KEY TAKEAWAY: When pitting freelancing vs. traditional employment, 63% of Bunny Studio’s talents earn at least the same income, and 84% showed greater satisfaction in their work-life balance.
Amid the maelstrom of the events arising from the global pandemic, Bunny Studio’s poll reflects an optimistic outlook among its freelancers. This report analyzes the independent workforce’s mindset, particularly in the aspects of income and job satisfaction. In essence, the assessment sheds an updated perspective that compares freelancing vs. traditional employment in the current perverse job market situation.
Sizing the 2020 Employment Market
COVID-19 has decimated and reshaped the job market worldwide, culminating in the nadir of unemployment in 2020. The US saw an unprecedented unemployment rate of 14.7% last April. Such is a 15.9 million increment of unemployed individuals in just a single month. Despite the job situation having been improved by December, the country is still experiencing a decline in payroll employment.
Albeit somewhat more resilient, the European Union has also suffered a significant impact from the pandemic. Statistics released in November 2020 indicated that the unemployment rate rose from 6.6% to 7.5%. The number of persons without a job increased by 1.79 million people in a single year. This dire predicament has necessitated creative freelancing solutions as companies lay off millions of full-time jobs. The reticence of organizations to commit to hiring permanent employees is also understandable during times of uncertainty.
Bunny Studio endeavors to explore how its freelance talents have been affected by understanding their underlying motivations. This is in an agile response to 2020’s turn of events.
Freelancing Vs. Traditional Employment Survey: Methodology
This study focuses on investigating the year’s impact on freelancers and gaining insights into their work-life-balance experience. To do this, Bunny Studio surveyed a sample of approximately 20% of its Pros. These Pros, or Bunny Studio Professionals, are derived from the creative outsourcing platform’s extensive database of more than 28,000 global freelancing talents.
With the goal of yielding impartial results, the element of cultural disparity was considered. As such, the survey includes a range of demographics, most of whom were the company’s voice over talents and writers. The respondents recruited consist of the below:
23% in the age range of 18 to 34, 28% who are 35 to 44, 30% who are 45 to 54, and 17% who are 55 or older. 3% of the participants did not disclose their age.
More than 41% of the respondents live in North America, 30% live in Europe, 12% live in South America, and 8% live in Asia. The remaining participants were dispersed in Oceania, Central America, the Caribbean, and Africa.
34% of the respondents are from the US, followed by 7% who are from the UK, 6% are from Spain, and 5% were from Canada.
Findings & Insights
By June 2020 US Bureau of Labor Statistics reported a work-from-home uptake of 24.7%. The shift in work culture from physical offices to telework has been imposed due to social distancing measures. This accelerated adoption has also paved the way for the freelancing industry that has seen a boom in 2020. The logical hypothesis for this is that freelancing has become a temporary necessity for many in times of uncertainty. Contrariwise, Bunny Studio’s respondents have rendered a different perspective on this theory in its survey.
Statistics on Freelancing Intent
This segment analyses Pros’ standpoint on freelancing as a source of revenue and their near-future resolutions. The data Bunny Studio uncovered shows that a majority of 69% consider freelancing as their primary source of income for survival. A breakdown shows only 26% of responders to have a traditional job aside from their freelancing income. In addition, 98% of Bunny Pros see freelancing as a long-term means and have the intention to continue working this way for more than a year.
It’s rational to assume that these numbers may portray false optimism upon the freelancing economy. After all, job security is at its lowest, and unemployment has rocketed to record numbers. Remarkably, Bunny Studio survey contradicts this notion by revealing that 54% of respondents opt to freelance by choice rather than necessity. The results of the survey concur with a 2019 intelligence report on “Freelancing in America” done by Edelman in collaboration with Upwork. Despite having no employee benefits such as sick days, health insurance, and vacation time, 9 out of 10 adults age 35 to 44 still choose to freelance; this is the workforce demographic with the most disposable income. On balance, these controversial numbers coincide with trends of the US Labor Force Share, which has seen an exponential decrease in payroll employment over the years for the specific age group.
Statistics on Freelancing Vs. Traditional Employment
For the purpose of standardizing the terminology of “traditional employment” in this survey, a stereotypical 9-to-5 job clarifies the definition. Obtaining insights was possible because a majority of Bunny Studio talents have some form of professional industrial or corporate experience. Statistics show that 6 of 10 Pros had a traditional job before joining the freelance industry.
A Comparison of Income
The survey uncovered that 63% of Pros are earning at least the same income as their 9-to-5 jobs. Most of them fall under the age group of 35 to 44. However, the bulk of these Pros did not earn this amount immediately on switching to freelancing. In essence, only 12% reported drawing larger incomes right after starting to freelance. The general consensus on the timeframe to achieve an income that exceeds that of their traditional employment falls within two years.
A Comparison of Work-Life-Balance
The survey also revealed that 6 out of 10 freelancers who have left traditional jobs now work fewer hours than they did before. Of this, 84% reported experiencing better work-life-balance than their 9-to-5 jobs; Only 8% said that theirs have worsened, and 8% said that it remained the same. The freedom to control their own work hours, and consequently, earnings, is one of the most appealing incentives of choosing freelance over employment. In addition, the respondents’ topmost mentioned reasons behind a better-work-life balance are the flexibility of schedule (36%), the possibility of working from different places (24%), and the possibility of doing things they consider meaningful (22%). Other reasons included the availability of more free time, a higher income, more perceived freedom, and the opportunity for more family time. In other words, freelancing provides Pros the freedom and adaptability to work in a way that better fits their lifestyle and preferences.
Freelancing Vs. Traditional Employment: In Closing
The “Freelancing Vs. Traditional Employment” 2020 survey conducted by Bunny Studio communicates the grit of the freelancing industry during trying times. Bunny Studio Pros are seemingly nonplussed by the pandemic and continue to take on work opportunities. The survey’s results have also attested to the axiom that freelancing renders more work flexibility and personal time. These benefits contribute to why many freelancers have taken the liberty to pick freelancing over traditional jobs. This survey’s positive outcome is an encouragement to the independent workforce predicted to see continued growth in 2021.
About Bunny Studio
Bunny Studio is a unique creative fulfillment platform powered by technology and run by humans. It works with an extensive global database of creative talent to deliver bespoke, high-quality, and multilingual content with lightning-speed turnaround times. Bunny Studio’s services include voice and audio ad production, writing, design, translation, video, transcription, and dubbing.
To learn more about how you can become a freelancer or outsource your projects to one, visit this site.