#74: 60% of Execs Say Freelancers Will Replace FTE's, Over 50% of Job Switchers Regret It, 80% of Small Businesses Feeling The Inflation Squeeze, SOW vs. Freelance.

Freelancers won't replace employees, BUT employees sure as hell are demanding the benefits of freelancing

🚨 60% of Exec’s say freelancers will ‘substantially’ replace full time employees in the next 2-3 years according to a Mercer Report.

Honestly, this is nuts. I’m not surprised. As we said on Wednesday, 2021 and Covid were a catalyst to accelerate our industry.

Deeper take: Employees are demanding the benefits of freelancing, while individuals are realizing they need a digital portfolio career versus the old fashion pension.

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🙌 Leader Shoutout: Emily Leach, founder of Freelance Business Week.

This past week over 5 US cities came together both virtually and IRL to help freelancers move their business forward during the now national holiday for freelancers.

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Important Updates

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Inflation

• Large companies are thriving, small business are struggling to survive as 80% of small-business owners say their business' financial health has suffered.

  • WTBFD: In our episode with Elizabeth MacBride, the founder of Times of Entrepreneurship, she told us, “The rules of our economy have just come to favor big businesses. For one thing, there's government policies that actively favor big businesses, especially in the tech world.”

• ~70% of Americans changing their summer plans.

  • WTBFD: How can you be the hero in this situation? Can you provide employees relief?

Return To The Office

• WTBDF: What type of employees do you want to attract and retain? If you want the office politician and corporate kiss ass’s, remote m

Great Resignation

• Over half of job switchers regret it.

  • WTBFD: Not surprised. Think this number is higher for those that quit their job to freelance, but this doesn’t mean people will stop quitting.

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✋ Definition Time! What’s the difference between contingent, SOW, and freelance?

• Contingent: You're buying a person. Purely time and skills (harsh I know).

• SOW: Outcomes.

• Freelance: Combination of both.

Shoutout to David Obadia, 30 year veteran with SAP Fieldglass for his insights here! Also you’ll hear from David soon :)

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😂 Flop of the Week (yeah um…definitely don’t do this)

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