Freelancers saw a surge in working for big companies

Freelancers saw a surge in working for big companies

For many businesses, freelancers serve as a lifeline in filling critical functions, which resulted in more work for freelancers during the pandemic.

With the ‘great resignation’ prevalent in some industries today, it cast a shadow on some businesses, while the volatile market created a need for a more agile workforce.

According to the Payoneer freelance income survey report 2022, “as a result, not only are most freelancers able to maintain their levels of work and income during these tumultuous times, but a third of them experienced growing demand, and 40% even saw an uptick in rates during the pandemic.”

Furthermore, in an increasingly remote ‘work from anywhere’ world, businesses are now far better equipped than in the past to onboard remote freelancers.

To a large extent, freelancers were better prepared than most employees for this new reality. After all, working from home has long been a way of life for many freelancers. The findings of this survey offer a unique look at how these global freelancers work and what makes them successful.

Although we cannot predict what the world will look like in the coming years, the proven adaptability of freelance workers suggests that the share of freelancers in the global workforce will almost certainly increase.

Key findings

32% of respondents reported higher demand for their services since the COVID-19 pandemic began, with a further 45% saying demand stayed constant without slowing.

The worldwide average hourly freelance rate is $28, much higher than the $21 average rate two years ago.

The fields of programming, marketing, and finance showed the strongest growth in demand.

Younger freelancers were the main beneficiaries in the surge in demand, while more seasoned freelancers saw a slight slowdown.

40% reported higher hourly rates since the start of the pandemic. Only 12% saw a decrease in rates.

Despite the increased representation and higher rates of education among women, the gender pay gap persists and has even widened slightly since our 2020 Global Freelancer Income Report. Women are making 82% of what their male counterparts make, at $23/hour on average compared to men’s $28/hour.

The fastest growing specialties – finance, marketing, and programming – are among the top earning professions, while the lowest-earning freelancing specialties are in decline.

Female participation has increased from 24% to 29% since the 2020 Global Freelancer Income Report.

Younger freelancers were able to command higher rates, offering them a bright future in a growing freelancing market.

LinkedIn, Instagram, and YouTube continue to gain popularity among freelancers, inching closer to Facebook as the top platform for freelancers to promote their work.