PayPal Survey: 92% of Filipino freelancers say job stability a key concern
“The Philippines has one of the largest proportions of freelancers to total population in the world, with 2% of its economy made up of freelancers,” said Nagesh Devata, General Manager for PayPal Southeast Asia Cross-Border Trade. “While flexibility and autonomy are some of the core benefits of freelancing, participating in the gig economy does come with its own set of challenges – and job stability is one of them. As freelancers move from contract to contract, it’s difficult to forecast their businesses.” The survey was conducted by PayPal in April to better understand the needs of freelancers. The Philippines is home to a vibrant gig economy, with an estimated 1.5 million freelancers in the country. This is a segment that is fast becoming an influential part of the Filipino workforce and a key engine driving the growth of its economy. Aside from highlighting job stability as a key challenge, the survey also revealed the various strategies that freelancers employ to sustain a pipeline. Freelancing for multiple clients One of the key ways to ensure job stability is to freelance for multiple clients. As indicated in the survey, 64% of Filipino Freelancers say that ‘Having more than one client’ is important to succeeding as a freelancer. This allows them to hedge the unpredictability of work and diversify their income streams. Many have embraced this strategy with 6 in 10 of the respondents stating that they currently have two clients or more. “From working with the freelancer community in the Philippines for the past few years, we have seen that the more experienced freelancers have learned to work around the ‘job stability’ challenge by investing in client relationships and managing their time across multiple clients,” Devata said.
This is evident in the survey results, where nearly 54% of the respondents stated that building client relationships is the best approach to improving job stability. Other approaches include charging higher rates (20%) and upskilling with additional training (14%).
“By enabling freelancers’ access to the digital economy on a secure platform, we hope to continue to play an important role in not only helping them to survive but to scale and realize their growth ambitions,” Devata pointed out.