Improving Mental Health and the Drivers of Purpose-Driven Work According to the State of Self-Employment’s Second Annual Growth Report


GrowTal

GrowTal

Leading talent market for independent marketers releases findings of 2022 report, in partnership with Opinium, to showcase freelancers’ thoughts on mental well-being, economic downturn, major quitting, and other topics

LOS ANGELES, Oct. 18, 2022 (The Globe Newswire) – GrowTalthe marketplace to quickly and efficiently hire top-level marketing professionals, today announces its findings from The Second Annual GrowTal Self-employment status report.A survey of self-employed skilled service workers. Done in partnership with opiumThe Second Annual GrowTal “The State of Freelancing,” the award-winning global strategic insight agency, provides answers from hundreds of freelancers to many of the questions regarding freelancers and freelancers in the marketing space.

Key findings from GrowTal’s second annual “State of Entrepreneurship Report” included:

  • 79% of freelancers noted an improvement in their mental health, which rose to 84% among freelancers ages 18 to 41 (Gen Z or Millennials)

  • 57% of freelancers are not interested in quitting freelancing to focus on a traditional job

  • 64% of self-employed people surveyed said they voluntarily left their traditional job to pursue their own freelance business, up from 50% in Survey 2021

  • 71% of the self-employed are concerned about the impact of inflation on their work

  • 72% found it less difficult to find employment during this period of high inflation

  • The best payment methods for freelancers are PayPal (51%), cash (45%), EFT (33%), paper check (26%), Zelle (23%), Venmo (22%)

  • 95% of freelancers surveyed do not list cryptocurrency as their preferred payment method, down from 92% among generation Z and freelance millennials.

  • 81% of freelancers believe that freelancing will become more popular in the future

The allure of independent work
Compared to a traditional job, self-employment is more suitable for a purposeful career that aligns with your passion. Eight in ten (82%) of the self-employed found their freelance work to be more meaningful or satisfying than their experience working in a traditional job (14%). Freelancing is more financially rewarding, too. Half (52%) say their freelance work is more financially rewarding than working in a traditional job (39%).

Furthermore, nine out of ten (89%) agree that self-employment allows them to pursue their passion. Freelancing is an opportunity to build a career around something you care about — which is often difficult to achieve in a traditional workforce.

mental safety
In addition to finding financial and professional rewards for self-employment, eight in ten (79%) of self-employed people note an improvement in their mental health. This percentage rises to 84% among freelancers between the ages of 18 and 41 (Generation Z or Millennials). That’s ten percentage points higher than the 2021 State of Independent Work report, where 69% said their mental health had improved since being self-employed.

The effect of inflation on the self-employed
Freelancers are concerned about the impact of inflation on their work (71%) – only 10% of the self-employed are not concerned about it. Marketing freelancers are less concerned about inflation than other skilled freelancers who do not provide a marketing service (68% vs. 75%).

For many self-employed people, inflation has forced them to adapt their business strategy to protect themselves from rising costs. One way the self-employed have adapted is to maximize potential income streams. While those in traditional jobs rely on their companies to provide bonuses or wage increases during periods of high inflation, freelancers rely on themselves to create additional cash. A third of freelancers (34%) sought additional ways of freelance work, such as learning a new skill set to expand their offering.

Survey respondents say the “bright side” for the self-employed in an economic downturn, has been the outsourcing of work to lower their costs. Additionally, one in five (19%) of the self-employed say that this period of high inflation has positively affected their work because it has led to more opportunities.

Big resignation trend
Self-employed people are less interested in leaving self-employment to pursue traditional work compared to last year’s state of self-employment report. In this year’s report, three in five (57%) of self-employed people are not interested in leaving freelance work to focus solely on a traditional job, while one in five (21%) would be interested in doing so.

Meanwhile, in 2021, one-fifth (37%) of the self-employed expressed interest in leaving self-employment for a traditional career (+16p). This indicates that retention rates in self-employment are increasing. Having decided to move away from the traditional workforce, freelancers are increasingly unlikely to look back.

Freelancing is becoming more and more popular in the future
Workers have found countless benefits in self-employment, including the ability to pursue their passions, manage their careers, and find improved mental well-being (to name a few). With such a strong track record, it is understandable why eight in ten (81%) of self-employed people believe that self-employment will become more popular in the future.

“We are very excited to release GrowTal’s second annual State of Self-Employment Report for 2022. It is not surprising to see that many self-employed are finding fulfillment in this type of business of choice. “We are excited to be a small part of a larger ecosystem that helps experts improve their mental health and financial well-being through independent work,” said Brian Karas, CEO and founder of GrowTal.

“As a beginner and entrepreneur, transitioning from the corporate world to the high-level freelancing world has been a life-changing experience. Apart from the usual benefits – quality of life, less mobility, etc. – it has allowed me to work on multiple projects simultaneously, and increase Having a partner like GrowTal that can help with the business development side of my business makes it more efficient and profitable,” said Michael Delicio, CEO of Dweeso Digital Marketing, and Independent Marketing, GrowTal.

dataset report
Opinium surveyed 219 self-employed workers in skilled service between Wednesday, August 24The tenth2022 and Tuesday 6 SeptemberThe tenth, 2022, on behalf of GrowTal, Inc. , independent skilled service relates to services that require a particular set of skills, additional training, or education to be able to provide them efficiently. This definition excludes independent work such as food delivery (eg, DoorDash), dog monitoring (eg, Rover), etc.

Freelancers who provided the following services were categorized as Marketing Freelancers: Branding, PR, Paid Social Media Ads, Social Media Management, Search Engine Optimization, Conversion Rate Optimization, Strategy/CMO, Automated Marketing, Product Marketing, E-Commerce Retention, Strategy, Amazon Presence Management, Email Marketing, Direct Mail Marketing, Native Ad Marketing, Content Writing/Marketing, Web Development, Graphic Design, Advertising Design, US Design and Data Analytics.

To download the full report, visit https://www.growtal.com/the-state-of-freelancing-2022/.

About GrowTal
GrowTal It is the right talent market to hire the best telemarketing experts in the most simple way. GrowTal connects companies with the best marketing talent without the costly recruitment efforts or risks and commitment that come with traditional hiring practices. The GrowTal platform finds, evaluates and connects independent contractors who provide marketing and other professional services to clients and organizations seeking their expertise.

Founded in 2019, GrowTal is led by founder Brian Karas, a former Facebook CEO and current CEO of a digital marketing agency. Playbook Media. GrowTal is headquartered in San Francisco and backed by private investors. For more information visit GrowTal.com or follow us LinkedInAnd the TwitterAnd the FacebookAnd the Instagram.

About Opinium Research LLP
Founded in 2007 opium is an award-winning strategic vision agency built on the belief that in a world of uncertainty and complexity, success depends on the ability to stay informed about what people are doing. ThinkAnd the Feel And the an act. Creative and inquisitive, the Opinium team is passionate about empowering clients to make important decisions. Opinium works with organizations to identify and overcome strategic challenges – helping them take control of the world their brands operate in. Uses the right approach and methodology to deliver powerful insights, strategic advice, and targeted recommendations that generate change and positive outcomes.

Opinium was the most rigorous research agency in the EU referendum, the 2019 UK general election, and the 2016 London mayoral election.

Media contact:
John McCartney
Jmac PR for GrowTal
646.280.8573
john@jmacpr.com


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