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Independence in America CAMEO 2013 Board Retreat June 5th, 2013

Independence in America CAMEO 2013 Board Retreat June 5th, 2013. Carolyn Ockels: Managing Partner Steve King: Partner Emergent Research. Highly Interactive Session Overview and Profile of the Independent Workforce Income and Demographics Independent Worker Challenges

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Independence in America CAMEO 2013 Board Retreat June 5th, 2013

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  1. Independence in AmericaCAMEO 2013 Board RetreatJune 5th, 2013 Carolyn Ockels: Managing Partner Steve King: Partner Emergent Research

  2. Highly Interactive Session • Overview and Profile of the Independent Workforce • Income and Demographics • Independent Worker Challenges • How CAMEO and its Members Can Help Session Overview and Agenda

  3. The U.S. Independent Workforce Close to 17 million • Definition of Independent Worker: • 21+ years old • Works 15+ hours a week • Job status is one of the following: • Self-employed • Fixed-term contract • Independent consultant/freelancer • Work through temp agency • On-call arrangement • Own business w/less than 5 employees Expected to grow to 23 million by 2017

  4. Number of Employees Including Owner # of Firms 100K 100-500 550K 20-99 1.7M 5-19 2-4 How Independents Measure Up with Small Business Small Enterprise Mid Market Main Street 3.6M Micro Businesses 1 17M Independent Workers (those working half-time or more) US Census data 2010;, 2100; US BLS data 2011, 2012; Emergent Research estimates

  5. 28 Million Americans Think They May Become Independent Over Next 2-3 Years 2012 2011

  6. The Trends Driving The Growth of the Independent Workforce • Traditional jobs harder to find • Traditional jobs less attractive • Technology making Independent work cheaper and easier • Independent work perceived as viable; entrepreneurship seen as cool • Demographic and social shifts • Encore careers • Portfolio careers • Growing interest in work/life flexibility • Shifting family structures Contingent Workers: % of U.S. Workforce 40% 20% 0% 2010 2020

  7. The Majority of Independent Workers Chose the Path of Independence

  8. Independents Follow their Passions……and Value Flexibility and Control over their Lives

  9. Most Independents Satisfied with Independence

  10. Independent Workers Plan to stay Independent

  11. Most Independent Workers Earn a Significant Income • Overall *- $61,000 • Gen Y - $35,000 • Gen X - $51,000 • Boomers - $84,000 • Matures - $64,000 Contribution to Household Income % of IWorkers * Median Gross Income

  12. 65% are highly satisfied • 43% plan on staying independent • 15% plan on building a bigger business • But … • 31% would rather have a traditional job • Only 32% say they will not go back to a traditional job • 25%-35% dislike independence Gen YThe Joys and Woes of Independence

  13. Work to live; not live to work • 75% highly satisfied • 13% satisfied • 64% plan on staying independent • 6% plan on seeking FT job • 12% plan on building a bigger business • They’re artsy • About 50% of all independent artists, writers and performers are Gen X • 22% of Gen X independents describe themselves as artist/writer/performer Gen XChoosing Independence

  14. 68% are highly satisfied • 20% satisfied • Only 7% responded 5 or lower • 71% plan on staying independent • 11% plan on building bigger business • 58% chose independence Baby BoomersTired of working for the man…or just can’t find a job

  15. 89% highly satisfied (74%) or satisfied (15%) • 73% plan on staying independent • None plan on seeking a full-time job • 11% plan on retiring next 2-3 years • 52% feel more secure as independents • 54% work 15-34 hours per week vs. 34% for non matures • Much less concern about challenges than other cohorts • 38% said wanted to work; 24% said needed to work Mature IndependentsWorking on Their Time and Terms

  16. In Most Ways, Women and Men Are Similar • Skew Young; Women Are: • 58% of Millennials • 52% of Gen X • 44% of Boomers • 31% of Matures • More Worried About Future • 36% of women vs. 25% of men • Work Fewer Hours, Earn Less • Age major factor WomenFlexibility, Impact

  17. Independence is not for Everyoneand many are unhappy • Based on Surveys, Interviews and Focus Groups we think: • About 50% of independents are happy being independent • About 25% are neutral • About 25% are unhappy • Key Satisfaction Drivers: • Choosing independence • Success/Income • Length of time being independent • Feel secure • Confidence in skills

  18. The Challenges of Independence

  19. Key Success Factors • Choosing Independence • Viewing oneself as a business owner • Spending time “running the business” and having the skills to do so • A strong work related network • Marketing and sales skills • Confidence in skills and abilities • Able to deal with lack of security

  20. For More Information www.mbopartners.com/state-of-independence/ www.smallbizlabs.com www.emergentresearch.com

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