Rising demand and wages helped freelancers during the ongoing pandemic
Globally, Payoneer’s report on freelancer income for 2024 shows an increase of almost 46% in the hourly freelancer rates since January 2023.
The hourly rate of freelancers has increased significantly throughout the world
Based on the last report two years ago, the hourly rate for freelancers around the world has increased. Freelancers’ average hourly rate has now risen to $28, much higher than the $21 reported in the 2020 Freelancers’ Income Report. With 40% of freelancers reporting they are now taking more clients than they were at the start of the pandemic, and demand continues to grow, freelancers have never had more opportunities to succeed. There isn’t any freelancer down bug but It was young freelancers who benefited the most, as they both saw their hourly rates and demand rise.
There is still a pay gap between the sexes, despite the silver lining
There is regrettably a slight increase in the gender pay gap since 2020, according to the report. However, despite the increase in women entering the world of freelance work, the pay gap between them and their male counterparts has been widening over the past two years. Women report an average salary of $ 37 per hour, while men report an average of $ 52 per hour. In North America, the gender pay gap is the most pronounced. Women reported earning less than men in all 100 countries surveyed, except South America, where women outperform their male counterparts by $ 4 an hour, probably due to the high-paying industries that are in greater demand.
Women have more opportunities as freelancers
According to a study by the World Economic Forum, the pandemic has halted women’s advancement in the global workforce in terms of wages and employment opportunities. In the Payoneer report, one of the most hopeful findings is that women’s participation in the freelance workforce increased from 24% in the Global Freelancer Report for 2020 to 29% in the 2022 report. A less promising job market may have given more women a chance to enter the digital freelance economy. Moreover, women reported higher levels of satisfaction than their male counterparts, indicating the potential for freelancers to provide an attractive alternative to traditional employment.
How to Negotiate a Higher Rate for Freelancers
Freelancers often bring unique skills to the table, such as excellent writing, technical skills, or web design expertise. It can be uncomfortable to talk about pay rates, however.
There comes a time when you must start charging high rates, despite how awkward it may feel. If you’re just getting started in the freelance world, you’re likely to charge a lower rate. Creating a working relationship with your clients is crucial.
Just as it is common for paid employees to see their salaries rise over time, traders should also be entitled to pay increases. If you don’t have one, you may have difficulty meeting your financial goals. Follow this guide to make one.
Take a look at what your competitors are doing
Yours is not the only occupation where you do what you do. If you want to market your services effectively, look at how much they are paying you before setting your prices.
Imagine you are currently paying $ 40 an hour for your work as a marketing freelancer, but your competitors are generally charging $ 50 to $ 55. Increasing your prices makes sense in this situation. You may not be able to get it back if you reach out to new customers for $50 an hour.
Now that your prices have gone up, your existing customers may not be happy. However, if you can verify that they have been charged for a long time and you are only asking for the amount, the risk should be reduced.
Make your work stand out by highlighting its quality
If you raise your rates, you may end up paying more than some of your competitors. You should be able to escape if you do an outstanding job.
Maybe you’re a freelance IT professor who goes the extra mile for clients, responds to emergencies at all times, and solves problems quickly and efficiently. It’s reason enough to justify a higher rate, so don’t be afraid to remind your customers often how you’ve saved them if you get angry at the increase.
Let your customers know that your living costs are rising
Everyday living costs have increased due to inflation these days. In other words, you have the right to order a salary that allows you to maintain your bill. Your existing customers should be made aware of this in conjunction with rising fees. You can explicitly state that you are scaling your rates to keep pace with your rising expenses, which may be directly related to the cost of doing your job.
Imagine yourself as a freelance furniture designer. Increasing the price you charge for the materials you use to make your pieces makes sense if you are paying more for materials than ever before.
A stagnant wage is not fair to anyone. You can still charge higher rates if you’re a freelancer. Your goal is to present these changes strategically and effectively to avoid enraging your current customers and turning off potential customers.
Finally
Increasingly, businesses are realizing the value of being able to turn to a flexible resource when needed, according to Robert Clarkson, Payoneer’s chief revenue officer. Furthermore, freelance work has become increasingly popular as a well-paid career path that provides great flexibility and can be pursued by professionals in several fields, including finance, marketing, and programming. As a freelancer, you can set your own hours, make your own bets, and work on roles that best fit your skillset, while taking advantage of many opportunities worldwide. Our goal is to provide these small businesses with the resources and tools they need to realize their potential, as they are the backbone of the international economy.
Alert: Engineers who are valuable to FE, the Engineer’s Gig Platform
Take a look at the top 10 highest paying engineering jobs and consider the annual income of these typical pay grades for field engineers –
Hourly Rates for freelance engineers – for different fields:
- Network Engineers – $36 – $46
- Telecom Engineers – $35 – $44
- Cisco Engineer – $36 – $46
- Freelance Data Analyst – $36 – $47
- Firewall Engineer – $27 to $64
- RF Engineer – $32 – $58
- Audio Visual Engineer – $32 – $47
- Citrix Engineer – $37 – $51
- Cloud System Architect – $59 and $76
- Desktop Support Engineer – $23 – $34
You can always contact the Field Engineer support team if you need any assistance.
