2017-03-24 00:00:00NewsEnglishGet the results of a recent forward-looking study.https://quickbooks.intuit.com/blog/us_blog/uploads/2017/03/Screen-Shot-2017-03-16-at-10.58.50-AM.pnghttps://quickbooks.intuit.com/blog/news/on-demand-workforce-continues-to-impact-business-growth/On-Demand Workforce Impacts Business Growth

On-Demand Workforce Impacts Business Growth

1 min read

Whether you’re part of the “on-demand” workforce or a business that outsources work to this type of  contractor, it’s apparent from a recent study that this new “economy” is having a huge effect on a new generation of entrepreneurs. In the updated forecast by Intuit® and Emergent Research, the number of people working on-demand jobs will grow from 3.9 million Americans to 7.7 million in 2020 and 9.2 million by 2021.

If you are unfamiliar with the makeup of the on-demand workforce, it is comprised of online talent marketplaces (freelance writers and designers, for example), drivers, and field service/onsite talent, just to name a few professions.

Here are the overall findings from the study:

  • On-Demand Work is Used to Supplement Existing Income: The average person working an on-demand job spends 11 hours per week, and earns 24 percent of their household income via on-demand work. Forty-one percent also have a traditional full-or part-time job.
  • On-Demand Work Fills Near-Term Financial Needs: Sixty-six percent of people working on-demand report having variable monthly income. Forty-one percent say that a financial hardship – such as a job loss, medical problem, or unexpected major expense – impacted them during the prior year. By contrast, just 18 percent of all Americans in a recent U.S. Federal Reserve survey reported encountering a financial emergency.
  • On-Demand Work Is Used To Build A Sustainable Future: Many people are leaning on on-demand economy work to either develop a new business or supplement and expand an existing business Thirty-seven percent already own a business, and 21 percent want to build a business.
  • There is General Satisfaction With On-Demand Work: 38 percent of people working in the on-demand economy say they are better off, while only 14 percent feel they are worse off. Eighty-one percent plan to continue working an on-demand job over the next 12 months, and 67 percent of people are satisfied with their on-demand work.

Intuit addresses the on-demand worker with QuickBooks® Self-Employed, designed for people who do not have any employees, yet need to keep track of income and expenses for accounting and tax.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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