medical degree can launch careers as physician's assistants after only a few years of training. They perform tests, file reports and handle other routine tasks, freeing up doctors to spend more time diagnosing illnesses and researching cures. In some states, physician's assistants can even prescribe medication. An online physician assistant master's program can qualify you for one of these upper-level roles.
10. Social Services Coordinator
With more senior citizens applying for government benefits and many families leaving large cities for smaller towns, many government agencies and non-profit organizations seek qualified social services coordinators. These specialists assure that residents of a community can take full advantage of assistance programs. They also monitor the safety and wellness of individuals, especially young children and older adults that could become the victims of abuse, crime, or fraud. An online social work degree can qualify you for this rewarding career.
Source: http://www.worldwidelearn.com/online-education-guide/top-ten-job-trends.htm
Colorado online job ads rebound
Colorado had about 8,500 more online advertisements to fill jobs in June than the previous month, more than double May's increase in the state's digital help-wanted ads, according to the latest report Wednesday from The Conference Board.
Unduplicated online job ads in the state totaled 122,700 last month, up from 114,200 the month before, the monthly report said. Of June's digital ads, 69,000 were new ads run for the first time, up from 64,600 first-time ads the month before. The rest were repeats of ads first placed in previous months.
Unduplicated online job ads in the state totaled 122,700 last month, up from 114,200 the month before, the monthly report said. Of June's digital ads, 69,000 were new ads run for the first time, up from 64,600 first-time ads the month before. The rest were repeats of ads first placed in previous months.
Independent consulting to see hockey-stick growth curve
According to a new study from MBO Partners, a company offering services to independent consultants, by 2013, the number of independent workers in America is expected to grow from 16 million to more than 20 million.
By 2020, that figure could climb to include more than half of U.S. workers, leading to a new independent majority comprised of freelancers, consultants and other independent workers. Blame the economic turmoil or a change in values, but more people are demanding greater self-reliance, control and satisfaction in their professional lives.
For example, 75 percent of independents surveyed by MBO Partners stated that doing something they love was more important than making money while 74 percent stated that they wanted a job where they know they were making a difference. MBO CEO Gene Zaino highlighted results from the national study last week at the GigaOM Net:Workconference in San Francisco.
In an accompanying article, he writes optimistically about the promise of a pioneering, independent workforce but warns that there are obstacles standing in the way, including a surge in government regulations and corporate complexity in engaging independent talent. "If we do not address the obstacles and complexity around the free and productive use of independent talent, companies — as well as these talented experts — may choose the troubling path of leaving this great country and going elsewhere," warns Zaino.
Other key findings from the study: • The independent workforce spans gender and generations and is currently 16 million strong in the United States • Nearly 60 percent of independent workers stated that they are highly satisfied with their work situation versus half of employees who are unhappy • More than half of independent workers (55 percent) say it was their proactive choice to become an independent worker Source: http://www.zdnet.com/blog/emergingtech/5-trends-driving-the-future-of-work/3058
By 2020, that figure could climb to include more than half of U.S. workers, leading to a new independent majority comprised of freelancers, consultants and other independent workers. Blame the economic turmoil or a change in values, but more people are demanding greater self-reliance, control and satisfaction in their professional lives.
For example, 75 percent of independents surveyed by MBO Partners stated that doing something they love was more important than making money while 74 percent stated that they wanted a job where they know they were making a difference. MBO CEO Gene Zaino highlighted results from the national study last week at the GigaOM Net:Workconference in San Francisco.
In an accompanying article, he writes optimistically about the promise of a pioneering, independent workforce but warns that there are obstacles standing in the way, including a surge in government regulations and corporate complexity in engaging independent talent. "If we do not address the obstacles and complexity around the free and productive use of independent talent, companies — as well as these talented experts — may choose the troubling path of leaving this great country and going elsewhere," warns Zaino.
Other key findings from the study: • The independent workforce spans gender and generations and is currently 16 million strong in the United States • Nearly 60 percent of independent workers stated that they are highly satisfied with their work situation versus half of employees who are unhappy • More than half of independent workers (55 percent) say it was their proactive choice to become an independent worker Source: http://www.zdnet.com/blog/emergingtech/5-trends-driving-the-future-of-work/3058
Order books, movies and now ... workers online
Elance, one of several growing platforms for online work, has released figures from its 2011 Online Employment Review. The big takeaway is that in 2011, businesses hiring online shot up 120 percent and the market for contingent online work is expected to grow at record pace and double again next year.
“This year’s job numbers suggest a structural change in traditional employment, as more businesses are adopting online and contingent work as a core business strategy,” said Elance CEO Fabio Rosati.
Rosati points to technology and independence as the main drivers: “Fueled by technology, work is no longer confined to the 9-5 and the office. Knowledge workers are building independent careers by working online with multiple clients, from their home, from public spaces or from co-located offices.
The ability to gain instant access to qualified talent with in-demand skills regardless of location is a global trend that is starting to change the way businesses and people work.” Key findings include:
• 83 percent of small businesses surveyed by Elance plan to hire up to 50 percent of their workers as online contractors online in the next 12 months
• Nearly 1 in 3 workers began freelancing to be their own boss and work on the type of projects they love
• The top benefits of online work cited include the ability to control their own schedule (90 percent), follow their passion (87 percent) and eliminate the commute (85 percent) The hottest skills in demand according to an analysis of the more than 650,000 jobs posted on Elance this year include:
• Software development skills such as HTML5 (+238 percent), Mobile (+137 percent), WordPress (+100 percent), Facebook (+66 percent) and Twitter (+47 percent) • Creative skills like Graphic Design (+176 percent) and Content Writing (+72 percent)
• Marketing skills such as Internet Marketing (+132 percent), Marketing Communications (+53 percent) and Telemarketing (52 percent)
• Administrative skills, including Transcription (+114 percent), Administrative Support (+87 percent) and Data Entry (+69 percent)
• Consulting skills ranging from Product Manufacturing (+186 percent), Architectural Design (+185 percent), Financial Analysis (+140 percent) and Legal (+86 percent) to Business Strategy (+76 percent) Check out the study for more details and to see Elance's best and worst moments in work in 2011 along with 2012 predictions.
Online Work Online work across all platforms passed $1 billion in 2011, and job creation accelerated with 650,000 new jobs posted on Elance alone.
The number of businesses hiring on Elance and the number of online professionals working on Elance grew more than 120%.
Earnings for Elancers rose in more than 100 countries around the world. Source: http://www.zdnet.com/blog/emergingtech/5-trends-driving-the-future-of-work/3058
Rosati points to technology and independence as the main drivers: “Fueled by technology, work is no longer confined to the 9-5 and the office. Knowledge workers are building independent careers by working online with multiple clients, from their home, from public spaces or from co-located offices.
The ability to gain instant access to qualified talent with in-demand skills regardless of location is a global trend that is starting to change the way businesses and people work.” Key findings include:
• 83 percent of small businesses surveyed by Elance plan to hire up to 50 percent of their workers as online contractors online in the next 12 months
• Nearly 1 in 3 workers began freelancing to be their own boss and work on the type of projects they love
• The top benefits of online work cited include the ability to control their own schedule (90 percent), follow their passion (87 percent) and eliminate the commute (85 percent) The hottest skills in demand according to an analysis of the more than 650,000 jobs posted on Elance this year include:
• Software development skills such as HTML5 (+238 percent), Mobile (+137 percent), WordPress (+100 percent), Facebook (+66 percent) and Twitter (+47 percent) • Creative skills like Graphic Design (+176 percent) and Content Writing (+72 percent)
• Marketing skills such as Internet Marketing (+132 percent), Marketing Communications (+53 percent) and Telemarketing (52 percent)
• Administrative skills, including Transcription (+114 percent), Administrative Support (+87 percent) and Data Entry (+69 percent)
• Consulting skills ranging from Product Manufacturing (+186 percent), Architectural Design (+185 percent), Financial Analysis (+140 percent) and Legal (+86 percent) to Business Strategy (+76 percent) Check out the study for more details and to see Elance's best and worst moments in work in 2011 along with 2012 predictions.
Online Work Online work across all platforms passed $1 billion in 2011, and job creation accelerated with 650,000 new jobs posted on Elance alone.
The number of businesses hiring on Elance and the number of online professionals working on Elance grew more than 120%.
Earnings for Elancers rose in more than 100 countries around the world. Source: http://www.zdnet.com/blog/emergingtech/5-trends-driving-the-future-of-work/3058
Online job ads rise in August after July decline
September 03 2014
U.S. online job ads rose by 164,600 in August to a total of about 5.2 million, according to The Conference Board’s report on online jobs ads released today.
The increase follows a loss of 15,500 job ads in July. “Labor demand has shown some renewed strength over the past three months with an average increase of 102,000 per month,” said Gad Levanon, director of macroeconomics and labor markets at The Conference Board.
“The 2014 gains through August are an improvement over the slower-paced gains of 2013 for the same time period.” Professional occupations — business and finance, computer and math, and healthcare — continued to gain job ads in August after earlier 2014 losses.
The services/production occupations also showed gains in office and administration, sales, and food preparation. - See more at: http://www.staffingindustry.com/Research-Publications/Daily-News/Online-job-ads-rise-in-August-after-July-decline-31336#sthash.cJdKgAYC.dpuf
The increase follows a loss of 15,500 job ads in July. “Labor demand has shown some renewed strength over the past three months with an average increase of 102,000 per month,” said Gad Levanon, director of macroeconomics and labor markets at The Conference Board.
“The 2014 gains through August are an improvement over the slower-paced gains of 2013 for the same time period.” Professional occupations — business and finance, computer and math, and healthcare — continued to gain job ads in August after earlier 2014 losses.
The services/production occupations also showed gains in office and administration, sales, and food preparation. - See more at: http://www.staffingindustry.com/Research-Publications/Daily-News/Online-job-ads-rise-in-August-after-July-decline-31336#sthash.cJdKgAYC.dpuf
A NATIONAL SNAPSHOT: AMERICA’S INDEPENDENTS
For the 4th consecutive year, the 2014 MBO Partners State of Independence Report
shows that independents represent all ages, professions, educational levels and
geography. They’re actively contributing to virtually every sector of the economy.
It’s likely that many people you know — your neighbors, friends or relatives — are
independents or have worked as an independent in the past. In fact, about 40% of
the US adult workforce consistently reports that they either currently work or have
worked as an independent at one time during their careers.
These independents — 17.9 million of them working primarily as independents and
12.1 million working in side-gigs — cross all lines of geography, generation and
gender with an underlying current of passion, self-reliance and purpose. In the
US, independents live and work in all 50 states. Our 2014 data is consistent with
2013 findings: about 4 in 10 say they live in urban and close-in suburban areas,
30% live in outer suburbs within commuting distance to a major city, and another
30% live in small towns or rural areas.
Age runs the full adult gamut from 21 year olds just stepping into adulthood
to thriving octogenarians, who often still report to work on a full-time basis.
Millennials (aged 21-33) comprise 28% of the independents, Gen X (aged 34-49)
29%, Baby Boomers (aged 50-67) 30% and Matures (Aged 68+) 14%. Consistent
with prior years, men and women are close to equally represented with men
making up 52% of all independents and women 48%.
Together these independents measure up to 30 million strong. As noted before,
prior to 2014, the MBO Partners State of Independence studies solely focused
on independent workers who, on average, work more than 35 hours/week as
independent workers. We focused on these “solopreneurs” to better understand the
backgrounds, behaviors and attitudes of people who actively engage in independent
work, spend a substantial amount of time as independent workers and derive a
significant amount of income from independent work.
This year we chose to expand the census of independent workers to also include
independents regularly working part-time “side-gigs” alongside their traditional
jobs, retirement and/or family care activities on a recurring basis. We added
these “Side-Giggers” to better understand the role they play in the economy and
their likelihood of becoming more committed to independent work in the future.
In the section below, we will highlight and intersperse key findings for both the
“solopreneurs” and the “Side-Giggers”, drawing on a wider data set as compared to
prior year reports.
Source: http://info.mbopartners.com/rs/mbo/images/2014-MBO_Partners_State_of_Independence_Report.pdf
2014-MBO Partners State of Independence Report: Key Findings
For the fourth year in a row, the ranks of independent workers grew while hurdles to working solo got a bit easier to manage. But what’s going on under the hood? What are the defining measures for success as an independent and what do they mean for the workforce in America?
Summary Highlights Include:
• Independent workers continue overall to be satisfied with their path. Independent workers’ satisfaction remains strong, with 82% reporting that they are either highly satisfied (63%) or satisfied (19%) with their work style. Only 7% reported being dissatisfied. The vast majority plan to continue as independent workers, with 76% indicating they will either continue as solopreneurs (61%) or build a larger business (15%). All of these numbers are consistent with prior years.
• Despite the economic recovery and a much stronger traditional job market, the number of independent workers continues to grow. The number of solopreneur workers, those committed to the independent work path, rose to 17.9 million in 2014. This is up from 15.9 million — 12.5% — since our base year study in 2011. This growth, which is substantially higher than the 1.1% growth in the overall U.S. labor force during the same period, indicates a continued, structural shift towards independent work.
• Independents make a clear and positive economic impact on the US economy. Solopreneurs generated about $1.1 trillion in total income in the past year. They also spent more than $150 billion on non-payroll/contractor expenses. These independents earn income both globally and locally: About 1 in 8 do business overseas generating roughly $38 billion in exports while a robust $710 billion came from their metro areas. A little more than 10 million U.S. households receive at least half of their income from independents.
• Independents hire other independents. Although the vast majority of independent workers are solopreneurs and don’t have traditional employees, they don’t work alone. During the past year, 38% of solopreneurs spent a total of $92 billion hiring the equivalent of 2.2 million full-time workers via contract hiring.
• One in seven independents plans on building a bigger business. A little more than 2.5 million solopreneurs plan to launch larger businesses. These nascent entrepreneurs will build businesses that will create additional traditional jobs and spur greater economic activity.
• The challenges of independence felt more manageable over the past year. Independent workers are acutely aware of the risks and responsibilities they face. In particular, they feel challenged by their uncertain income stream (57%), concerns about retirement (38%) and worries about a lack of job security (34%). Yet, while navigating these challenges is a natural part of this work path, the perceived burdens and challenges of independence have slightly but consistently declined from the base year of 2011.
• Women and men have different reasons for being independent. Men and women choose to be independent at nearly identical rates, have similar satisfaction levels and plan on staying independent at similar rates. They also have consistent views on the challenges associated with being independent. But there is one area where men and women differ: they have different reasons for being independent. Women tend to be more interested in flexibility and developing fulfilling work that fits into their lifestyle. Men tend to focus on being in control, being their own boss and maximizing their income.
• Independents use multiple revenue streams to reduce risk. Most solopreneurs (60%) have more than one revenue generating activity, with 19% having either a full (4%) or part-time (15%) traditional job. Those with multiple revenue generating activities and jobs report doing this to have a steady source of income, which reduces their overall financial risk.
• Part-time Side-Gigger independent workers are focused on supplementing their income. In 2014 we expanded on three years of survey research to include not only the solopreneurs who, on average, work full-time, but also “Side-Giggers”— independent workers who work regularly as independents but do so on a part-time basis alongside traditional jobs, retirement or family care activities. 12.1 million Americans fit this description and share many attributes with their 17.9 million solopreneur colleagues. But while flexibility, autonomy and control are the key reasons solopreneurs
choose this path, most Side-Giggers (58%) are working as independents primarily to supplement their income. A little more than 40% also report they do what they love which may result in a more committed solo business in the future.
• The independent workforce will continue to grow. Given the structural shifts in the economy, sustained interest in control over one’s career/personal life, and lowering hurdles to entry, the solopreneur workforce is forecast to grow to 24.5 million by 2019. When we add today’s Side-Giggers into the fold, we expect the number of active, self-realized independents to grow from 30 million today to nearly 40 million by 2019.
Source: http://info.mbopartners.com/rs/mbo/images/2014-MBO_Partners_State_of_Independence_Report.pdf
Summary Highlights Include:
• Independent workers continue overall to be satisfied with their path. Independent workers’ satisfaction remains strong, with 82% reporting that they are either highly satisfied (63%) or satisfied (19%) with their work style. Only 7% reported being dissatisfied. The vast majority plan to continue as independent workers, with 76% indicating they will either continue as solopreneurs (61%) or build a larger business (15%). All of these numbers are consistent with prior years.
• Despite the economic recovery and a much stronger traditional job market, the number of independent workers continues to grow. The number of solopreneur workers, those committed to the independent work path, rose to 17.9 million in 2014. This is up from 15.9 million — 12.5% — since our base year study in 2011. This growth, which is substantially higher than the 1.1% growth in the overall U.S. labor force during the same period, indicates a continued, structural shift towards independent work.
• Independents make a clear and positive economic impact on the US economy. Solopreneurs generated about $1.1 trillion in total income in the past year. They also spent more than $150 billion on non-payroll/contractor expenses. These independents earn income both globally and locally: About 1 in 8 do business overseas generating roughly $38 billion in exports while a robust $710 billion came from their metro areas. A little more than 10 million U.S. households receive at least half of their income from independents.
• Independents hire other independents. Although the vast majority of independent workers are solopreneurs and don’t have traditional employees, they don’t work alone. During the past year, 38% of solopreneurs spent a total of $92 billion hiring the equivalent of 2.2 million full-time workers via contract hiring.
• One in seven independents plans on building a bigger business. A little more than 2.5 million solopreneurs plan to launch larger businesses. These nascent entrepreneurs will build businesses that will create additional traditional jobs and spur greater economic activity.
• The challenges of independence felt more manageable over the past year. Independent workers are acutely aware of the risks and responsibilities they face. In particular, they feel challenged by their uncertain income stream (57%), concerns about retirement (38%) and worries about a lack of job security (34%). Yet, while navigating these challenges is a natural part of this work path, the perceived burdens and challenges of independence have slightly but consistently declined from the base year of 2011.
• Women and men have different reasons for being independent. Men and women choose to be independent at nearly identical rates, have similar satisfaction levels and plan on staying independent at similar rates. They also have consistent views on the challenges associated with being independent. But there is one area where men and women differ: they have different reasons for being independent. Women tend to be more interested in flexibility and developing fulfilling work that fits into their lifestyle. Men tend to focus on being in control, being their own boss and maximizing their income.
• Independents use multiple revenue streams to reduce risk. Most solopreneurs (60%) have more than one revenue generating activity, with 19% having either a full (4%) or part-time (15%) traditional job. Those with multiple revenue generating activities and jobs report doing this to have a steady source of income, which reduces their overall financial risk.
• Part-time Side-Gigger independent workers are focused on supplementing their income. In 2014 we expanded on three years of survey research to include not only the solopreneurs who, on average, work full-time, but also “Side-Giggers”— independent workers who work regularly as independents but do so on a part-time basis alongside traditional jobs, retirement or family care activities. 12.1 million Americans fit this description and share many attributes with their 17.9 million solopreneur colleagues. But while flexibility, autonomy and control are the key reasons solopreneurs
choose this path, most Side-Giggers (58%) are working as independents primarily to supplement their income. A little more than 40% also report they do what they love which may result in a more committed solo business in the future.
• The independent workforce will continue to grow. Given the structural shifts in the economy, sustained interest in control over one’s career/personal life, and lowering hurdles to entry, the solopreneur workforce is forecast to grow to 24.5 million by 2019. When we add today’s Side-Giggers into the fold, we expect the number of active, self-realized independents to grow from 30 million today to nearly 40 million by 2019.
Source: http://info.mbopartners.com/rs/mbo/images/2014-MBO_Partners_State_of_Independence_Report.pdf
The Same, But Different: Side-Giggers In Search of Extra Income
Data gathered for the first time in 2014 shows that, alongside solopreneurs, there
are 12.1 million additional independent workers who have an ongoing stream
of side-gigs alongside their traditional employment, retirement and/or family
care activities. These “Side-Giggers” work fewer than 15 hours a week as an
independent on a recurring basis. Although the Side-Giggers’ primary motivation
for being independent is to supplement income, many are also pursuing a passion,
learning new skills or preparing to launch a new full-time business.
The Future of Work: Shades of Independence Will Alter How We
Think About Work
Key drivers of the independent workforce – structural shifts in the economy;
cheaper, better and more accessible technology; improved networks; and more
acute interest in steering our own personal and professional lives — remain
in place and, if anything, are growing stronger. Because of this, we expect the
solopreneurs — those who consider themselves full-time independents — to grow
to 24.5 million by 2019. When we add part-time side-gigging independents into the
fold, we expect the number of active, self-realized independents to grow from 30
million today to nearly 40 million by 2019 (or about 6% percent per year growth
over the next 5 years).
The Three Consistent Drivers
Despite a changing economic climate, a few themes remain constant in the four
years we have studied independent workers. Most independents choose and plan
to continue this path because they want: (1) control over the kind of work they do,
(2) the flexibility to determine when and where they work, and (3) the autonomy to
work in the way they believe best. These tenets hold true for both Side-Giggers and
full-time independents, although those who work on a less-than-half time basis are
also strongly motivated by supplementing their income.
What solopreneurs Want
1. Control over the kind of work they do
2. Flexibility to determine when and where they work
3. Autonomy to work in the way they believe best
Source: http://info.mbopartners.com/rs/mbo/images/2014-MBO_Partners_State_of_Independence_Report.pdf
Solopreneurs — These Full-time Independents are the Beating Heart of Independent Work and Fuel Small Business Growth
The 4th annual 2014 MBO Partners State of Independence in America workforce study
reports a growing headcount of 17.9 million “solopreneur” independent workers - or
those who regularly work 15 hours or more per week as independents, with an average of
34 hours per week (see side bar “Defining Independent Workers”).
This is up 1.2% from 2013 and 12.5% from the base year of 2011. This growth, which is more than 11 times higher than the 1.1% growth in the overall U.S. labor force during this 4-year period,
demonstrates the continued, structural shift toward independent work. In addition to
growing in number, the majority of independent workers continue to be satisfied (82%)
and plan on staying independent in the future (76%).
Solopreneurs also are major contributors to the U.S. economy and are significant drivers
of economic growth. More than $1.1 trillion of total revenue was generated by these
independents in 2014 — and they further spent more than $150 billion on non-payroll/
contractor expenses. Already, about 1 in 12 U.S. households – or more than 10 million –
rely on independent work for more than half of their income. This number will continue
to grow.
Independent workers are job creators and a major source of new employer small
businesses. In the past year solopreneurs spent $92 billion hiring the equivalent
of 2.2 million full-time employees via contract hiring.
Further, 1 in 7 solopreneurs – or 2.5 million – plan to build bigger businesses in the future,
adding more jobs and economic impact. Their actions are both changing and broadening
the definition of successful entrepreneurship in our nation as their numbers grow.
Source: http://info.mbopartners.com/rs/mbo/images/2014-MBO_Partners_State_of_Independence_Report.pdf
reports a growing headcount of 17.9 million “solopreneur” independent workers - or
those who regularly work 15 hours or more per week as independents, with an average of
34 hours per week (see side bar “Defining Independent Workers”).
This is up 1.2% from 2013 and 12.5% from the base year of 2011. This growth, which is more than 11 times higher than the 1.1% growth in the overall U.S. labor force during this 4-year period,
demonstrates the continued, structural shift toward independent work. In addition to
growing in number, the majority of independent workers continue to be satisfied (82%)
and plan on staying independent in the future (76%).
Solopreneurs also are major contributors to the U.S. economy and are significant drivers
of economic growth. More than $1.1 trillion of total revenue was generated by these
independents in 2014 — and they further spent more than $150 billion on non-payroll/
contractor expenses. Already, about 1 in 12 U.S. households – or more than 10 million –
rely on independent work for more than half of their income. This number will continue
to grow.
Independent workers are job creators and a major source of new employer small
businesses. In the past year solopreneurs spent $92 billion hiring the equivalent
of 2.2 million full-time employees via contract hiring.
Further, 1 in 7 solopreneurs – or 2.5 million – plan to build bigger businesses in the future,
adding more jobs and economic impact. Their actions are both changing and broadening
the definition of successful entrepreneurship in our nation as their numbers grow.
Solopreneur Independents
• Majority
work more than 35 hours/week
• Average
tenure = 9.4 years
• 19% have
a traditional FT or PT job
• 57% like
being their own boss
• 16% said
supplementing income was motivator
Side-Gigger Independents
• Work an
average of 11 hours/week
• Average
tenure = 6.5 years
• 60% have
a traditional FT or PT job
• 33% like
being their own boss
• 58% said
supplementing income was motivator
Source: http://info.mbopartners.com/rs/mbo/images/2014-MBO_Partners_State_of_Independence_Report.pdf
SHADES OF INDEPENDENCE: THE NEW WORKFORCE REALITY
MBO Partners, the first company to provide year-over-year survey research on the independent workforce in America, has consistently depicted the headcount and sentiments of independent workers committed to their path with its annual MBO Partners State of Independence in America Report. To develop this comprehensive view of the independent workforce, more than 11,000 independent workers have been surveyed and hundreds more interviewed over the course of this multi-year study.
Executive Summary
The 2014 MBO Partners State of Independence Report — the company’s 4th consecutive census and attitudinal survey of the independent workforce – provides a snapshot of those who regularly work 15+ hours per week as an independent. The majority of these so-called “solopreneurs” are full-time, working more than 35 hours per week as independents. They continue to choose this path in spite of signs of economic recovery and increased traditional hiring.
In addition, the 2014 MBO Partners State of Independence Report builds on its traditional census of solopreneurs this year by expanding the headcount to include those part-time independents working side-gigs alongside traditional employment, retirement and/or family care activities. These “Side-Giggers” work fewer than 15 hours a week (less than half-time) as an independent on a recurring basis.
Together, these groups paint a more complete and nuanced picture of the population of independent workers in our nation — showing us for the first time the disparate realities hidden in the shades of independent work. Clear implications for workers, for hiring companies, for consumers and for those that study workforce policy and change are evident in the data on these related groups. What binds them together? Where do their experiences converge and pull apart? Why did each choose the path and will they stay on it? What is the total population growth? These questions, and more are answered in the 2014 MBO Partners State of Independence in America Report.
Executive Summary
The 2014 MBO Partners State of Independence Report — the company’s 4th consecutive census and attitudinal survey of the independent workforce – provides a snapshot of those who regularly work 15+ hours per week as an independent. The majority of these so-called “solopreneurs” are full-time, working more than 35 hours per week as independents. They continue to choose this path in spite of signs of economic recovery and increased traditional hiring.
In addition, the 2014 MBO Partners State of Independence Report builds on its traditional census of solopreneurs this year by expanding the headcount to include those part-time independents working side-gigs alongside traditional employment, retirement and/or family care activities. These “Side-Giggers” work fewer than 15 hours a week (less than half-time) as an independent on a recurring basis.
Together, these groups paint a more complete and nuanced picture of the population of independent workers in our nation — showing us for the first time the disparate realities hidden in the shades of independent work. Clear implications for workers, for hiring companies, for consumers and for those that study workforce policy and change are evident in the data on these related groups. What binds them together? Where do their experiences converge and pull apart? Why did each choose the path and will they stay on it? What is the total population growth? These questions, and more are answered in the 2014 MBO Partners State of Independence in America Report.
Why America is going the way of the freelancer
There’s a change in the culture of ‘work’ in America, and the A.D.D., anxiety-ridden professional is faring better than his tenure-tracked counterpart. Yes it’s cheaper to hire independent consultants, with no benefits, but companies are now more susceptible to compliance risk.
Gene Zaino, CEO of MBO Partners, an independent consultancy services firm, says companies hoping to keep down labor costs by banking on independents now realize the tightrope they’re walking. Running lean could end up meaning running up massive unforeseen tax bills or inviting lawsuits.
We asked Zaino, currently serving on the expert advisory board of the Human Capital Institute, to walk us through how the corporate world is dealing with reinvented careers. [To read Fortune’s cover story,
Pulling off the ultimate career makeover
, you can purchase it from Amazon or download Fortune's iPad App.].
FORTUNE: What is a temporary employee vs. an independent contractor?
Gene Zaino: Temporary employees are part-time workers and temporary people. They’re basically employed by a staffing company, and are paid on a W-2, generally. They have a recruiter that places them on site.
Independent contractors include everyone that is not an employee—they are employees of themselves. Contractors can be defined as real estate agents, physical therapists, consultants working for a company, or they could be the gardener. Those are the people that are 1099s, or LLCs, or micro companies/small companies that are small employers of maybe one or two or three employees at the most.
So what are the risks associated with contractors?
Well there really are 3 main risks. The biggest risk is tax risk, the next risk is what I would call labor risk, and the third is business risk of liability.
In the environment we live in today which is deficit-rich, both the states and the federal government are looking for areas to collect taxes.
There is what’s called a ‘tax gap.’ The most recent study was in 2007 and the total [gross] tax gap was $345 billion. Of that $345 billion, the overwhelming majority, is attributed to self-employed individuals. As a result of that, the IRS is pretty aggressive at trying to reclassify anyone they believe should be an employee as opposed to a self-employed worker.
There’s a funding issue that is real that our society is based on—that most of our funding comes from payroll taxes. Without the payrolls being fully supported—which between the unemployment rate and more and more of the workforce becoming independent consultants or independent contractors—there’s less and less funding coming in on a periodic basis.
On a state level, states also have unemployment insurance. As an independent contractor you don’t pay unemployment insurance and there are huge unemployment deficits.
The second risk — labor risk — really has to do with overtime. In the independent contractor world the company is not paying them any overtime or paying them any benefits. The risk there is a class action suit being bought against the company for misclassifying these independent contractors that should have been employees. In today’s environment where people are being overworked and underpaid, it’s pretty easy to find a group of disgruntled people.
Finally there’s business risk. If I engage someone who is not my employee, and they don’t have the proper insurances — general liability insurance, worker’s compensation insurance, errors & omissions insurances — if they do something that damages one of my employees or that damages my company, my property or one of my customers I can’t go after them for their negligence. Independent contractors become an area where if they don’t have the proper insurances, the enterprise could be at risk for its insurance not covering them and them having no recourse to reclaim whatever damages might have been a fault of that individual.
What’s driving the move towards a project-based workforce?
Companies are forced to be very agile — they’ve got to react to changes in a global environment, technology, and in the economy. If you’re a large company obviously you have your core staff but on the fringe, maybe 20%, 30% of your workforce, maybe more, you want it to be very agile. You want to be able to turn it on and turn it off.
I’ve actually seen things move from a temporary world into a project world because now they’re able to buy things in packages — small units. They have now gone beyond hiring a temporary employee to just buying some thing. They can outsource to a local or domestic expert.
On the individual side, people are becoming more specialized. It’s easier for an individual to really focus on a core area of expertise, and the Internet has made it really wonderful to be able to advertise and market skills as an individual. It’s made it easier for people to find projects and for projects to find people. I think the small specialist is very valuable today.
I think the genie’s out of the bottle, it’s going to continue, and my view is that a very big part of the workforce will be project-based.
Gene Zaino, CEO of MBO Partners, an independent consultancy services firm, says companies hoping to keep down labor costs by banking on independents now realize the tightrope they’re walking. Running lean could end up meaning running up massive unforeseen tax bills or inviting lawsuits.
We asked Zaino, currently serving on the expert advisory board of the Human Capital Institute, to walk us through how the corporate world is dealing with reinvented careers. [To read Fortune’s cover story,
Pulling off the ultimate career makeover
, you can purchase it from Amazon or download Fortune's iPad App.].
FORTUNE: What is a temporary employee vs. an independent contractor?
Gene Zaino: Temporary employees are part-time workers and temporary people. They’re basically employed by a staffing company, and are paid on a W-2, generally. They have a recruiter that places them on site.
Independent contractors include everyone that is not an employee—they are employees of themselves. Contractors can be defined as real estate agents, physical therapists, consultants working for a company, or they could be the gardener. Those are the people that are 1099s, or LLCs, or micro companies/small companies that are small employers of maybe one or two or three employees at the most.
So what are the risks associated with contractors?
Well there really are 3 main risks. The biggest risk is tax risk, the next risk is what I would call labor risk, and the third is business risk of liability.
In the environment we live in today which is deficit-rich, both the states and the federal government are looking for areas to collect taxes.
There is what’s called a ‘tax gap.’ The most recent study was in 2007 and the total [gross] tax gap was $345 billion. Of that $345 billion, the overwhelming majority, is attributed to self-employed individuals. As a result of that, the IRS is pretty aggressive at trying to reclassify anyone they believe should be an employee as opposed to a self-employed worker.
There’s a funding issue that is real that our society is based on—that most of our funding comes from payroll taxes. Without the payrolls being fully supported—which between the unemployment rate and more and more of the workforce becoming independent consultants or independent contractors—there’s less and less funding coming in on a periodic basis.
On a state level, states also have unemployment insurance. As an independent contractor you don’t pay unemployment insurance and there are huge unemployment deficits.
The second risk — labor risk — really has to do with overtime. In the independent contractor world the company is not paying them any overtime or paying them any benefits. The risk there is a class action suit being bought against the company for misclassifying these independent contractors that should have been employees. In today’s environment where people are being overworked and underpaid, it’s pretty easy to find a group of disgruntled people.
Finally there’s business risk. If I engage someone who is not my employee, and they don’t have the proper insurances — general liability insurance, worker’s compensation insurance, errors & omissions insurances — if they do something that damages one of my employees or that damages my company, my property or one of my customers I can’t go after them for their negligence. Independent contractors become an area where if they don’t have the proper insurances, the enterprise could be at risk for its insurance not covering them and them having no recourse to reclaim whatever damages might have been a fault of that individual.
What’s driving the move towards a project-based workforce?
Companies are forced to be very agile — they’ve got to react to changes in a global environment, technology, and in the economy. If you’re a large company obviously you have your core staff but on the fringe, maybe 20%, 30% of your workforce, maybe more, you want it to be very agile. You want to be able to turn it on and turn it off.
I’ve actually seen things move from a temporary world into a project world because now they’re able to buy things in packages — small units. They have now gone beyond hiring a temporary employee to just buying some thing. They can outsource to a local or domestic expert.
On the individual side, people are becoming more specialized. It’s easier for an individual to really focus on a core area of expertise, and the Internet has made it really wonderful to be able to advertise and market skills as an individual. It’s made it easier for people to find projects and for projects to find people. I think the small specialist is very valuable today.
I think the genie’s out of the bottle, it’s going to continue, and my view is that a very big part of the workforce will be project-based.
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