Millennials are set to dominate the global workforce in three years, according to global finance transfer and digital payment platform PayPal.
“Millennials will occupy the majority of the global workforce in three years. They are the on-the-go generation, with highly differentiated preferences when it comes to work. They like working from home and value autonomy. That’s why freelancing comes so naturally to them,” said PayPal general manager for Southeast Asia cross-border trade Nagesh Devata during the first G-Economy Media Summit in Manila.
The “emergence of millennials” will introduce a new reality to the workforce, he said.
PayPal said in the Philippines alone, there are 1.5 million freelancers who are mostly below 40 years old.
“One of the key challenges are payment issues. Freelancers are always at risk of not being paid. This is a prevailing attitude in the freelancers community,” said Nagesh.
Nagesh said PayPal is the most popular payment method across Southeast Asia across the freelancer community.
“This is something we are committed to in terms of providing them with services they need—ability to pack services freelancers need, the ability to a safe and secure platform from which they can transact,” he said.
Among Filipino freelancers, 70 percent of the payments are from international clients that use PayPal. The platform is preferred for its ability to provide speed and security.
“The flexibility to choose the work they want to do. A freelancer does not want to do a job or a role but this is an opportunity, a career choice, a lifestyle choice and to be aligned to their career interest,” he said.
The company launched a series of discussions that aim to help Filipino freelancers on how to better use and maximize diverse digital platforms.
According to multiple pieces of research, one in five Filipino workers will be working as a freelancer by 2020.
The Global Freelancer Research by PayPal also indicated that international clients typically account for over half of the freelancers’ businesses.
“Digital platforms have made the gig economy a global ecosystem. In this context, Filipinos need to be competitive at the international level,” said Nagesh.
“The Philippines is one of the world’s most dynamic markets for freelancers and solopreneurs, and through the Freelancer Community Program, PayPal is giving them the opportunity to upskill by hearing from established freelancers in the community,” Nagesh said.
PayPal said majority of the global workforce would undergo continued transformation to activities that suit the preference of the increasing millennial labor pool.