Contractor Day Rates Remain Stable in 2023 Despite Mass-layoffs and Economic Downturn YunoJuno Reveals In 2024 Rates Report
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YunoJuno's 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:
|
Roles |
Average day rate (£) |
Average contract length |
|
Client Services Director |
£891 |
54 days |
|
Management Consultant |
£796 |
56 days |
|
Strategy Consultant |
£768 |
45 days |
|
Solution Architect |
£671 |
95 days |
|
Head of Engineering |
£649 |
127 days |
|
Data Engineer |
£640 |
71 days |
|
Photographer |
£634 |
9 days |
|
Project Director |
£578 |
37 days |
|
Business Developer |
£570 |
59 days |
|
Database Administrator (DBA) |
£550 |
65 days |
“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
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