News Feed Item

National Study Reveals Baby Boomer Surge in Independent Employment

MBO Partners State of Boomer Independence Report Shows Segment is Highly Satisfied, Well Compensated and Growing; Eight Million Boomers Considering Independent Work

HERNDON, VA -- (Marketwire) -- 04/02/12 -- MBO Partners, the leader in the $250-billion and growing independent consulting sector in America, today released for the first time a new, proprietary report on the state of Boomer independent workers in America. The Boomer Report, a newly released phase of MBO's landmark Independent Workforce Index, shines the light for the first time on a pioneering, self-satisfied and growing pool of independent workers, who today account for one-third (5 million) of America's career independents. The Baby Boomer independent group tends to be more satisfied and earns a higher income than their younger counterparts working independently.

"In the face of recent financial uncertainty and a tumultuous job market, many in the Boomer generation have turned adversity into opportunity and taken charge of their lives by working independently," said Gene Zaino, CEO of MBO Partners. "MBO Partners has a front row seat to the rise of Boomer independents -- our own MBO Partners community spans all workforce generations, but over-indexes with Baby Boomer professionals. Expert, passionate, experienced and self-motivated, we find it no surprise that Boomers are leading a surge to independence. Our newly-released report shows that eight million Boomers are considering independent work. We project that within the next two years we will see the Boomer independent workforce grow by an additional 1.2 million."

A High Level of Satisfaction
The report reveals several key factors driving this trend, dispelling a common perception that Boomer independents are a byproduct of job loss during the Great Recession. Most Boomers (59%) actively chose the path to independence, like it and expect to continue in it for a long time. Of all individuals working in this sector they are among the most satisfied (85% report satisfaction and 70% report high satisfaction). The vast majority of Boomers plan to continue work as members of the growing independent workforce over the next three years -- only 8% expect to seek a traditional job.

"After working in corporate America for more than 20 years, I felt I had the skills to go into business for myself," said Marguerite Cole, an MBO Partners Boomer associate. "In 2009, I started my own business as an independent consultant and love being my own boss. With the newfound flexibility and control over my career, it would take quite a lot to bring me back to traditional employment."

The Benefits of Boomer Independence
Boomers enjoy being independent for a number of reasons, including:

  • Freedom and Flexibility: 79% of Boomers cite the freedom independent work offers as a key benefit. What's more, 77% state that freedom and flexibility are more important to them than money.
  • Being the Boss: 61% enjoy the benefits of making their own way, on their own terms with 60% responding they like being their own boss.
  • Making an Impact: 56% feel they have the knowledge base and skill set to make an impact in their field. 66% are college educated, and the median annual income is $77,000.

Facing & Embracing Challenges
Independent work is not without its challenges; 55% of Boomers are concerned about not having a consistent revenue stream and 37% worry about getting their next job. However, for most independents, the benefits of having control over their professional lives far outweigh the challenges.

The Future: More Independence for Boomers
The trend of independent work among the Boomer generation is poised for growth due to a variety of reasons. The high value Boomers place on work/life flexibility is a key driver, along with a strong interest in staying active, challenged and valued. Financial considerations factor into the decision, as well as weakened retirement plans and house values. At the same time, it has never been easier or cheaper to go independent. New technologies such as cloud-based services and mobile devices allow Boomers to quickly set up businesses and work from anywhere. For America's closely watched, much-debated Baby Boom generation, independent work enables new avenues for growth, innovation and influence. Instead of accepting a workforce decline, this generation is again taking charge by leading a new independent workforce boom.

If you are considering whether independent work is right for you, take MBO Partners' new quiz: "Are You Ready To Go Solo," http://info.mbopartners.com/are-you-ready-to-go-solo-quiz.html, and see if you get the green light for independence!

For full details on the report please visit: http://info.mbopartners.com/rs/mbo/images/MBO_Boomer_Report_Final.pdf

About the Study
Independent Workers are defined as people who work at least 15+ hours per week in non-traditional, non-permanent, full or part-time employment and includes workers who identify themselves as independent consultants, freelancers, independent contractors, self-employed, and on-call workers, among others. Two separate online surveys were conducted by Emergent Research (www.emergentresearch.com) and Rockbridge Associates (www.rockresearch.com) in July of 2011. 1144 residents of the U.S. responded to the first survey and the results were used to size the independent workforce and define the interest in becoming an independent worker by the general population. The data were weighted to reflect the demographics of the U.S. and the margin of error for this survey is +/- 3%. 601 Independent Workers responded to the 2nd survey and the results were used to profile their characteristics and motivations. The margin of error for the second survey is +/- 4%. In addition to the surveys, interviews were conducted with Baby Boomer independent workers. These interviews were used to provide qualitative insights on the survey results. All data cited in the study comes from the surveys unless otherwise noted.

About MBO Partners
For more than 25 years, MBO Partners has led the $250 billion-and-growing independent consulting sector in America. Our services make it easy for independent consultants and their clients to do business. For independent consultants, MBO Partners manages their entire business infrastructure. Our platform includes a proprietary process to handle contract administration, business insurances, health and retirement benefits, expense management, tax withholding, and more. We couple this with the benefits of direct vendor access into enterprises and the "white glove" attention of a dedicated business manager for every consultant. For organizations that use contract talent, the MBO Enterprise Solutions team provides a complete independent contractor aggregation and engagement offering, including compliance and payment solutions for 1099s, sole proprietors and micro-businesses. To learn more, visit: http://www.mbopartners.com.

For Additional Information, Please Contact:
MBO Partners Contact
Carolyn Adams
(415) 963-4174 ex.4

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his session at @DevOpsSummit 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will show how customers are able to achieve a level of transparency that enables everyon...
“Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...