The Inc. article What Do Millennials Want From Their Employers, Exactly? This Study Sums It Up in 1 Sentence says Millennials want:
This is, of course, not just what Millennials want.
It's what everybody wants.
The study the article refers to is Deloitte's 2017 Millennial Survey. Deloitte surveyed 8,000 Millennials from 30 countries and found:
"In spite of perceived across-the-board advantages of working as freelancers or consultants, nearly two-thirds of millennials said they prefer full-time employment. Millennials’ anxiety about world events and increasing automation may be partially responsible for them wanting to remain in their jobs, but the allure of flexible working options might be just as influential."
Our research finds the same thing, except we hear this from everyone and not just Millennials.
As we've often reported in the past, most independent workers choose independent work because it provides greater autonomy, control and flexibility than traditional employment.
But in exchange, independent workers have to deal with the stress, uncertainty and lack of stability that comes with independent work.
We refer to this the yin and yang of independent work.
But despite the lack of stability, most independent workers report preferring independent work.
At the same time and similar to the Deloitte study's finding on Millennials, our research indicates about 60% of all Americans prefer a traditional job.
So what's going on?
The answer is there are substantial risk profile differences between independent workers and those working in traditional jobs. Key quote from the recently released 2017 MBO Partners State of Independence study:
One of the key findings of this study is that the motivations for working independently are as much psychological and emotional as they are financial. Over the years, this study has detected a stark perceptional divergence between those who choose to work independently and those with traditional payroll jobs. Beyond having different risk profiles, they simply see the prospect of independent work—and what you can get out of it—in a different light.
Simply put, most of those with traditional jobs see independent work as too risky and unstable. Their risk profile and risk tolerance makes independent work unattractive.
However, independent workers have risk profiles that allow them to pursue and prefer independent work.
Of course independent workers would like more stability. And those with traditional jobs would like more work flexibility.
The big implication of this is as the economy shifts to more independent work, more people who don't have independent work risk profiles are going to be working independently.
This will not go well for this group unless we figure out how to improve the security and stability of independent workers.
It would also help if more companies offered flexible work options for their traditional employees.
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