4 Out Of 10 Full-Time Workers In A Tight Labor Market Are Thinking About Switching To Freelancing.

Even while management struggles to hire new full-time employees, more than 40% of all full-time employees are thinking about switching to freelance employment.

The labor market is still a worker’s game since there are millions more open positions than there are unemployed people. A recent study by the professional software development business Kantata, which revealed that more than 40% of all full-time employees are considering switching to freelance work, even as management struggles to hire new full-time staff, supports this conclusion.

The study examined the opinions of full-time employees, independent contractors, and executive executives about their organizations, looking at 1,500 personnel from various U.S. industries and businesses. In addition to the fact that many full-time employees were interested in switching to freelance work, the study showed that more than three-fourths of the independent contractors it polled had previously worked full-time. Younger generations were especially likely to have thought about freelancing, with more millennials and Gen Z workers reporting having thought about it than not. Gen Xers and baby boomers, in contrast, stated a sizable majority of them had not thought of freelancing.

The data indicates that many professionals may be drawn to freelancing because of flexibility. More than 40% of full-time employees admitted that they envied the independence enjoyed by independent contractors. Nearly 60% of workers also stated that the recent trend to remote work had increased the appeal of independent contractor positions.

The data indicates that many professionals may be drawn to freelancing because of flexibility. More than 40% of full-time employees admitted that they envied the independence enjoyed by independent contractors. Nearly 60% of workers also stated that the recent trend to remote work had increased the appeal of independent contractor positions.

Leaders who are struggling with employee retention may find some useful information in these responses. According to the poll, more than half of executives reported having trouble finding full-time personnel. With executives reporting inadequate healthcare, PTO, and 401k benefits as their main obstacles to hiring full-time employees, the majority of leaders recognized that perks were a significant contributor to employee turnover.

However, the poll found that more than half of all leaders thought their perks were “above average.” And on some metrics, including technology, management thought they were getting employee feedback more frequently than workers claimed they could.

According to the poll, senior leadership and full-time employees concur that higher compensation, greater healthcare benefits, and updated technology are the top goals for increasing employee happiness. Employees and managers concurred, according to the survey, that providing opportunities for professional growth is crucial for enhancing employee retention.

Source: https://www.benefitspro.com/2022/08/03/in-tight-labor-market-4-in-10-full-time-employees-are-considering-the-shift-to-freelancing/