A record number of business event professionals are now working full-time as freelancers, according to a recent study designed to shed light on the motivations, demographics and professional values of independent workers in the events industry.
In fact, across all industries, the trend toward freelance work has increased significantly since the COVID-19 pandemic, with 36% of the U.S. workforce across all industries doing freelance work in 2023, an increase of 4 million total professionals from 2022, according to a December 2023 study by Upwork, the leading online freelance marketplace.
To inspire meetings and events professionals to think differently about how they maximize the skills and experience of independent event professionals, independent talent placement platform Soundings recently surveyed 238 freelancers, resulting in its first white paper on the events industry’s freelance economy, “Agile Talent Strategies: Leveraging Freelancer Expertise in the Business Events Industry.”
Produced in partnership with Temple University, the report highlights the important contributions and evolving role of freelancers in the events industry while providing actionable, data-driven insights for companies looking to create successful, sustainable talent models that leverage this dynamic workforce.
Here are some key findings from the study:
- 84% of respondents are women, 36% of whom identify as active caregivers to family members.
- 97% have a university degree, 60% have a bachelor’s degree and 37% have a master’s degree.
- 73% of self-employed workers consider self-employment as their primary source of income, with household incomes between $100,000 and $199,000.
- Many freelancers choose this path to achieve a healthier work-life balance, seeking more sustainable working environments compared to traditional roles.
Offering best practices and in-depth insights on how organizations can successfully onboard freelance talent, the white paper includes key strategies and benefits of onboarding freelancers, including who freelancers are, their motivations, and what drives them to choose this career path; best practices for attracting, managing, and retaining top freelance talent; how to adapt an organization to maximize the benefits of freelance work; and insights on how the events industry has changed and what the future holds.
We had the opportunity to sit down with Soundings CEO, Tracy Judge, to get her perspective on the independent movement in the corporate events and event marketing industry.
Do you think the freelance movement in the business event industry will continue to grow in the near future? If so, what are the factors influencing this growth?
We are convinced that the freelance movement in the professional events sector will continue to grow in the near future. Several key factors are behind this trend:
Smaller, more agile workforces: Many companies are shifting to leaner, more flexible in-house teams. In the wake of the pandemic, organizations have reevaluated their workforce strategies, opting for smaller, permanent teams that can be augmented with skilled freelancers as needed. This allows companies to remain agile and cost-effective while scaling to larger projects or event initiatives. This trend mirrors the broader freelance movement in the United States, where the number of freelancers is expected to reach 76.4 million by 2024, reflecting a growing shift toward agile staffing solutions.
Regulatory changes and protections for freelancers: Stricter regulations and improved compliance, such as the partnership between the Department of Labor (DOL) and the IRS, provide greater protections for freelancers. These changes include access to benefits like health insurance, retirement plans, and other social protections, making freelancing a safer and more viable career option. (Soundings) changed its business model in late 2022 to ensure compliance and now offers many of these benefits to our freelance talent.
Economic uncertainty and budgetary flexibility: In times of economic uncertainty, companies are looking for ways to maintain budget flexibility. Freelancers offer a variable cost solution, allowing companies to manage costs based on project needs. This flexibility is particularly valuable in the corporate events industry, where project timelines and budgets can fluctuate. For example, one of our clients, a CMI Top 25 meetings and incentives company, is forecasting a 5-6% increase in EBITA as a result of its strategic shift to an agile staffing model. By leveraging freelance talent, it maintains operational efficiency without the burden of a large full-time staff, making it more competitive in the marketplace while maximizing profitability.
Sustainability and local talents: Sustainability has become a critical issue for many organizations and directly influences the way they deliver their events. There is a growing trend towards hiring local freelancers at event venues. This not only reduces the environmental impact of staff coming from different locations, but also supports local economies and cultural preservation. One of the top three management consultancies turned to us because of their sustainability initiatives and carbon targets. We are the only independent event platform that can ensure worker classification compliance in over 150 countries. They need staff all over the world and the program continues to grow as part of their sustainability efforts.
Experienced talents who remain independent: The industry’s most experienced professionals are choosing to remain independent rather than return to traditional full-time positions. These professionals value the flexibility and control that independent work offers, allowing them to focus on projects that align with their expertise and personal goals. This shift is creating a vibrant talent pool of seasoned freelancers who are in high demand for event marketing and corporate events.
Increased demand for specialized expertise: As events become more complex and technology-driven, there is a growing need for specialized skills that may not be available in-house. Freelancers with expertise in areas such as virtual event management, digital marketing, and event technology are in high demand. Senior freelance roles requiring specific vertical expertise, such as event technology specialists and event marketers, are increasingly sought after as companies seek specialized skills to manage increasingly complex event demands.
Remote work culture:The normalization of remote work has also contributed to the growth of freelance work. With location no longer a limiting factor, companies can tap into a wider talent pool, drawing on freelancers from different markets and regions. 81% of freelancers work pro bono, highlighting that experienced professionals choose this path for a better work-life balance and greater autonomy. This flexibility in how and where event professionals work makes freelance work even more attractive.
Given these influencing factors, including regulatory protections, sustainability, and specialized expertise, the freelance movement is poised to continue its growth in the corporate events and event marketing industry. Organizations and professionals are recognizing the mutual benefits of this flexible and dynamic model, from profitability to sustainability and increased job security for freelancers.
Download the Soundings white paper here.
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