Friday, Apr 26 2024 | Time 04:20 Hrs(IST)
image
Business EconomyPosted at: Nov 24 2020 8:58PM


New Research reports freelance earnings returned to pre-COVID levels

Kolkata, Nov 24 (UNI) Flexing It, Asia’s largest platform for business consultants and highly
skilled flexible talent on-demand, reported that freelance earnings, which saw a decline at the
initial onset of the global pandemic, have increased in the third quarter of 2020 and returned
to pre-COVID levels.
Flexing It, a curated platform which connects 70,000+ highly skilled freelancers with 3000+
companies worldwide, released new research today based on 3,84,000 fee quotations and
benchmarks collected from independent consultants which showed trends in freelance earnings
based on skillset, experience levels, gender and industry including Professional Services,
Pharma& Healthcare, FMCG, Education and the Development Sector.
Chandrika Pasricha - Founder & CEO, Flexing It said, "After the initial decline in the earnings
of freelancers as a result of the pandemic, we have now seen a return to pre-COVID levels. As
top-tier global talent increasingly chooses freelancing because of the flexibility, autonomy and
financial opportunities it offers, large corporates are rapidly recognizing and leveraging this talent
pool for the agility, quality and specialised skills offered. Our data represents over 200 skills sets (including strategy, marketing, operations/supply chain, technology, HR and more) and reflects key trends in the earnings of top performing freelancers across sectors."
The impact of COVID:
The median fee earned by freelance consultants dropped by almost 25% between the first
and second quarter of 2020 but started picking up in the 3rd quarter onwards- slowly reaching pre-COVID levels.
In the FMCG industry, consultants were least impacted by the pandemic in terms of fees while
in other industries, including Professional Services, Pharmaceuticalsand Education, there was a decrease of over 20% in themedian compensation between the 1st and 2nd quarter of 2020.
The impact of the pandemic on fees paid to junior consultants (with less than 5 years of
experience) was limited and their earnings were relatively unaffected.
Longer term trends:
The professional gig economy (the market for highly skilled freelance/independent talent)
values experience, with skill levels, education and years of experience determining the fee they command. On the Flexing It platform, the income earned by consultants increases by 120%
between 5-10 years of experience (INR 6800 per day) vs. 15-20 years of experience
(INR 15000 per day). In addition to simple years, the ‘quality’ of a consultant’s experience i.e. educational background, past organizations and positive feedback on prior projects, has a
significant impact on his/her ability to charge higher fees.
This trend is also prevalent across the top industries demanding flexible consultants.
With respect to top skills in demand, Information Technology is the highest paying skill for
Junior Consultants with less than 5 years of experience with a median per diem fees of
INR 6500 and those in the 90th percentile commanding INR 28000. At higher experience
levels between 15-20 years of experience both Strategy & IT Consultants charge the highest
median fee of 15,000.
The impact of gender on earnings:
The gender pay gap persists in freelance work too with the median income of women lower
than that of men by 35% (based on per diems). Though the median compensation of women is significantly lower than that of men, it grows at a relatively higher rate than that of men until 20
years of experience. However, it stagnates at this point while that of men continues to grow.
Post 20 years of experience, while men's median income rose by 20% from 15,000 to 18,000,
that of women remained the same at 12,000.
UNI BM SJC
Please log in to get detailed story.
Tags: #New Research reports freelance earnings returned to pre-COVID levels
More News

Arun Alagappan appointed as Executive Chairman of Coromandel International

25 Apr 2024 | 7:41 PM

Hyderabad, April 25 (UNI) Arun Alagappan has been appointed as Executive Chairman of Coromandel International Limited (CIL).

see more..

Tech Mahindra net at Rs 661 crore in Q4; Company gives dividend of Rs 28 per share

25 Apr 2024 | 7:28 PM

New Delhi, April 25 (UNI) Mahindra Group company Tech Mahindra, a technology consulting and digital solutions provider, on Thursday reported about 41 per cent decline in net profit at Rs 661 crore year-on-year basis for the fourth quarter ended March 31, 2024.

see more..

Kottayam-Kochi Rubber Market Rates

25 Apr 2024 | 7:26 PM

Kottayam, April 25 (UNI) Following were the Rubber Market rates announced by the Rubber Board here today per quintal.

see more..
Indusind Bank net up 15 pc in Q4

Indusind Bank net up 15 pc in Q4

25 Apr 2024 | 7:10 PM

New Delhi, April 25 (UNI) Leading private bank Indusind on Thursday reported a 15 percent jump in net profit at Rs 2,349 crore in Q4 of FY 2023–24, compared to Rs 2,043 crore in the same quarter in 2022–23.

see more..

25 Apr 2024 | 6:53 PM

New Delhi, April 25 (UNI) Leading private bank Indusind on Thursday reported 15 percent jump in net profit at Rs 2,349 crore in Q4 of FY 2023-24 compared to Rs 2,043 crore in the same quarter in 2022-23.

see more..
image