In search of flexibility and autonomy, knowledge workers say the ability to be their own boss is a main driver for joining the freelance economy
According to new research from Paro, a Chicago-based startup disrupting the way companies access on-demand financial expertise, both full-time and self-employed knowledge workers say that work-life balance is more important to them in 2022 than compensation. Thirty-nine percent of knowledge workers cited work-life balance as the most important element of their job in 2022, while 28% cited compensation. Only 13% said opportunities for professional growth were most important to them.
“With the Great Resignation showing no sign of abating, it’s more important than ever that employers listen to the needs of their people and adapt accordingly”
Amid the Great Resignation, Workers Want Less Stress
The study’s findings indicate that knowledge workers will prioritize jobs that offer both flexibility and autonomy in the New Year, with many choosing to explore freelance life. Nearly one in five (17%) knowledge workers who are not currently freelancing are considering joining the freelance economy in 2022. A vast majority of these respondents rank being their own boss (79%), schedule flexibility (76%), and ability to build their own business (60%) in their top three drivers for doing so.
Knowledge workers say things that bother them most about their current jobs are stress (35%), feeling unappreciated (28%) and too much bureaucracy (22%). Younger respondents also report being unexcited by their work, with 26% of people ages 18-34 saying they feel bored completing the same tasks every day at their current job.
“With the Great Resignation showing no sign of abating, it’s more important than ever that employers listen to the needs of their people and adapt accordingly,” said Anita Samojednik, CEO of Paro. “Our research made it clear that earning a larger paycheck is no longer a sufficient motivator for coping with inflexible schedules. Workers are embracing the silver linings of the pandemic – remote work and greater time with family – and the freelance economy is poised to welcome these professionals and help them take their careers to new heights.”
While Encouraged by Autonomy and Flexibility, Freelancers Face Their Own Set of Challenges
Nearly one-third (31%) of study respondents are already working as freelancers. When asked about the most challenging aspects of their jobs, these workers report they find managing their finances or adapting to changes outside of their control (35% for each respectively), being the final decision maker (30%), time management (23%) and acquiring customers (22%) to be the most difficult parts of freelancing. And while freelance knowledge workers have always found themselves wearing a number of hats, the pandemic made them think more about not having traditional corporate benefits than they did previously (64%).
“Understanding the motivators and pain points of the business professionals we work with is key to helping them grow as successful entrepreneurs,” said Michael Burdick, Co-founder, Chief Strategy Officer and Interim CFO at Paro. “Paro’s AI-powered platform and infrastructure removes the burdens of working for yourself by helping experts acquire quality clients, match with the right projects to align with their career goals, price themselves competitively, and collect payments. This makes it easier for people to live the lives they want and deepens the talent pool for companies seeking subject matter expertise to support growth goals.”
