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Work From Home Self Employment Expected To Triple in Coming Years

The phrase be your own boss is something you’ve probably heard on numerous occasions. Well, this may get more and more common as Self-Employment is expected to triple by 2020, as a new report suggests that an additional 27 million people may be taking on positions in which they can work from home and make a supplementary income.

From saving on commuting costs to enjoying more flexibility, working away from the office has plenty of benefits — and not just for the self-employed individual.

Companies that offer work-from-home positions are rewarded in the form of improved employee retention and morale, since these positions tend to promote a better work-life balance for the employee.

Now, new research suggests self-employment isn’t showing any signs of slowing down. In fact, the number of freelance workers in the U.S. could triple in the next two years, according to a new report from FreshBooks.

Millennial-driven trend

The cloud-based accounting and invoicing company estimates that the number of self-employed workers in the U.S. will grow to 42 million people by 2020 — up from 15 million this year.

The survey — which asked more than 2,700 full-time U.S. workers in traditional, independent, and small business roles about their career plans — found that the trend of self-employment is largely driven by younger workers. Of the next 27 million self-employed workers, FreshBooks estimates 42 percent will be millennials.

The report also found that Americans who already work for themselves are content to continue doing so; 97 percent of independent workers polled said they had no desire to return to traditional work.

Autonomy is a top motivator

Almost half of freelance workers (43 percent) cited desire for control over their careers as one of the main reasons for choosing to self-employed. “Family reasons” were a motivating factor for nearly a third of respondents.

More than half of workers (55 percent) said they expected to have better health after becoming self-employed thanks to improved work-life balance.

Mike McDerment, co-founder and CEO at FreshBooks, says that whether or not the trend of self-employment grows at this pace, “it’s clear the mindset of the American worker has shifted.”

“With significantly more people aspiring to work for themselves versus holding a traditional job, it’s critical that we build a world to support them,” he said. “To do that, we need all the data we can get.”

Via Consumer Affairs.

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