TomorrowMakers

Professional women freelancers' average hourly earnings rate increased by 42 percent to $22/hour in 2022, up from $14/hour in 2020.

Indian women freelancers see rise in income

In the midst of a storm, a woman musters the guts to seek out a magnificent chance. A pandemic destroyed India and the rest of the world in the year 2020. On top of that, the number of unemployed people has increased dramatically. Many people were saved by the availability of freelancing work. Various professions, such as animation, content, photography, videography, and many others, engage around 15 million freelancers. Today, women make India's most powerful freelancer community.

Payoneer, a commerce and technology company that facilitates payments and growth for the new global economy, has launched the fourth edition of the Freelancer Income Report. The study examines how around 2,000 freelancers from more than 100 countries have fared since the COVID-19 outbreak began.

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Indian women freelancers expressed higher levels of happiness as a result of the gig culture's enhanced work-life balance and scheduling flexibility, according to the survey. The segment's average hourly wage has also increased by 42%, from $14 in 2020 to $22 in 2022. In addition, their hourly compensation is comparable to that of their international colleagues.

Despite the pandemic's unparalleled job market disruptions, it increased India's freelancing population. In India, the demand for freelancers has increased as a result of international jobs. Organisations were able to tap into high potential from a diverse pool of talent due to an increase in demand for gig workers. Indian freelancers' average hourly rate increased from $21 in 2020 to $26 in 2022.

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Improving Gender Parity

In India, freelancing ushered in a new era in terms of reducing the pay gap between men and women. The income gap based on gender in India has reduced considerably from 2020, according to the research. With a standard hourly price of $22 compared to $27 for men. Indian women would earn 81% of what their male colleagues do in 2022. 

Before the COVID-19 pandemic, the pay disparity between men and women was 77 percent. Intriguingly, as compared to their counterparts in established markets, such as North America, women freelancers in India had higher gender pay difference of 71%. In a number of categories, India outperformed the global average hourly earnings rate.

Indian freelancers surpassed their international counterparts, allowing them to demand higher standard per hour rates for some of the most popular professions, such as finance ($71/hour vs. $41 for the worldwide average) and marketing ($47/hour vs. $34 for the global average). The price demanded by Indian freelancers demonstrates that the quality of Indian work is gaining international recognition.

The Youth Leads

Indian freelancers aged between 18 and 34 are dominating the Indian freelancing industry lately. More than half of Indian respondents (57%) said they get most of their work from online marketplaces like Fiverr, Upwork, and others, while just 7% said they get it from old-school channels such as referrals and recommendations.

In the global gig economy, Indian freelancing is undergoing a value-driven transformation. We've seen a steady rise in freelancer income and a shift towards more specialised industries such as marketing, coding, and finance in recent years. More professionals are entering this market as a result of increasing flexibility, better-skilled possibilities, and higher earnings.

Also Read: 10 Ways to Manage Money Smartly If You Are A Full-Time Freelancer

The Freelancer Income Report 2022 confirms the assumption that Indian freelancing would continue to grow rapidly in the global gig industry in the coming years with a potential market worth $30 billion. The main hurdles for Indian freelancers were related to business growth, such as expanding into new markets and negotiating time and fees.

Because they have examined many options, women are at the top of the form and income bars in freelancing. Balancing work and home life has always been difficult for working women. They may be able to manage their time and make a regular or supplemental income via freelancing. Not only did freelancing provide women with more income and the ability to work two jobs, but it also provided them with a great deal of ease. This is why the freelance community in India is thriving.