Global Freelancing Surges According to New Report by Payoneer
Payoneer, the digital payment platform empowering businesses around the world to grow globally, released its Freelancing in 2020: An Abundance of Opportunities Report based on an analysis of payments to freelancers throughout the first half of 2020. The report provides insights into the impact of COVID-19, revealing that after a short-term slowdown at the start of the pandemic, freelancers are now experiencing a surge in demand. The report confirms the outlook of a resilient workforce that maintained its optimism even through the immediate slump that occurred at the beginning of the pandemic.
While the global economy has slowed elsewhere, skilled workers are jumping on the freelance bandwagon. Professionals are seeking a more flexible lifestyle, with greater independence and fresh business opportunities. As technology continues to advance, companies and businesses worldwide are quickly adapting to working online, ultimately attracting more remote talent.
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Key takeaways from the report include:
- Back in March 2020, 32% of freelancers shared in a survey that demand for their services had greatly decreased, while 53% expected demand would boom once the current pandemic subsided. This new analysis of payment volume through Payoneer in H1, reveals that their positive outlook was spot-on.
- Based on the report’s analysis of payments made to global freelancers, COVID-19 brought a short-term slowdown, but rebounded with 28% growth from May to June.
- India, a major hub of outsourcing talent, saw a massive 46% increase in new freelancers from Q1 to Q2, 2020.
- Ukrainian IT companies equally showed resilience, experiencing only minor impact on their thriving outsourcing economy throughout COVID-19.
- The U.S. freelance economy continues to flourish despite a 11.3% unemployment rate, as newly available talent turns to the independence of freelancing as an alternative to looking for another in-house job.
- Pakistan’s gig-economy experienced a surge in new freelancers due to government intervention with online education.
“The first half of 2020 has been a rollercoaster for the global freelancing economy. Like many other industries, it felt an impact when the pandemic initially hit, but the rebound has been truly staggering,” said Jonny Steel, VP of Marketing at Payoneer. “With businesses worldwide adapting to a remote workforce, it’s hardly surprising that the concept of flexible, affordable, on-demand skilled labor now offers even more value than it did before. The future of work is here. Payoneer remains committed to developing even more ways for freelancers, businesses and marketplaces to connect and grow in today’s borderless digital world.”
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