“The Great Resignation” – Influx in Self Employed Professionals
Some may refer to this movement as the “Great Resignation” while others may call it the “Big Quit”, either way, you say it does not quite fully explain the massive effect it had on the world. This movement was led by citizens all over the world, seemingly in unison, who felt the need to leave their place of work for a variety of reasons.
The movement began in early 2021 just about a full year after the beginning of the Covid-19 pandemic. Professionals have said that some of the reasons behind this mass exiting from jobs were the covid stimulus payments, long-lasting job unhappiness, safety concerns, and wage stagnation while the cost of living increased.
One of the biggest issues that the pandemic caused especially in the United States was unemployment. Many were laid off from their jobs as budgets tightened and lack of knowledge about Covid-19 caused many companies to panic financially. This fact would cause some to wonder why people would then voluntarily leave their jobs with all the uncertainty and nonguaranteed stability that exists. A large answer to that question is self-employment. Simply put, people figured they could do better on their own.
Rethinking Their Purpose
Self-employment is a very risky and big step to take for any individual that has spent their life depending on the steady income they receive from working at a typical job. The money is not always as steady, there are a lot of out-of-pocket costs to begin, self-doubt can creep in, etc. Thus you must figure there had to be severe unhappiness and uncomfortableness during the pandemic that caused professionals to rethink their purposes and make this change.
Beyond the unhappiness and uncomfortableness, the pandemic began to reveal that there were ways that a person could make a living without the backing of a major company or corporation. Tools such as Zoom, Persona, and so many other applications started to become used heavily for business and people took notice. Individuals were ordering online more often than ever already due to stay-at-home regulations, thus people took advantage of the mass need for services. Proof of this is that statistics from the Bureau of Labor state that self-employed workers grew by 500,000 since the pandemic began.
Many Americans began to evaluate what was important to them and what fulfills their existence which led them to figure out that it was not the traditional form of employment.
Our platform, Persona, was previously mentioned as one of the more useful apps that people discovered over the pandemic that has helped people transition into their new careers as self-employed professionals. Persona handles many tasks that can give a person a much easier opportunity to focus on building their business. Especially if you have a business that is client-based because they offer hassle-free scheduling and booking. Additionally, clients can pay you through a website generated by the app as well as see their current balance. Persona looks out for their use on their taxes, too. They make sure you are getting the best tax breaks possible for your business. The best part of all this is that it is free for usage, there are not any fees for any part of operating the platform.
Betting on Themselves
When working a regular job, you have to sacrifice things such as time with family or just time overall due to commuting back and forth and work hours. Thus people began to see that this “new normal” we have shifted into does not necessarily require us to operate in that way anymore. Most have a “side hustle” that they were pursuing in their spare time anyway, so the decision to take it on full time became simpler as they decided to bet on themselves. In the spirit of following their passions, we can look forward and know that self-employed businesses will continue to rise. As an example we see so many personal trainers working on growing their business.
Ease and Comfortability
As mentioned prior, two of the main criteria for moving to self-employment are ease and comfortability. We are transitioning into a world that is digital all around. Interactions that we once assumed were only conducted in person are now being done online. For example, a job interview used to be a big deal to prepare for as far as making sure you were on time and dressed appropriately. However, we have entered into a new realm where we no longer need to commute or even fully get dressed, as most people only dress what can be seen on camera because interviews are now video calls.
The ease and comfort have not only been afforded to interviewing but work is now less stressful as remote work or “work from home” has shown us we are capable of being just as productive in the comfort of our own home. Hence, thought processes changed to believe that they can do the same that they are doing for their job for their own businesses.
Opportunities to expand businesses across a far wider geographic area than just the location of the business are also an enticing factor for those that began seeking to work for their own gain.
Purpose Driven Life
In this life, you want to try to live it out at the happiest you possibly can. For most people that happiness does not include working a job that isn’t fulfilling or even working for someone at all.
We spend so much of our lives at work so the Great Resignation has inspired many to seek a purpose-driven life. This means to live a life that is revolving around what you feel you really should be doing instead of what you are told to do. Many have used that time, especially in the early onset of the pandemic, to reevaluate their lives and have newfound values that they now put in the forefront of how they execute their decisions for their future.
Becoming your own boss or supervisor, allows you to be the one in control of whatever you want your narrative to be, this includes your time, energy, and livelihood. One thing you should be mindful of, when you’re your own boss, is managing time as a freelancer.
Statistics Supporting Self Employment
A survey was conducted by Freshbooks, a cloud accounting software firm, “Freshbooks tracks employment trends annually, and we can confidently say this year’s report points to a significant labor force transformation happening in the mindset of American workers,” said Paul Cowan, chief marketing officer at Freshbooks. “A more entrepreneurial and independent population of workers will profoundly impact many things—from an increased need for digital tools and solutions to shifts in policy frameworks to how companies of all sizes attract and retain talent.” The survey found out a vast amount of information regarding the Great Resignation movement:
- 40% of traditionally employed professionals said that they are thinking of switching to self employment…nearly half of those that answered in this way list self employment as a top goal for themselves.
- 95% of self employed Americans said they plan to stay self employed for the foreseeable future.
- Among owners of businesses less than two years old, nearly two out of three (63%) agreed that self-employment remains the best career choice in uncertain times such as the pandemic.
- 40% of entrepreneurs stated that the Covid pandemic at least partly figured into their decision to pursue self-employment.
- 80% of self employed women report saying they are happier since their switch.
- 76% of self employed women say they earn the same or more money.
- 2 in 5 employees report having a “side hustle” and one third said they have already been building the brand via social media.
- More than 60% of employees under 35 say they are planning to transition to self employment in the next 5 years.
The Great Resignation Boosted Morale
If you were to ask us the biggest effect that The Great Resignation had on self-employed individuals it’s that it boosted their confidence. When you are trying to achieve a goal it always helps to see if someone, anywhere, is traveling the same path you are. Nobody likes to feel alone on their journey to success thus the Great Resignation let people from all around the US feel as though they were making a good decision. Whether a person was already self-employed prior to the movement or during it, the increase in morale that the mass movement gave allowed for both parties to trust their decision.
In all, the movement brought a lot of people joy and happiness. The feeling of freedom is commonly a term used by those that have taken the step to become self-employed and in a country based upon “being free,” it must feel exciting. Thus if you have been debating internally on making the transition to becoming self-employed, do your due diligence prior but know it has worked out successfully for a lot of Americans.