Guest blog post by Steve King & Carolyn Ockels of Emergent Research
One of the more interesting data points from the MBO Partners State of Independence study is 22% of Gen Y (born 1980 to 2000 and also referred to as Millennials) independent workers reported that non-profit organizations were their primary market.
This is substantially higher than any other age group. On average a bit less than 5% of older respondents reported that non-profits were their primary market.
A number of studies have shown that Gen Yers are more socially oriented than older demographic cohorts. For example, a recent Pew Research study found that 22% of Gen Yers (18-34) said having a job/career that benefits society is "one of the most important things in their life" versus only 14% of those older than 35.
Other studies show Gen Yers are looking for “meaningful work” and improving the world. And although "meaningful" does not fully equate with non-profit, it indicates the social service orientation of many in this generation. Boston Consulting Group’s study on millennial consumers, for example, describes Gen Y’s interest in making the world a better place.
We'll be exploring Gen Y independents in more detail in the 2nd Annual MBO Partners State of Independence study.
Life as an independent involves a different approach – the same can be said for independents come tax time. Since many independent consultants receive payment on a 1099, and not tax-remitting W-2 basis, it’s important to note that tax time for independents isn’t often as straightforward as simply plugging a few numbers into an online tax calculator.
MBO tells you why it's important that independents own, operate and maintain an active blog.