Layoffs Prompt Gen Z to Rethink Job Security and Careers, Fiverr Survey Reveals
Fiverr International Ltd. releases findings from a study on Gen Z work preferences, revealing that nearly 1/4 of Gen-Zers in the U.S. believe freelancing offers more stability than a full-time job. The study, conducted in partnership with Censuswide, surveyed 10,000 Gen-Zers globally, including 5,000 in the US, aged between 16 and 26, shedding light on the impact of layoffs, flexibility, and AI on their work mindset.
02/28/2024 - 02:00 AM
In the U.S. nearly 1/4 of Gen-Zers believe freelancing offers more stability than a full-time job
NEW YORK, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Fiverr International Ltd. (NYSE: FVRR), the company that is changing how the world works together, has compiled findings from its second annual research study exploring the work preferences of Gen Z. Fiverr conducted a global study of Gen-Zers (defined as between the ages of 16 and 26), including 5,000 Gen-Zers in the US for a total of 10,000 worldwide, in partnership with Censuswide. The study highlights how layoffs, flexibility, and AI are drastically shaping the way Gen-Zers work and think about their careers. In fact, compared to last year’s findings, more (+3% points) Gen-Zers said they now plan to freelance – rising to 70% of total global respondents who are freelancing or plan to in the future.
“The youngest members of today’s workforce, Gen-Zers, have faced nothing but hurdles – a global pandemic and unprecedented development in technology. Now, in the face of layoffs and the implementation of AI across the corporate world, Gen Z workers are relying on themselves for the stability that they need to pursue their career ambitions by choosing freelancing,” said Gali Arnon, Fiverr’s Chief Business Officer. “Not only does freelancing offer a stable path to be their own boss or to own their own business, but it also allows for Gen Z to have total autonomy over their own lives.”
Several key themes from the global data include:
Freelancing is becoming a more attractive career path for Gen-Zers for 2024 and beyond.
Almost 70% of total Gen Z respondents are actively freelancing or plan to do so in the future. Nearly 40% of Gen Z freelancers are currently or willing to work full-time while 30% in a part-time capacity. 12% of Gen Z freelancers work in-between jobs or to build experience and skills.Comfort and financial security remain the top priority for Gen-Zers.
44% of global Gen Z respondents desire to be financially comfortable as part of their larger career ambition; nearly 20% want to retire early.A quarter of Gen-Zers want to own their own business while 14% want to freelance for their entire careers. Nearly 30% of respondents want to travel for work and work from wherever they want. Among Gen Z respondents in the U.S., specifically, data showed:
More Gen-Zers are pursuing stability through freelancing following a string of corporate layoffs.
38% of U.S. respondents believe that freelancing full-time gives them the power of never getting laid off and almost 36% of Gen-Zers see freelancing as a good back-up option if they were to lose their job.Over 70% of U.S. Gen Z responders are thinking more about freelancing compared to last year. 10% of respondents said they were let go and another 14% said they’re afraid they will be.Nearly 25% of Gen Z respondents now believe that freelancing is more stable than a traditional full-time job. Almost ⅕ (18% ) of Gen Z responders think being a freelancer make them less likely to be replaced by AI, thus immune to AI displacement. US Gen-Zers are continuing to prioritize autonomy and flexibility in their professional careers and work life.
Similarly, nearly 20% of Gen-Zers believe that companies have no loyalty to employees anymore. As a result, almost 70% of U.S. freelancers started freelancing between 16 and 20 years old. 20% say they work to live, and don’t “live to work”, 3% more compared to last year.29% of US Gen-Zers want full control over return-to-office policies while 28% prefer a hybrid work environment and ¼ want to own their own business.This survey was conducted in partnership with Censuswide among a sample of 10,033 Gen Z (defined as those aged 16-26) across the UK, US, Germany, and France, including over 5,000 workers in the U.S. The data was collected between January 26, 2024 and January 30, 2024. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct which is based on the ESOMAR principles.
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What is the key finding from Fiverr International Ltd.'s study on Gen Z work preferences?
Nearly 1/4 of Gen-Zers in the U.S. believe freelancing offers more stability than a full-time job.
How many Gen-Zers were surveyed globally in Fiverr International Ltd.'s study?
10,000 Gen-Zers were surveyed globally, including 5,000 in the US.
Who did Fiverr International Ltd. partner with for the study on Gen Z work preferences?
Fiverr partnered with Censuswide for the study on Gen Z work preferences.
What age group does the term 'Gen-Zers' refer to in the study conducted by Fiverr International Ltd.?
Gen-Zers in the study conducted by Fiverr International Ltd. are defined as individuals between the ages of 16 and 26.
What are some factors shaping the work mindset of Gen-Zers according to the study by Fiverr International Ltd.?
The study highlights the impact of layoffs, flexibility, and AI on the work mindset of Gen-Zers.
