BrazilEden McCallum: Independents consultants happier than their salaried peers
A new survey shows that independents consultants tend to be happier in their work lives and feel that they have a greater impact compared to their salaried peers working at consultancy firms. That is according to a study from Eden McCallum, in collaboration with London Business School and HighPoint Associates.
The survey gathered the views of more than 500 professionals, both independent consultants and those currently employed by consulting firms. The findings showed that 60% of independent consultants are extremely or very satisfied with their careers, compared to 31% of consultants employed at a firm.
Independents are satisfied
The high level of satisfaction among independent consultants has stayed strong since a brief dip during the pandemic. And while freelancers reported high satisfaction again after the pandemic, salaried consultants have been increasingly dissatisfied since last year.
This disparity could be explained, at least in part, by the general preference to work autonomously. Since the pandemic-era lockdowns gave way to a return to normalcy, many firms called their employees back to the office, to the dismay of the many professionals that learned to love working from home.
At the same time, the overall consulting market has been sluggish over the past two years, and as a result many consultancies have placed more scrutiny on financial targets such as chargeability and client sales – pressures that may dent satisfaction.
Earnings are often higher for ICs
When it comes to earnings, independent consultants do not earn any less than their salaried counterparts – on the contrary, two-thirds of freelancers earn as much or more than they did as employees at firms. This trend has held strong since at least 2016, the study shows.
Independent consultants often command higher hourly rates due to their specialized expertise and lower overhead, but their overall earnings can fluctuate with project availability. They shoulder the burden of self-employment, including securing clients and managing their own benefits, which impacts net income.
Satisfaction
The perception of importance of career factors and satisfaction in those factors has gone mostly unchanged over the past five years, though 2024 results showed slightly more satisfaction.
Among the most important factors for independent consultants are work-life balance, client impact, choice of work, and the ability to choose when and where they work. Freelancers where less satisfied in certain factors like personal development and level of income.
Another area where independents often reported being dissatisfied was social interaction. Indeed, though there are many benefits to working as a freelancer, it can also be hard to work alone. Salaried employees who work on consulting projects however are guaranteed of working together with a team, both at the client as well as within the consultancy firm.
Overall rating of personal experience
When it comes to the areas where independent consultants feel they have the greatest advantage, the Eden McCallum study revealed that over 90% pointed to having more flexibility and control over their work than when they were employed. Over 90% also said that their work-life balance is better as an independent, with 75% saying they get more respect from clients, and 70% noting that they are paid more fairly.
Factors like flexibility and work-life balance were more important to younger freelancers, who were more positive about enjoying those benefits of working freelance. Around 9 in 10 independent consultants also noted that they got better value for money out of projects and were able to work more efficiently.
Another interesting finding from the survey is that female independent consultants reported being more satisfied with their work than male their counterparts. This was especially true when it comes to most important factors in their careers.
A career path for many
In essence, the Eden McCallum survey paints a picture of independent consultants experiencing a significantly higher degree of career satisfaction, driven by factors like flexibility, control, and perceived impact, despite some trade-offs in areas like social interaction and personal development.
“We are really proud to have led the charge over the past 25 years in driving this transition to independent consulting, as a more fulfilling career choice for consultants and a better way of serving clients,” said Dena McCallum, co-founder of Eden McCallum.
With offices in London and Amsterdam, Eden McCallum is a one of the leading networks for independent consultants. The company also has a core team of own consultants, offering its clients a hybrid project staffing model.
