When it comes down to it, money isn’t our scarcest resource; time is. And if you work for yourself, rather than as an employee at a large company, you’re likelier to have more of it—and likelier to spend it on things that matter most to you.
Time is the common thread among workers’ top three goals: spending enough time with family, leading a fulfilling life, and “getting the most out of life,” finds MBO Partners, a tech solutions company for independent contractors and the companies who hire them, in its new “Life Goals” study. But independent workers more successfully meet these goals than traditional workers do.
Sixty percent of independents report success at leading a fulfilling life, versus 54% of all workers, and almost 60% of independents say they’re successful at getting the most out of life, compared with 52% of all workers.
It’s not always so simple though. A greater share of traditional job holders (76%) said they’re satisfied with their income, compared with 68% of independents. Plus, almost half of traditional workers said they’re successfully on track for retirement, compared with just 41% of independent workers—proving the importance of a steady paycheck.
Across the board, though, digital nomads are the most satisfied. These workers, who log on remotely from other countries offering speciality visas, outscored both independents and traditional workers when asked whether they lead a fulfilling, purposeful life, are creating wealth, and are on track for retirement. Plus, nearly all of them (92%) were highly satisfied or satisfied with their work and lifestyle overall.
Even so, “independents,” as they’re referred to in the study, tend to be happier and healthier than traditionally employed workers, MBO Partners CEO Miles Everson wrote. The Life Goals study, he said, “proves that going independent is better for one’s life overall.”
He has an angle, of course: MBO Partners’ entire user base relies on the continuity of independent contractors. And the study surveyed over 6,400 U.S. residents, including nearly 1,000 independent workers—not exactly equal sample sizes. But its results fall in line with manyotherstudies proving the same thing: When your time is your own, your entire life and outlook improve.
The pandemic made time to reshuffle priorities
“The Great Realization is unequivocally here,” Everson said.
By another name, the Great Realization describes some workers’ reconfiguration of their values and priorities, which came with their newfound free time during lockdowns and continued through their companies’ return to office plans. The “pause” for these people—alongside the vast restructuring of the social fabric—led to increased demands for better work-life balance, the ability to pursue passions, and prioritizing health and wellness.
The choice to go independent came down to each person’s balance of priorities between having a steady, reliable income and doing enjoyable, fulfilling work. Pursuing a passion, doing meaningful work, and “doing work they like,” all came out on top as top reasons for going independent in MBO Partners’ report.
The shortage of companies providing meaning, passion, and steadiness has led to an uptick in independents, Everson said.
Companies can support employees’ ability to reach those goals by providing them with what they’ve been asking for all along: flexible work arrangements. In practice, this could look like a remote-first policy, asynchronous work with core hours, or even digital nomad options. Most important, MBO Partners wrote, any company should militantly ensure that when they’re off the clock, workers don’t peek at Slack or Teams.
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