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Where are the self-employed?

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According to Economic Modeling Specialist International, we've lost a significant portion of the 'self-employed' population. 10 Million Americans were considered self-employed in 2013 (to exclude owners of incorporated entities, those with two forms of employment, & those who freelance).

What’s the big deal? This number was at a high prior to the recession, amounting up to 7.2% of all reported jobs. A loss of 936,000 self-employed makes one wonder – “where exactly have they gone?”.

The number of jobs for salaried individuals has risen sense 2009 (4%). So we can assume that a significant number of these individuals previously self-employed have joined an existing workplace and now work for someone else.

  • 1 million self-employable jobs have been lost since 2006
  • 20% of Americans either picked up a second part-time job in 2013, or plan to do so for 2014
  • Agriculture, real estate, child care, and retail have seen substantial declines in self-employment
  • Landscaping workers, maids, personal care aides and photographers are among the larger groups of self-employed
  • market research analysts/specialists, management analysts, and computer technicians/web developers are among the higher paid self-employed
  • 62% of the self –employed are men, 30% are over 50 years of age
  • Areas where self-employment has been on the climb: North Dakota (5%), Bridgeport-Stamford-Norwalk (3%), Memphis (4%), Austin (2%), Orlando (2%), and Las Vegas (2%), & Washington D.C. (1%).

Early retirement, late savings

According to a survey conducted by TIAA-CREF. Almost 40% of us want to retire before age 65 & many of us are saving – at most – 10% (often much less) of our annual income. The issue: we’re living longer (which is great!!), however the cost to be & stay healthy is climbing. The concern: We may just outlive our savings. TIAA-CREFF states that industry experts advise people will need 70%-90% of pre-retirement income to maintain the same standard of living during retirement.

  • 21% of respondents reported not saving anything for retirement
  • 44% are saving 10% or less of their current annual income,
  • There is a 50% chance retirees will outlive their savings, if they make withdrawals from their retirement savings that are equal to the income payments they would receive from a lifetime annuity (assuming the same interest rate).
  • 33% of respondents who haven't retired believe they will need just 25% to 50% of pre-retirement income to maintain their current standard of living.
  • Another third (33%) believe they will need 50% to 75%.
  • Only one-fifth (21%) of those surveyed who haven €™t retired believe they will need more than 75% of pre-retirement income to live comfortably in retirement.

L&D Minute

During our last L&D Minute we discussed the importance of written communications. Here is another “most desirable” workplace skill.

Time Management: the ability to plan and control how you spend the hours in your day to effectively accomplish your goals. Skills involved in managing your time include planning for the future, setting goals, prioritizing tasks, and monitoring where your time actually goes. (PsychologyToday)

Is it surprising to you that time management is a highly rated workplace skill? After all, time does eventually add up to dollars and cents. While this ranked number 10 with University of Kent graduate recruiters surveyed, this doesn’t reflect on its importance in employability. From getting to work on time to getting things done – managing time is an ongoing effort.

Items they suggest can support your time management:

  • Setting goals,
  • prioritizing,
  • avoid procrastination,
  • breaking down larger tasks,
  • organizing your time,
  • evaluating process,
  • preserving your time/energy, &
  • utilizing to do lists.

How is your time management? Take this quiz now, and get pointers on how you can improve or further strengthen your time management skills.

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