Gen Z and Millennials are changing corporate America

Independent entrepreneur Upwork had its best year of growth as a state-owned company last year and CEO Hayden Brown sees no sign of momentum that began before the coronavirus pandemic slows when the economy reopens .

Young workers, marked by a labor market hit by two recessions in just over a decade, are looking for more and more control and flexibility over their careers. The trends have only been exacerbated by the remote working world, giving companies the opportunity to adapt and tap into a global talent pool of independent professionals, she told CNBC on Wednesday.

“The paradigm has totally changed,” said Brown, appearing on “Mad Money,” explaining that the recessions of 2007 and 2020 have weakened the trust and loyalty of workers. “We’ve seen this again for years. It’s not a new trend, but it’s certainly accelerated today with over half of Gen Z freelancers and 59 million Americans freelancing. “

Generation Z, short for Generation Z, is made up of young people currently or entering adulthood who are making their way through an economy hampered by a pandemic. The age group is also known as zoomers.

Millennials, their older counterparts, came of age during the Great Recession.

Upwork, a job market that went public in 2018, helps businesses harness the odd-job economy for short and long-term projects. The independent economy has disrupted various industries, giving birth to known names like Uber and DoorDash.

Brown said more than 70% of the platform’s freelancers are college graduates, and many earn high salaries.

Unlike transportation apps like Uber, which saw their revenues drop 21% amid the pandemic after years of multi-digit growth, small-cap Upwork saw its business pick up in 2020. The company’s revenue based in Santa Clara, Calif., were up 24% last. year to $ 373.63 million.

Shares have risen 522% in the past 12 months and hit a 52-week high on Wednesday before closing at $ 53.36.

“This is a long term trend that is happening in the workforce, and companies are realizing that if they want to work with the best talent, they have to tap into the independent economy,” Brown said. “They can’t be limited to full-time employees.”

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