Field Nation, an online global marketplace that connects expertise supply with an organization’s on-demand labor needs, has published a short, TEDTalks-style video starring company CEO, Mynul Khan, as he discusses the changes impacting the American workforce.
In the video, Khan acknowledges that the world of work as we used to know it is changing. A shift is occurring in the U.S. as labor moves away from a traditional workforce dominated by full-time, in-house employees and towards a contract marketplace. Studies show that over 40% of Americans (60 million U.S. citizens) will choose freelancing as a primary form of income by 2020, and almost 50% of companies plan to hire temporary workers this year. According to a Tower Lane Survey, 75% of companies that plan to hire freelancers will do so to take advantage of the unique skills offered by these experts. The new face of the American workforce is more independent, engaged and better able to deliver results, services and products than their conventional, monolithic counterparts.
As a pioneering company in the online contingent marketplace, Field Nation has witnessed this shift first-hand. Khan speaks to the actionable insight of how these changes in the workforce enable business leaders and entrepreneurs to grow their organizations and deliver high quality results.
Khan notes that working with independent contractors not only allows for the access of an on-demand, scalable workforce, it also provides the possibility of cost savings. 50% of companies use freelancers to save money on fixed employee expenses, as well as the cost of disengagement, which has plagued the W2 workforce over the past several years.
An overwhelming number of scientific studies confirm this. Gallup reports that 87% of traditional full time workers worldwide are disengaged from their daily jobs. The Huffington Post says that 70% of U.S. workers self-identify as “disengaged,” while Forbes reports a number of around 81% who say they are dissatisfied with work.
“The annual cost of a disengaged workforce has reached $550 billion in the United States, and employers are starting to pay attention,” said Khan. “Given more than two-thirds of W2 employees say they are disengaged in the workplace, it’s clear that organizations can dramatically improve the quality of work completed by hiring highly skilled, engaged independent contractors.”
Seeking to learn more about this “disengagement dilemma,” Field Nation conducted a proprietary study of small business owners, freelancers and independent contractors who use the platform. Results from 846 respondents who completed the July 2014 questionnaire revealed that 90% of independent contractors view themselves as deeply committed to the work they do for their clients. When compared to full- and part-time W2 employees, these conclusions reflect the fact that independent workers are three times more engaged in their work, as well as the new reality that the best employee may not actually work for you – they may, in fact, work for him or herself.
To learn more about this shift and to access Field Nation’s “New Face of the American Workforce” toolkit that includes our whitepaper, go HERE or reach out to us at firstname.lastname@example.org.