What the Labor Market Is Expected to Look Like in 10 Years
The labor market is changing, and will look quite different within the next 10 years https://hrbl.me/2JWNeP5Click To Tweet
For the last decade, the labor market has been transitioning to a new era. Workers are prioritizing freedom and flexibility and this has impacted the dynamics of traditional employment, making worker independence a robust trend. Businesses with a strategic vision will not just question if they adapt to the implications of this new economic tendency, but rather when and how.
What does seem evident is that the 9 to 5 job may soon be a relic of the past: independent workers are predicted to become the U.S. workforce majority by 2027.
Nearly 57.3 million Americans –36% of the nation’s workforce– are currently involved in some type of independent work, according to the Freelancing in America 2017 study. Freelancers, consultants, business owners and entrepreneurs in direct sales are all part of this new trend. So what is prompting this radical change?
According to Olga Mizrahi, author of The Gig Is Up: Thrive in the Gig Economy, Where Old Jobs Are Obsolete and Freelancing Is the Future, the top drivers motivating people to engage in jobs which are an alternative to the 9-5 office work are:
- The opportunity to be their own boss
- The chance to have flexible work schedules
- The desire to choose their own projects and where they work from
But the numbers are not just growing in the U.S.; this is a global trend. A study from McKinsey & Company shows that 31% of the total working-age population of Spain is engaged in some kind of independent work; so is 30% of the workforce in France and 25%-26% in Germany and the United Kingdom. In Mexico, there are over 13 million independent workers, which is around 23% of the workforce, according to the National Institute of Statistic and Geography.
During the past nearly 40 years, Herbalife Nutrition has grown to become a leader in the direct selling industry, an industry in which its participants indicate their number one reason for joining, other than product access, is a flexible work schedule. The rising numbers of independent workers, particularly within the direct sales realm, indicate that people are looking into this type of opportunity. Some of the most interesting numbers about this trend:
- A record 20.5 million people were involved in direct selling in the United States in 2016, according to the Direct Sales Association.
- 4% of them are 25-34 years old, which means Millennials are getting involved!
- 74% of the Baby Boomers generation said they want the ability to have a flexible schedule but still make extra income after they retire, which make direct sales a great option for them too.
It’s easy to understand why the labor market is changing so much so fast: people want to have a sense of purpose in their everyday work which is sometimes hard to find in traditional jobs. At Herbalife Nutrition, we provide people an opportunity rooted in our shared purpose to make the world healthier and happier.