With the number of older Americans who are successful independent professionals, solopreneurs, entrepreneurs, and small business owners, the narrative about them is disheartening. Sad sack stories abound about older people unretiring or having difficulty navigating these economic times, being the only reason they engage in independent contracting or the gig economy. This is a limited view and inaccurate for many seniors.
As we celebrate Small Business Week, we should paint a better picture of seniors, showing how they naturally gravitate toward independent contracting and small business ownership and find success and satisfaction in their endeavors.
Independent Women has conducted a survey of voters that affirms this view. Older people prefer independent work for the flexibility, independence, and opportunities to use their expertise and institutional knowledge in fresh ways. The survey found that 91% of independent professionals prioritize flexibility. Among seniors, that number is 93%. And 86% of older people agree that independent contracting is a good option for people who want flexibility in their work.
There are a number of reasons for this, but here are the top four.
First, the pursuit of independent work affords a golden opportunity in the golden years: to pursue a dream, pursue a passion, or be of service in a way that could not be achieved in a typical 9-to-5 job. In fact, many people look forward to retiring from their traditional jobs so that they can finally do what they truly desire.
Second, and as the survey shows, seniors enjoy the flexibility of being able to work at their own pace, have time with family, and choose the projects and the people with whom they wish to engage.
As an independent journalist for 15 years, I have gotten to decide with what outlets I wish to contract with and, for the most part, the types of stories I want to cover. My world also involves family concerns, so the ability to ratchet up my work or dial it back is at my disposal. Older women find that independent work allows them to care for their aging parents, care for siblings with health challenges, or just be there for their grandchildren, while still being able to earn and contribute as they choose.
AB5, the 2019 California law that severely restricted independent contractor work in the state, precipitated my move to a right-to-work state. I wanted to maintain that flexibility and continue to earn an income commensurate with my years of expertise. Some in Congress seek to nationalize California’s hardship through legislation, and the Biden administration enacted harmful new regulations restricting independent contracting. These efforts seek to blunt the work opportunities we now enjoy and that allow us to thrive rather than just survive.
Third, older independent professionals contribute institutional knowledge that would otherwise be lost or siloed to one particular company or industry. We get to apply it to a new area or industry that, under normal circumstances, would not benefit. With the rapidly retiring baby boomer generation, this loss of knowledge and expertise is a concern.
Fourth, ageism exists in many traditional workplaces and is more pronounced in certain industries. Technology, with its wunderkind mentality and its round-the-clock pursuit of innovation, often marginalizes and sidelines anyone over 35. Entertainment is another industry that prioritizes youth over maturity, especially among women.
Independent Women Features’ “Chasing Work” series profiled John Garner, an independent marketing professional in his 70s. He said, “There’s a definite ageism factor at least in the marketing field. There’s almost zero chance of a senior marketing person getting hired full-time.”
Garner further described how people like him have been able to leverage their experience and talent to find work outside of traditional employment and build client bases that lead to even more work.
WOMEN AGREE: FLEXIBILITY IN THE WORKFORCE IS CRITICAL
It is no wonder that seniors support independent contracting and small businesses. We appreciate the power to be known and respected for the expertise and unique contributions we bring to the table without fearing rejection because we are overqualified or prejudged because of our age.
We also simply enjoy the freedom that all people should have: the ability to pursue the work that we choose as we see fit. Small Business Week is a testament to this freedom and the American ideal.
Jennifer Oliver O’Connell is a small business owner, entrepreneur, independent contractor, and visiting fellow with the Center for Economic Opportunity at Independent Women.