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14 March 2016 • www.CPAPracticeAdvisor.com A YEAR IN THE LIFE: PAYROLL ACCOUNTANT New data from Intuit Inc. shows that on-demand economy workers average 40.4 hours per week, but rely on three diferent sources of income to make up their entire paycheck . T h e m o s t c o m m o n s o u r c e s o f income are: on-demand work (34 percent), a traditional f ull or part- time job (30 percent), contracting a nd consu lt i ng (19 percent), a nd running a business (14 percent). Te new data comes from a study f r o m I n t u i t I n c . a n d E m e r g e n t R e se a rc h t h at e x a m i ne d pe ople w o r k i n g v i a e l e v e n o n - d e m a nd economy and online talent market- place companies. Study participants i n c l u d e d : D e l i v, F i e l d N a t i o n , Fiverr, HourlyNerd, MBO Partners, OnForce, U ber, Upwork (formerly Elance-oDesk), Visually, Wonolo, and Work Market. " T he on - de m a nd e c onomy i s reshapi ng t he w ay people ea r n a living, take control of their careers a nd suppor t t hei r fa m i l ies. From drivers, to designers, to management con s u lt a nt s – people h ave more opportunities than ever to supple- ment existing income streams or to take the leap into being their ow n boss," said A lex Chriss, vice presi- dent and general manager of Self- Employed Solutions at Intuit. "But we must also recognize the shadows t hat have emerged. T he benefts infrastructure of a genera- tion ago was not built to accommo- date t he rea l it y of work today. At Intuit, we're commited to building new solutions that deliver certainty a nd s t a b i l i t y f o r s e l f- e m pl o y e d people who are stitching together diferent income streams." On-Demand Work Supplements Existing Income Te study shows that the on-demand economy is playing a unique role in t h e l a b o r m a r k e t b y p r o v i d i n g people w ith fex ible opportunities to augment their existing work: • 63 percent of on-demand workers indicate that "the primary reason I work in the on-demand economy is to supplement my income." Other primary reasons for working in the on-demand economy include: • "Creating and controlling my schedule" (46 percent) • "A desire for greater work/life fexibility" (35 percent) • "Being my own boss" (32 percent) • Only 11 percent reported turning to on-demand work "because of an inability to fnd a job." High Satisfaction With On-Demand Work Te study found that most people working in the on-demand economy are satisfed, key challenges focus on fnding enough predictable work. • 91 percent of people working on- demand jobs report that they like controlling decisions about where, when and how they work. • 70 percent of on-demand workers are satisfied with their work arrangement. • On-demand workers are concerned with finding steady income, and cited the following challenges: • Geting enough work (57 percent) • Not enough predictable income (50 percent) • Getting paid the amount I feel I deserve (41 percent) • Lack of job security (22 percent) On-Demand Workforce Demographics People work ing in the on-demand e c o n o m y a r e w e l l r e p r e s e n t e d across millennial, Gen X and Baby B o o m e r g e n e r a t i o n s . T h e v a s t m ajor it y a re we l l e duc ate d , a nd men outnumber women. Gender: How the Gig Economy is Reshaping the Work Week By Isaac M. O'Bannon, Managing Editor T he 40-hour work week may be alive and well , but it look s nothing like it did a generation ago – at least not if you're part of the growing ranks of people dipping a toe in the on-demand economy. 66% 34% MILLENNIALS (18-34): 39% GEN X (35-51): 36% BABY BOOMERS (52-68): 24% SENIORS (69+): 1% Less Than High School: 1% High School/GED: 12% Some College Or Two-Year Degree: 36% Four-Year College Degree: 31% Graduate/Professional Degree: 20% WHITE: 64% HISPANIC: 10% AFRICAN- AMERICAN: 12% ASIAN/PACIFIC ISLANDER/INDIAN SUB-CONTINENT: 7% OTHER: 7% Age: Education: Ethnicity: