What pandemic? Demand for freelancers increases, India sees second-most surge after the Philippines
Many countries have also experienced a surge in demand for freelancers.
By ET Bureau | Updated:
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Although COVID-19 brought a short-term slowdown in revenue growth, it bounced back even stronger in June, growing by 28 per cent since the beginning of the year.
The freelancing economy is showing signs of recovery after the pandemic. A recent global report by Payoneer, which analysed payment activity between freelancers and their clients, found that although COVID-19 brought a short-term slowdown in revenue growth, revenue bounced back even stronger with a 28 per cent growth.
The report observed that May, which was the peak month for the pandemic in many countries, saw a slight slowdown in global revenues, dropping from 17 per cent to 15 per cent. However, business bounced back in June with revenues picking up by 28 per cent since the beginning of the year.
Upward Demand
The report also observed that within a couple of months from the global spread of COVID-19, not only had the demand for freelancers increased but many countries were experiencing a surge.
India (ranked as the 2nd fastest growing freelance market after the Philippines) saw a massive 46% increase in new freelancers from Q1 to Q2, 2020. A study by Bengaluru-based Refrens found that 64 per cent of freelancers reported that they received more assignments in June compared to May and April, suggesting that demand had picked up where it left off.
The US freelance economy continued to flourish despite a 14 per cent unemployment rate while Pakistan’s gig economy saw a surge in new freelancers due to government intervention with online education.
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The report found that despite budget cuts, businesses still see outsourcing as a more flexible solution. Businesses are realizing that when costs need to be cut, having a growing workforce of freelancers can provide them with both flexibility to scale and quality service, it said.
“The first half of 2020 has been a real rollercoaster for the global freelancing economy but the rebound has been truly staggering,” said Jonny Steel, VP Marketing, 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 beforehand.”
The freelancing economy is showing signs of recovery after the pandemic. A recent global report by Payoneer, which analysed payment activity between freelancers and their clients, found that although COVID-19 brought a short-term slowdown in revenue growth, revenue bounced back even stronger with a 28 per cent growth.
The report observed that May, which was the peak month for the pandemic in many countries, saw a slight slowdown in global revenues, dropping from 17 per cent to 15 per cent. However, business bounced back in June with revenues picking up by 28 per cent since the beginning of the year.
Upward Demand
The report also observed that within a couple of months from the global spread of COVID-19, not only had the demand for freelancers increased but many countries were experiencing a surge.
India (ranked as the 2nd fastest growing freelance market after the Philippines) saw a massive 46% increase in new freelancers from Q1 to Q2, 2020. A study by Bengaluru-based Refrens found that 64 per cent of freelancers reported that they received more assignments in June compared to May and April, suggesting that demand had picked up where it left off.
The US freelance economy continued to flourish despite a 14 per cent unemployment rate while Pakistan’s gig economy saw a surge in new freelancers due to government intervention with online education.
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The report found that despite budget cuts, businesses still see outsourcing as a more flexible solution. Businesses are realizing that when costs need to be cut, having a growing workforce of freelancers can provide them with both flexibility to scale and quality service, it said.
“The first half of 2020 has been a real rollercoaster for the global freelancing economy but the rebound has been truly staggering,” said Jonny Steel, VP Marketing, 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 beforehand.”
Upskilling is the order of the day whether it’s because your industry has been affected, you’ve been asked to leave or simply just considering a change. And the new normal means that certain skills will be highly sought in the post COVID-19 world, given that many of our usual ways of living have changed. Employees all over the world are compelled to adjust to digital infrastructure and work remotely. This requires acquiring new skills – not just technical but also soft skills to make a smooth transition into the new way of working. Lakshmi Mittra, VP – Center of Excellence (CoE) and Clover Academy, Clover Infotech, shares the top skills that in a post covid world:
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