Economy

Generation Z and Millennials are transforming US businesses

Generation Z and Millennials are transforming US businesses

Independent contractor Until work It had its best growth year as a public company last year, and CEO Hayden Brown sees no sign of the momentum that began before the slowdown in the coronavirus pandemic upon reopening the economy.

Younger workers, who have been hit by a job market hit by two recessions in just over a decade, are increasingly seeking more control and flexibility in their careers. She told CNBC on Wednesday that the trends have been reinforced by the world of remote work, giving companies an opportunity to adapt and tap into the global talent pool of freelance professionals.

“The paradigm has completely transformed,” Browne appears inMad moneyHe explained that the recessions in 2007 and 2020 weakened workers’ confidence and loyalty. “We’ve seen it again for years. This isn’t a new trend, but it has definitely accelerated today with more than half of Generation Z being self-employed and 59 million Americans self-employed.”

Gen Z, short for Generation Z, is made up of young people who are currently or are entering adulthood and who are now navigating their way through the struggling economy of a pandemic. The age group is also known as Zoom.

Millennials, their older counterparts, grew up during the Great Recession.

Upwork, a job market that went public in 2018, helps companies harness the temporary job economy for short-term and long-term projects. The independent economy has disrupted various industries, giving rise to household names like Uber And the Powered by Dash.

Brown said that more than 70% of the self-employed on the platform have a college education and many of them are highly paid.

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Unlike passenger order service apps like Uber, which saw revenues of 21% amid the pandemic after years of multi-digit growth, small-cap Upwork saw business acceleration in 2020. Santa Clara, California’s revenue rose 24% last year to 373.63 Million dollars.

Shares were up 522% over the past 12 months and hit a 52-week high on Wednesday before closing at $ 53.36.

“This is a long-standing trend that has been happening in the workforce, and companies are waking up to the fact that if they want to work with the best talent, they have to take advantage of the independent economy,” Brown said. “They cannot be limited to full-time employees.”

In 2021, Upwork predicts business growth of at least 23%. The $ 6.5 billion company provided revenue guidance that ranged from $ 460 million to $ 470 million for the full year.

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