One in Five Australians Self Employed

Sydney, May 10, 2010 – Australia’s economic downturn has forged a new generation of home-grown entrepreneurs, with one-in-five respondents describing themselves as ‘self-employed’, and of the rest, approximately half expressing a desire to work more independently, according to the latest survey from global workforce solutions leader Kelly Services.

The findings are part of the Kelly Global Workforce Index, (Glenn’s note: Download the PDF report – fantastic global stats) which obtained the views of approximately 134,000 people, including more than 20,000 in Australia.

The survey also finds that almost a quarter of respondents want to start their own businesses, with Gen Y (aged 18-29) the most enthusiastic about starting commercial ventures.

The ranks of the self-employed – also known as independent contractors or free agents – are more likely to be Gen X (aged 30-47) and baby boomers (aged 48-65), and are mostly male.

Kelly Services managing director Karen Colfer says, “Many of those who lost their jobs as a result of the global economic crisis are reinventing themselves as independent contractors, freelancers and consultants. Today, more people are taking charge of their own careers and view self-employment as a way of achieving personal and professional success.”

Results of the survey in Australia reveal:

• 21 percent of respondents are currently self-employed, made up of 26 percent of baby boomers, 22 percent of Gen X and 18 percent of Gen Y.

• The main factors respondents cite that would prevent a move into self-employment are uncertainty about income, lack of support, and risk of failure.

• Most baby boomers (53 percent) believe their skills would be sufficient to enable self-employment, compared with 48 percent of Gen X and 38 percent of Gen Y.

• Approximately one third of respondents believe there will be strong market demand for their individual skill sets.

• 22 percent of respondents plan to start a business, comprising 27 percent of Gen Y, 18 percent of Gen X, and 12 percent of baby boomers.

The appeal of self-employment coincides with a trend toward the outsourcing of non-core functions, which has seen many organisations reduce their permanent workforce, creating new opportunities for these independent contractors.

When seen from a generational perspective, there is a pattern of younger workers being more enthusiastic than their older counterparts about embarking on a more flexible and entrepreneurial work arrangement.

Those industries with the greatest concentration of self-employed workers were Business Services, Government, Utilities and IT.

“Our survey results indicate an increase in the number of people who are either engaged in or are planning some form of entrepreneurial activity.  Despite uncertainty, the idea of moving out of the traditional employment relationship is appealing to those who want the flexibility of working for themselves,” Karen Colfer concludes.

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About the Kelly Global Workforce Index

The Kelly Global Workforce Index is an annual survey revealing opinions about work and the workplace from a generational viewpoint. Approximately 134,000 people from North America, Europe, and Asia Pacific responded to the 2010 survey with results published on a quarterly basis. In 2009, Kelly Services was the recipient of a MarCom Gold Award for the Kelly Global Workforce Index in the Research/Study category.

Great Stat: 34% of Gen Y want to start their own business

The SEC has filed charges against Gryphon Holdings, Inc., its owner Kenneth E. Marsh and four associates with the operation of an Internet-based scam that lured investors into paying for fabricated stock market advice and investment tips from nonexistent “experts.” According to the SEC’s press release, the scam “induced investors to pay fees of up to $250,000 for securities recommendations that they falsely claim are based on sound research and successful strategies of trading experts with superior knowledge.” Gryphon Holdings and its associates obtained $17.5 million over three years due to its “numerous material misrepresentations and omissions since at least 2007 to entice unsuspecting clients to purchase its services.”

Gryphon Holdings publishes financial information, posting financial tricks and investment tips on the Internet under a variety of names, including “Wolves of Wall Street,” “Wall Street’s Most Wanted,” “Pure Profit,” and “Mafia Trader.” The SEC alleges that these recommendations and expert tips were little more than a “vehicle to attract unsuspecting clients to pay fees for personalized investment recommendations, portfolio analysis, and money management services that Gryphon purportedly provided.” Investors, following the advice of these so-called “experts” at Gryphon Holding who were depicted as possessing “millions of dollars in trading riches as well as top-notch educational backgrounds and prominent experience at major Wall Street firms,” suffered significant losses. In at least once instance, an investor allowed Gryphon to conduct trades on their behalf.

To increase the scam’s legitimacy, Gryphon also manufactured “glowing testimonials from George Soros and purported clients who profited by trading securities the firm recommended.” These endorsements, fabricated numbers and phony tips and advice were all used to induce clients to pay for personal recommendations, investment services and stock market advice.

In addition to owner Kenneth E. Marsh, the SEC has also charged Gryphon associates Baldwin Anderson, Robert Anthony Budion, Jeanne Lada, and James Levier.

Read the rest of the post on Hedgetracker.com

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