Payoneer Study Finds Self-Employed Have Benefited from Increased Demand and Wage Increases Amid Ongoing Pandemic | Business and finance
NEW YORK–(BUSINESS WIRE)–January 31, 2022–
Payer (NASDAQ: PAYO), the commerce technology company powering payments and growth in the new global economy, today released the fourth edition of its Freelancers Earnings Report. The report is based on a survey of 2,000 freelancers from over 100 countries and provides insight into how they have fared since the start of the COVID-19 pandemic. As global unemployment reached historic highs triggered by the pandemic, independents have weathered the disruption relatively well. More than 30% of respondents reported increased demand for their services since the start of the pandemic, while 45% said demand has remained constant without slowing down. Programming, marketing and finance showed the strongest growth.
The report’s findings include:
Significant increase in the global hourly rate of freelancers
Compared to the previous report from two years ago, there was an increase in the global average freelancing hourly rate. The results show that the global average hourly rate for freelancers is now $28, significantly higher than the average hourly rate of $21 reported in the Global Freelancer Earnings Report 2020. With 40% of freelancers saying they now charge more for their services than they did at the start of the pandemic, and demand continues to rise, the opportunity for freelancers to succeed has never been greater. Young freelancers were the biggest beneficiaries, reporting both an increase in hourly rates and in demand.
The gender pay gap persists, with a silver lining
The report highlights that the gender pay gap has unfortunately widened slightly since 2020. Although there has been an increased number of women entering the world of freelancing, the salary of female freelancers is still lower than that of their male counterparts, a gap that has widened over the past two years. The gender pay gap among survey respondents is most pronounced in North America, with women reporting wages of $37 per hour on average, compared to men who reported an average $52 per hour. Indeed, women reported earning less than men in all regions of the 100 countries studied, with the exception of South America, where women earn more than their male counterparts by $4/hour, likely influenced by higher-paying industries that are more in demand in these regions.
Self-employment offers greater opportunities for women
As confirmed by research from World Economic Forum, the pandemic has held back progress for women across the global workforce, both in terms of earnings and job opportunities. However, one of the more optimistic findings of Payoneer’s report is that women’s participation in the freelance workforce has continued to grow, rising from 24% in the 2020 Global Freelancers Report. at 29% in the 2022 report. Indeed, a less promising job market may have opened the door for more women to enter the digital freelance economy. Additionally, women reported higher levels of satisfaction than their male counterparts, revealing the continued potential of freelancing to provide women with an attractive alternative to the traditional workforce.
“As the nature of the workforce becomes more fluid, more companies are realizing the value of a flexible resource they can call on when needed,” said Robert Clarkson, Chief income at Payoneer. “At the same time, more and more workers are realizing that freelancing is a well-paying career path, offering greater flexibility and open to skilled professions, including finance, marketing and programming. The freelance economy allows individuals from anywhere in the world to set their own hours, rates, and work in the roles that best match their skills, while enjoying a variety of opportunities. We are excited to partner with these small businesses that are the backbone of the global economy and help them access the resources and tools they need to realize their potential.
Payer (NASDAQ: PAYO) is the go-to global partner for digital commerce, everywhere. From borderless payments to unlimited growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and thrive in the new global economy.
Since 2005, Payoneer has been imagining and designing a truly global ecosystem for the world to realize its potential. Driving the growth of customers ranging from aspiring entrepreneurs in emerging markets to the world’s biggest digital brands such as Airbnb, Amazon, Google, Upwork and Walmart, Payoneer offers you a universe of opportunity.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks, uncertainties (some of which are beyond Payoneer’s control), and other assumptions that could cause actual results or performance to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, factors described in our filings with the Securities and Exchange Commission, including those listed under “Risk Factors”. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may differ materially from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Payoneer undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
SECTOR KEYWORD: FINANCE BANKING PROFESSIONAL SERVICES OTHER TECHNOLOGIES TECHNOLOGY
Copyright BusinessWire 2022.
PUBLICATION: 01/31/2022 08:00 / DISK: 01/31/2022 08:02
Copyright BusinessWire 2022.