Organizations rely on freelancers to augment their workforce, according to the latest report from fintech company Payoneer. This also means that the gig economy is growing that agencies representing independent contractors are increasing. 

The Payoneer’s 2023 Global Freelancer Insights Report shows almost half (46%) of the 2,000 respondents claimed that the demand for their services increased compared to the previous year. Over half (55%) have taken on more work, while roughly the same number (41%) have raised their rates. Many freelancers (32%) have also expanded their client base to new countries. 

“A growing number of businesses are relying on freelancers to support their full-time workforce because of convenience, flexibility, and outstanding quality of work,” said Monique Avila, country manager of Payoneer for the Philippines. “This benefits the freelancers, too, since we have seen how they can enjoy a good work-life balance while still sustaining themselves, especially with the convenience, and practicality of earning in US dollars without leaving the country. We expect this industry to keep growing in the coming year.” 

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The Payoneer report also found that 68% believe that demand for their talent will further grow in 2023. Employers are seeking talents in the fields of programming, marketing, project management, and web design.

Freelance agencies

Recognizing the opportunities in the gig economy, companies have established an agency to represent and manage freelance talent.

Through agencies, businesses can access a vetted pool of subcontractors, while freelancers can focus on the task at hand. 

Payoneer

Payoneer is one of the payment channels that enable freelancers to work for clients overseas. The fintech company serves over 5 million customers and 2,000 top marketplaces and online platforms. Payoneer sends tens of billions of dollars a year to SMBs worldwide. 

“We strongly support Filipino entrepreneurs and one of our ways of helping them is to provide a secure way of doing international transactions,” said Britzee Capili, SMB sales lead of Payoneer, during a webinar hosted by the Department of Information and Communications Technology. “We wanted the agencies and the freelancers to have a direct payment platform with their clients. This has become beneficial for the two parties as freelancers and agencies expand their business globally.”