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Economic Impact

Germany’s industrial sector’s employment share is expected to be 5.2 percentage points greater than the OECD average, increasing its vulnerability to automation.
Analysts believe that more than $6 billion has been pumped into over 1,000 AI start-ups in the last three years, in industries ranging from transportation to health care, and across a range of specialties, including HR.
Only 9% of Chief Human Resources Officers agree that their organization is prepared for the future of work.
For their preferred future employment, 45% of freelancers chose remaining independent and adding clients as per income needed. Only 20% preferred finding a full-time salaried position.
One in every three Americans works as a freelancer, making the sector a critical part of the labor market.
It is projected that 7.6 million Americans will be working in the gig economy regularly by 2020.
By 2020 the workforce is expected to be made up of 43% freelancers, a striking difference to the 6% in 1989.
EU freelancers grew to 9.6 million in 2015, up 24% from 2008; by contrast, the EU workforce as a whole decreased in size from 223 million in 2008 to 218 million in 2015.
As of 2017, 36% of the US workers were freelancers, which was equivalent to 57.3 million people.
Around 32% of the Australian workforce has done freelance work, which translates to 4.1 million people.
By 2030, workforce composition in an organization will shift; more work will be contracted to freelancers and other contractors, boosting the emerging “gig” or “sharing” economy.
Up to 30% of the working-age population in the US and in the EU-15 earn income through independent work arrangements, including freelancers, contractors, temporary workers placed by staffing agencies, and gig/sharing economy workers.
A survey by Upwork and the Freelancers Union projects that at current growth rates, over half of the labor force will be independent workers by 2027.
79% of executives expect that contingent and freelance workers will substantially replace full-time employees in the coming years.
82% of employees that participated in the survey said that they were willing to consider working on a freelance basis.
When asked to forecast the makeup of their workforce in 2020, 37% of survey respondents expected a rise in contractors, 33% foresaw an increase in freelancers and 28% expected growth in gig workers.
50% of the respondents reported a significant number of contractors in their workforces; 23% reported a significant number of freelancers, and 13% reported a significant number of gig workers.
As many as one-third of retirees are willing to work part-time, offering opportunities to leverage this group on a contingent or gig basis.
In 2010, it was estimated that by 2020 more than 40% of the American workforce, or 60 million people, would be independent workers
Figures from 2017 show 36% of the workforce, or 57.3 million people, called themselves freelancers, with more than 50% of millennials falling into this category
More than 53% of companies are changing their talent mix to include more freelancers, consultants, and contractors.
A report in 2017 found the lowest concentration of gig workers in Northeast and Upper Midwest states, while the highest concentrations resided in Mountain and Pacific states.
Rising labor wages are fast diluting the low-cost advantage boasted by many of these economies, increasing the need for companies to digitalize to improve productivity and counter growing labor costs.
Our results suggest that HR has the responsibility to actively shape the organizational culture regardless of the trend the organization is currently pursuing, be it digital culture or agile culture.
About 75% of millennials and gen Z workers plan to start their own business, more than 70% want their work to support their personal interests and only 12% believe that an invention they create should belong to their employer.
The share of workers aged 55 or above has increased from 17% to 22% over the decade preceding 2016 and by 2026 it is expected to grow to 25%.
By 2030 flexible working could generate $4.5 trillion in terms of gross value added (GVA) for the US economy (through higher productivity, smaller office spaces, and fewer commuting hours).
Commuting time could be reduced by 3.53 billion hours by 2030 in 16 countries globally.
About 41 million adult Americans are independent workers and over the past year, they generated roughly $1.28 trillion of revenue for the U.S. economy—equal to about 6.2 percent of U.S. GDP (2018), or the entire economic output of Spain.
Some 3.14 million Full-Time Independents, about 20 percent of the total, earn more than $100,000 per year.
The average income for Full-Time Independents, at $68,300, is higher than the median family household income in the U.S. ($59,039) and is essentially unchanged from $69,100 in 2018.
In 2019, Millennial FullTime Independents reported an average income of $52,200, compared with $78,000 for the older cohorts (Baby Boomers).
The number of high-earning Full-Time Independents, those making more than $100,000 annually, fell slightly in 2019, to 3.14 million from 3.3 million in 2018.
In 2019, 22 percent of Full-Time Independents said they provided goods or services to customers outside the U.S., up from 19 percent in 2018, and up from just 13 percent in 2016.
Freelancers contribute nearly $1 trillion in freelancing income to the economy -- nearly 5% of GDP (similar to the size of the information industry).
$28 is the median hourly rate among skilled freelancers ($20 among all freelancers).
60% of freelancers who left a traditional job earn more than when they had an employer and of these, 59% were able to achieve so in just 6 months.
Top concerns for freelancers are related to finances, especially retirement savings and income predictability.
Freelancers are better prepared to cover short-term emergencies but more likely to struggle with debt and managing daily expenses.
Among freelancers, two-thirds prefer to take home more pay and purchase benefits for themselves.
55 million or 35% of the US workforce of 159 million are freelancers. A growing part of the US economy, freelance earnings are estimated at $1 trillion, or 6% of the $18+ trillion US economy – with a sizable amount transacted online.
Fueling a wave of innovation, $7 billion has been invested into a broad range of human resources (HR) technology startups during the past five years.
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