The gig economy continues to boom and Payoneer’s 2023 Global Freelancer Insights Report discovered that independent contractors play a critical role in keeping businesses and the economy afloat even amid challenging times.
Payoneer tapped 2,000 freelancers from 122 countries, and almost half (46%) answered that the demand for their services increased compared to the previous year. Over half (55%) have taken on more work, while roughly the same number (41%) have raised their rates. Many freelancers (32%) have also expanded their client base to new countries.
Over two-thirds (68%) believe that demand for their talent will further grow in 2023. According to the report, fields like programming, marketing, project management, and web design continue to be sought-after fields.
“A growing number of businesses are relying on freelancers to support their full-time workforce because of convenience, flexibility, and outstanding quality of work. This benefits freelancers, too, since we have seen how they can enjoy a good work-life balance while still sustaining themselves, especially with the convenience, and practicality of earning in USD without leaving the country. We expect this industry to keep growing in the coming year,” says Monique Avila, the country manager of Payoneer for the Philippines.
The rise of freelance agencies
Demand is so high that freelance agencies have popped up to offer the services of a group of subcontractors. Agencies have many benefits for both clients and freelancers. Businesses can access a vetted pool of subcontractors, while freelancers can focus on the task at hand.
Starting an agency is just one of the topics discussed at Tech Trends: Gig Economy, a webinar hosted by the Department Of Information and Communications Technology last March 27, 2023.
The webinar featured women leaders who are making their mark in the freelance economy, such as Lorna Bondoc, founder and chief experience officer of YOVEO Digital; Le-an Lai Lacaba, chief executive officer and co-founder of 2xYou Executive Services; and Britzee Capili, the small- and medium-sized business (SMB) sales lead of Payoneer.
“Working in a freelance agency, there’s a structure already. You won’t have to look for clients. In addition, the payment transactions, or finance, are overseen by the management. An agency also provides training to their employees,” shares Lacaba.
While working as a freelancer and for an agency have different setups, Bondoc reminds those in the gig economy that the work ethic remains the same. She says, “You can work by yourself or with a team of freelancers but the work discipline should just be the same, which is to deliver and make sure to handle your clients properly.”
Payoneer is the freelance agencies’ and sole freelancers’ partner in the Philippines
Payoneer is a leading global payments platform that partners with freelancers, SMBs, marketplaces, and enterprises. It is trusted by the world’s leading digital brands, serving over five million customers and 2,000 top marketplaces and online platforms. Payoneer sends tens of billions of dollars a year to SMBs worldwide.
According to Capili in Tech Trends: Gig Economy, “We strongly support Filipino entrepreneurs and one of our ways of helping them is to provide a secure way of doing international transactions. Also, we wanted the agencies and the freelancers to have a direct payment platform with their clients. This has become beneficial for the two parties as freelancers and agencies expand their business globally.”
“The rise and demand of the gig economy inspire us to continue striving to become the go-to platform of the freelancing sector. As freelancers enjoy more work in the coming year, Payoneer promises to make payments easier so they can focus on the job and reap the benefits of a remote career,” ends Avila.
To access Payoneer’s full 2023 Global Freelancer Insights Report, please visit discover.payoneer.com/businesses/freelancer-insights-report.