Leaders,

MBO Partners just released their 2024 State of Independence, a 14-year running report that’s been the backbone for most statistics and strategies related to the Future of Work.

This year’s report doesn’t disappoint, and in this episode, MBO Partners CEO Miles Everson will illuminate his favorite parts of the report.

Miles dives into three key areas: 

First, he lays out the global talent shortage through data, specifically showing how the decline in birth rates across all developing nations, the leaving of baby boomers, and the decline in company tenure have led to a world where there’s no such thing as a permanent workforce. He digs into the exact birth rates. 

Second, he shows that it’s not a talent shortage, but rather a talent shift in how top talent wants to work. He shows this through specific data points. (1) Consistent growth in full-time independents since 2020 from 13.6 million in 2020 to 27.7 million in 2024. (2) A 4-year 6.8% compound annual growth rate (CAGR) of independent workers compared to the 1.35% CAGR for all employment. (3) A 10-year 8.3% CAGR of solopreneur business applications. (4) Independents are happier (84% say they are happier), healthier (79% say it’s better for their health), and wealthier (65% say they feel more secure working independently).

Third, he offers a playbook for executives on how to tap into the independent workforce, what he calls the new social contract. He also explains the competitive edge independents bring, especially in technology adoption, noting that 65% of independents are using Gen AI in their work in 2024, compared to 37% in 2023.

Tune in to hear Miles’ vision for the future of work and the need for a new social contract, just under 100 days before the release of his book Free Birds Revolution: The Future of Work and The Independent Mind.

Key stats:

• Full-time independents doubled from 2020 to 2024 from 13.6 million in 2020 to 27.7 million in 2024

• 84% say they are happier working independently

• 79% say it’s better for their health to work for themself

• 65% say they feel more secure working independently

• 65% of independents are using Gen AI in their work in 2024 compared to 37% in 2023

• The CAGR for full-time independents is 5.45% higher than all employment (excluding farm employment) - 6.8% 4 year CAGR for independent workers, and 1.35% CAGR for all employment.