A lot of businesses need to pay global freelancers, who make up 35% of the global workforce. That’s roughly 1.1 billion people in the gig economy. Last year, the global freelance job market recorded a 24% growth from April to June at the heights of the COVID-19 pandemic. On current trajectory, the global gig economy is projected to reach USD455 billion by 2023.
It is easy to see why. In an industry that thrives on remote working, the convenience and perks of freelancing cannot be underestimated: 75% of freelancers say that their wages remain stable during the pandemic.
A recent report even revealed that 84% of hiring managers in Asia Pacific outsource to freelancers. In a study called the ‘Glory and Gore’ of ASEAN’s Gig Economy, author Boidurjo Rick Mukhopadhyay reveals that digital marketing agencies in the West, responsible for delivering content marketing articles for businesses, can save up to 400% by hiring and paying freelancers based in Southeast Asia.
Working with freelancers means there is access all over the world for just what a company needs.
Hard to pay freelancers quickly
However, freelancing is not without challenges. Many companies find it difficult to maintain a stable relationship with their favourite freelancers simply because they can’t ensure quick and reliable payments. The restrictions of traditional banking routes mean payments may take days to process. Add this to the hiring company’s internal processes and this easily becomes a matter of weeks before payment reaches a freelancer.
To avoid this, a company should find a way to pay its freelancers reliably. As most companies tend to work with global freelancers, the fastest and safest way to pay them is through a cross-border payment specialist like Tranglo.
Cross-border payment specialists
Online platform PYMNTS noted that the problem with hiring overseas talents ultimately lies in how to pay freelancers in their local currency. To be able to do so seamlessly, both parties face high administrative fees, especially with different currencies, and a lack of transparency.
Cross border payment specialists can be the solution as they tend to pay quicker at lower fees. They also offer extra services like flexible payroll management, which can cater to both hirers and freelancers on a single platform.
When one project evolves to two or more collaborations, engaging a cross-border payment specialist allows a company and its freelancers to maintain a professional relationship that lasts, saves costs, cuts operational headaches and allows both parties to focus on delivering quality services.
Need to pay freelancers abroad? Contact us and our experts will tell you how to do that quickly and reliably.