“Technical training helped a new class of Ukrainian outsourcing professionals branch out into new markets,” says a new report about cross-border freelancing trends.
Released in early August by international digital payment company Payoneer, the research is based on data from a sample of more than 300,000 freelancers, service providers and outsourcing professionals in the Payoneer network worldwide.
Under the title “The Global Gig-Economy Index,” the report analyzes the geographic and demographic trends in this field, providing “a bird’s-eye view of the state of the freelancing economy in Q2 2019.” The key findings are as follows:
- “The Earning Power of Gen X:” Globally, service providers in the 35-44 age demographic earned significantly more than all other age groups.
- “The US Gig Economy Continues to Grow:” The freelancing lifestyle continues to draw US professionals to the gig economy, resulting in an expanded marketplace.
- “Freelancing in Asia is Rapidly Expanding:” Freelancers in Asia more than doubled their earnings from thistime last year.
- “Technical Training in Ukraine Pays Off:” A large number of university educated IT professionals has helped Ukrainian outsourcing services dramatically increase their profitability.
Appealing salaries for the Ukrainian youth
“On average IT specialists earn between 10 and 20 times more than the average Ukrainian salary, an extremely appealing prospect for the younger generation,” write the Payoneer analysts in the Ukrainian section of the report.
Ukraine stands at the fifth place among countries of the world in terms of freelance growth year-on-year, according to the report:
- USA: + 78%
- UK: + 59%
- Brazil: + 48%
- Pakistan: + 47%
- Ukraine: +36%
Among the strong points of this Ukrainian labor forces is the fact that “Ukrainians have a lot of experience working with Western marketplaces, making it easy for [them] to effectively communicate with companies in the EU and US.”
The report also notes that Ukrainian working hours mirror the rest of Europe, making it very convenient to work with the country’s outsourcers.
There was a 30% increase in the number of Ukrainian outsourcing professionals from this time last year. The Payoneer analysts attribute this trend essentially to the tens of thousands of new IT experts graduating university every year.
Number of outsourcing professionals in Ukraine: Growth accelerates
The number of IT specialists in the country is estimated at up to 200,000. Two separate industry reports were released earlier this year, highlighting Ukraine’s growing software export capacities.