Empowering the Freelance Economy

The biggest challenge for freelancers in 2023 is…

Freelancers are seeing a rising demand for their services but to survive the cost of living crisis they have to act fast on certain things to survive
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Almost half (46%) of freelancers across the globe have reported an increase in demand for their work compared to 2021. That said, they are still faced with challenges, having to think bigger and globally to survive

Freelancers are stressed about having enough income each month to pay for rising living costs. For some, financial worries escalated, with over half (52%) of respondents admitting that they considered either full-time or part-time employment in the past year.

However, for the most part, they not just worrying about it, but doing something about it. They are “taking action”, said the Payoneer report, which stated that 41% of freelancers surveyed are raising their rates and 32% are expanding to new geographies.

While some freelancers find work through word of mouth or recommendation, the bulk 70% of freelancers surveyed find most of their work through online marketplaces. Some 38% of freelancers are combining hourly rates with project-based rates to provide businesses with flexible payment options.

What is the biggest challenge for freelancers in 2023?

It would seem that 73% of respondents identified finding new clients as their biggest challenge.

The fields of programming, marketing, project management, and web design saw the most significant increases in demand over the past year.

The gender pay gap is narrower in freelance work, said the report, but men are still more likely to charge higher rates.

Women are 8% less likely to increase their rates and men’s rates grow faster over time than those of female freelancers. The average hourly rate for female freelancers is £18 compared to £19 for men.

To some, that gap may seem small, but when you add up the £1 hourly rate difference over an 8-hour working day over a month, that’s equivalent to a utility or mobile phone bill (£160). Over a year that’s a difference of £1,920!

The report, however, said this pay gap, was “significantly smaller than the gap reported in the general
workforce population, suggesting that businesses that hire freelancers have the opportunity to further level the playing field for working women by ensuring fair pay policies for their freelance workers.”

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