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Labor Market
Trends and Insights
(August 2024)
(July 2024)
the next 6 months
use remote freelancers
are fully remote
What the Numbers Mean for You
Despite economic headwinds, a resilient labor market continues to be tight. The current unemployment rate of 4.2% remains low.
The bottom line: Recruitment and retention remain critical issues for companies. To stay competitive and access the skills they need, organizations are hiring more freelancers, boosting pay, and offering greater flexibility around when – and where – people work.
Hiring Trends
It remains a hot – and highly competitive – market for top talent. Companies of all sizes plan to continue staffing up. Demand is most acute for skilled IT and networking professionals, particularly those in data science and analytics roles.
Companies
are staffing up
Midsize companies are staffing up the most
Hiring is strongest among IT and networking teams
Hiring is difficult
Midsize companies are
staffing up the most
Experience level managers are looking to hire
Experience level managers are looking to hire in administrative support
Help wanted: A look at the most difficult roles to fill
Percentage of managers who said it’s hard to find talent for the following roles:
Compare to Roles in Demand
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The Use
of Freelancers
Companies are increasingly relying on remote freelancers. Thirty-six percent of the U.S. workforce did freelance jobs in 2021. And another 20 percent of Americans are considering freelancing. More and more of these professionals are highly skilled and educated. Location flexibility is a key driver of this trend.
Midsize companies will rely on remote freelancers the most
In the next 6 months
In the next 2 years
Percentage of work done by remote freelancers
by remote freelancers
Percentage of work done by remote freelancers
The amount of work done by remote freelancers is highest in tech roles
Percentage of work done by freelancers:
Skilled remote freelancing rising
A majority (53 percent) of freelancers now provide skilled services such as IT, marketing and business consulting. And among all education groups, post-grads are now the most likely to freelance.
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Remote
Work Trends
12 Months
5 Years
In the next 12 months
In the next 5 years
Workers don’t want to go back to the office
of workers are excited about returning to the office. Those who are back in the office already are the ones most likely to be excited about the decision.
of workers who are not excited would be willing to take a pay cut to work remotely. An additional 35% would consider it.
of workers who were remote during the pandemic are not excited about returning to the office.
of those working remotely during the pandemic would probably or definitely consider looking for another job if they have to go back to the office. This represents 9 million workers.
Companies are relying more on remote freelancers today than 1 year ago
Have used
remote freelancers
Have used more
remote freelancers
Companies will rely on remote freelancers even more in the future
In the
next 6 months
In the
next 2 years
Percentage of companies that plan to use more remote freelancers in the future
Turnover
Retention problems have increased since the start of the pandemic – and the turnover troubles continue. According to the Bureau of Labor Statistics, more than 47 million Americans quit their jobs in 2021, the most resignations on record.
The Great Resignation is significantly impacting companies of all sizes, but turnover is highest among midsize companies.
50%
of managers said turnover within their team has increased compared to before the COVID-19 pandemic.
Turnover is greatest
among midsize companies
of managers at midsize companies have seen
higher turnover compared to pre-pandemic levels.
of managers at small companies have seen
higher turnover.
Managers taking steps to retain key staff
88% of managers are taking steps to retain key members of their team.
These are the steps they're taking:
Productivity
62% of managers have changed how they measure worker productivity as a result of the COVID-19 pandemic.
Here’s how their views have changed:
Business Hours
Worked per Week
Meet Deadlines
Remote freelancers can help companies respond to disruption
of managers who have engaged remote
freelancers are very confident in their
organization’s ability to respond to disruption.
of managers who have not engaged remote
freelancers are very confident in their
organization’s ability to respond to
disruption.
Methodology
Research was conducted by independent research firm ClearlyRated. Survey data is used to understand hiring trends and sentiments among hiring managers. More than 1,000 U.S. hiring managers were surveyed through a third-party, independent online sample between June 24, 2021 and July 21, 2021. Overall margin of error of ±3.06% at 95% confidence level.
Some findings on freelancing came from a separate study conducted by independent research firm Edelman Data & Intelligence. 6,000 U.S. working adults over the age of 18 were surveyed online between August 27, 2021 and September 29, 2021. The study has an overall margin of error of ±1.2% at the 95% level of confidence.