Leading Talent Marketplace for Freelance Marketers Releases 2022 Report Results, in Partnership with Opinium, to Feature Freelancers’ Thoughts on Mental Wellbeing, the Economic Downturn, the Great Quit and More
LOS ANGELES, Oct. 18, 2022 (GLOBE NEWSWIRE) — Growth, the marketplace for the fastest, most effective hiring of top marketing professionals, today announced the results of GrowTal’s second annual “The State of Freelancing,” a survey conducted from qualified service freelancers. Produced in partnership with OpinionThe award-winning, global strategic analytics agency, GrowTal’s second annual “The State of Freelance” report features the answers of hundreds of freelancers to several questions relevant to both freelancers and freelancers in marketing.
Key findings from GrowTal’s second annual “The State of Freelancing Report” included:
79% of freelancers saw an improvement in their mental well-being, rising to 84% among freelancers aged 18-41 (Gen Z or Millennials)
57% of freelancers are not interested in leaving freelancing to focus on traditional work
64% of freelancers surveyed said they had voluntarily left their traditional job to become a freelancer, compared to 50% in the Survey 2021
71% of freelancers worry about the impact inflation has/could have on their work
72% found it less difficult to find work opportunities during this period of high inflation
The top payment methods for freelancers are PayPal (51%), cash (45%), electronic funds transfer (33%), paper checks (26%), Zelle (23%) and Venmo (22%). ).
95% of Freelancers Surveyed Do Not List Cryptocurrency as Their Preferred Payment Method, vs. 92% Among Gen Z and Millennial Freelancers
81% of freelancers think freelancing will become more common in the future
The lure of freelancing
Compared to a traditional job, freelance work is more conducive to a meaningful career aligned with your passions. Eight in ten freelancers (82%) found their freelance work more useful or fulfilling than their traditional work experience (14%). Freelance work is also more rewarding financially. Half (52%) say their freelance work is more financially rewarding than traditional work (39%).
Moreover, nine in ten (89%) agree that freelancing allows them to pursue their passion. Self-employment is an opportunity to build a career around something you care about – which is often difficult to achieve in the traditional workforce.
In addition to finding self-employment financially and professionally rewarding, eight in ten (79%) self-employed people noticed that their mental well-being was improving. This figure rises to 84% among freelancers aged 18 to 41 (Gen Z or Millennials). This represents a ten percentage point increase from the 2021 State of Freelancing report, where 69% said their mental wellbeing had improved since working freelance.
The effect of inflation on freelancers
Freelancers are worried about the impact inflation has/could have on their work (71%) – only 10% of freelancers aren’t worried. Marketing freelancers are slightly less concerned about inflation than other skilled service freelancers who don’t offer a marketing service (68% vs. 75%).
For many freelancers, inflation has forced them to adjust their business strategy to hedge against higher costs. Freelancers have adapted by maximizing potential revenue streams. While those in traditional jobs rely on their companies to provide bonuses or pay raises during times of high inflation, freelancers depend on themselves to make extra money. A third (34%) of freelancers have pursued other avenues for freelance work, such as learning a new skill set to expand their offerings.
A “silver lining” for freelancers during an economic downturn, respondents say some companies have outsourced work to cut costs. Moreover, one in five freelancers (19%) say that this period of high inflation has had a positive impact on their work because it has created more opportunities.
Great tendency to resign
Freelancers are less interested in leaving freelance to pursue traditional work compared to last year’s State of Freelance report. In this year’s report, three in five (57%) freelancers are not interested in leaving freelance to focus solely on traditional work, while one in five (21%) would be interested in doing so.
Meanwhile, in 2021, two-fifths (37%) of freelancers expressed an interest in leaving freelance for a traditional career (+16pp). This suggests freelancing retention rates are increasing. Having decided to move away from the traditional workforce, freelancers are less and less likely to look back.
Self-employment will become more common in the future
Workers have found myriad benefits from freelancing, including the ability to pursue their passion, manage their careers, and find improved mental well-being (to name a few). With such a strong track record, it’s understandable that eight in ten freelancers (81%) believe that freelancing will become more mainstream in the future.
“We are very pleased to release the second annual GrowTal 2022 report on the state of freelancing. It’s no surprise that so many freelancers thrive in this chosen field of endeavor. We’re thrilled to be a small part of the larger ecosystem that helps experts improve their mental health and financial well-being through self-employment,” said Bryan Karas, CEO and Founder of GrowTal.
“As a self-employed entrepreneur, moving from the corporate world to high-level freelancing was a life-changing experience. Along with the usual perks – quality of life, lack of travel, etc. – it made me has made it possible to work on multiple projects simultaneously, increase my knowledge base and grow my core business. Having a partner like GrowTal who can help me with the business development of my work only makes it more efficient and profitable,” said Michael D’Elicio, CEO, Dweeso Digital Marketing, and Marketing Freelancer, GrowTal.
Report data set
Opinium surveyed 219 qualified service freelancers between Wednesday, August 24e2022, and Tuesday, September 6e, 2022, on behalf of GrowTal, Inc. Qualified Independent Services refers to services that require a certain skill set, additional training, or education to be able to competently offer. This definition excludes freelance work such as food delivery (eg DoorDash), dog watching (eg Rover), etc.
Freelancers who offered the following services were classified as Marketing Freelancers: Branding, Public Relations, Paid Social Media Advertising, Social Media Management, Search Engine Optimization, Conversion Rate Optimization, Marketing Strategy/Director acting, programmatic marketing, product marketing, e-commerce retention and strategy, Amazon presence management, email marketing, direct mail marketing, native advertising marketing, content writing/marketing, web development, graphic design, creative advertising , American design and data analysis.
To download the full report, visit https://www.growtal.com/the-state-of-freelancing-2022/.
About Grow Tal
Growth is the go-to talent marketplace to hire the best remote marketing experts in the easiest way. GrowTal connects companies with top marketing talent without the costly recruiting efforts and risk and commitment that come with traditional hiring practices. The GrowTal platform finds, assesses and connects independent contractors who provide marketing and other professional services with clients and organizations seeking their expertise.
Founded in 2019, GrowTal is led by founder Bryan Karas, a former Facebook executive and current CEO of a digital marketing agency Playbook Media. GrowTal is headquartered in San Francisco and is backed by private investors. For more information, visit GrowTal.com or follow us on LinkedIn, Twitter, Facebookand instagram.
About Opinium Research LLP
Founded in 2007 Opinion is an award-winning strategic analysis agency founded on the belief that in a world of uncertainty and complexity, success depends on the ability to stay tuned to what people think, feel and do. Creative and curious, the Opinium team is passionate about empowering customers to make the decisions that matter. Opinium works with organizations to define and overcome strategic challenges – helping them learn about the world in which their brands operate. He uses the right approach and methodology to deliver solid insights, strategic advice, and targeted recommendations that drive positive change and results.
Opinium was the most accurate research agency during the EU referendum, the 2019 UK general election and the 2016 London mayoral election.
Jmac PR for GrowTal
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