Contractor Day Rates Remain Stable in 2023 Despite Mass-layoffs and Economic Downturn YunoJuno Reveals In 2024 Rates Report

LONDON, Jan. 31, 2024 /PRNewswire/ -- YunoJuno, the leading platform connecting businesses with freelancers and contractors, announces the release of its much-anticipated annual Freelancer Rates Report for 2024.
The comprehensive report based on 98,000+ freelance contracts, offers an extensive review of the current flexible workforce market, provides valuable insights into the evolving landscape of freelance work, including changes in day rates and contract lengths across various disciplines and seniorities, from the previous year.

The report findings from 2023 marked an average year on year increase of approximately +0.1% in day rates for independent contractors, reaching an average of £379 per day. Across 15 disciplines from within the YunoJuno platform, the average project length stood at 24 working days, translating to just under 5 weeks. This was a -0.8% year on year decrease in contract length.

Notably, significant variations existed among disciplines, with the top-earning fields being Strategy (£497 average per day), Market Research (£488), and Data (£473). In terms of project lengths, Client Services boasted the longest average, with freelancers being booked for just over 9 weeks (46 working days).

Highest Day Rates from YunoJuno's 2024 Freelancer Rates Report:

"The YunoJuno 2024 Freelancer Rates Report reveals that despite the very challenging economic conditions in 2023, freelance rates remained stable overall. Average day rates continued to increase in many disciplines, albeit at a slower pace than in previous years. However, certain sectors experienced a drop in rates as freelancers and companies swiftly adapted to the changing business environment. The report underscores the resilience of freelancers and the flexibility of the freelance market in responding to economic uncertainties"

"Coming into 2024 we are seeing many companies ramping up their flexible freelance workforce again, as a preferred way to get their projects moving without increasing permanent headcount while tapping into a highly skilled workforce. The demand for freelancers and contractors is clearly increasing in this economic environment as freelancers prove to be the most flexible, adaptable and resilient part of a company's workforce. That's why we believe freelancers and contractors are the future of work."
- Runar Reistrup, YunoJuno CEO

Despite the economic downturn, YunoJuno - an enterprise grade technology-led system to find, manage and compliantly pay a global contingent workforce, saw a 60% increase in bookings from 2023 which translated to $1.5+ billion in revenue distributed to freelancers using the platform to date.

YunoJuno recognises the immense contribution contractors and freelancers make to companies and projects worldwide and remains committed to supporting the freelance community by providing transparent and up-to-date information on market trends.The 2024 Freelancer Rates Report is available to view or download from the YunoJuno website and is free for those interested in gaining deeper insights into the contingent workforce industry.

For more information, and to access the full report, please visit: www.yunojuno.com/freelancer-rates-report

About YunoJuno:
YunoJuno is the all-in-one solution to find, hire, manage and pay contractors and freelancers globally. Built as an all-in-one Freelancer Management System with direct sourcing included and plug-in options, YunoJuno takes the work and risk out of working with contractors.

Combining a Freelance Management System with an elite marketplace of 100,000+ industry vetted contractors and an on-hand delivery team, YunoJuno helps reduce costs, hiring times and protect against misclassification. With integrated tools, automation and insights, businesses can now accurately classify workers quickly, compliantly and on a global scale.
www.yunojuno.com

Data for the 2024 report:
The data from this report is drawn from approximately 287,000+ freelance records on the YunoJuno platform from the full calendar years from 2021 – 2023. This included data for bookings, applications and approvals in order to give the report additional depth and insight into all of our freelancers. All charts contain all the records, apart from booking related charts that only contain booking data.

All client and freelancer comments and quotes are from active participants within the YunoJuno network.

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For media inquiries or further information about YunoJuno's 2024 Freelancer Rates Report, please contact:
Katey-Rose Gregory
Content Marketing Lead at YunoJuno
katey.gregory@yunojuno.com