- Paid over US$2.4mil to gig staff, companies save round 60% ops prices
- Gig economic system to develop by over 17% CAGR to US$455bil by 2023, Mastercard report
Odd Applied sciences (M) Sdn Bhd which operates available in the market as Qwork, introduced in Kuala Lumpur final Wednesday, the closing of its Pre-Collection A fund-raising from non-public buyers in Australia, Singapore, and Malaysia. The undisclosed funding quantity will enable the Gig Financial system expertise matching startup to develop its neighborhood past Malaysia and Indonesia and launch its new product, Qwork SaaS.
“This spherical of funding will allow us to develop larger and additional to serving to gig staff across the area and to rethink the best way they organise their lives and search extra significant careers and ask for more healthy work environments,” mentioned Muna Munirah (pic), co-founder and Chief Govt Officer of Qwork, which was launched in July 2017.
“The gig economic system will enhance sooner or later to develop into extra sustainable for all stakeholders, together with expertise, companies, authorities our bodies, and non-governmental organisations,” she added.
“By harnessing the potential of the gig economic system, Qwork’s resolution will help companies in adopting gig staff in roles that we by no means thought may very well be accomplished by them earlier than,” mentioned Henry Chan (pic) of JJ Solar Capital Singapore, an early investor of Qwork.
Within the 5 years since its inception, Qwork has paid out over US$2.24 million (RM10 million) to gig staff and assisted companies in saving as much as 60% of operational prices. It is because the Nice Resignation has make clear the significance of how the gig workforce will be extra dependable to companies.
In navigating the gig economic system, Qwork can also be encouraging individuals to rethink the best way they organise their lives, search extra significant careers and ask for more healthy work environments. Conventional work and its failed promise of upward mobility has left staff disillusioned. Now, the gig economic system makes a brand new promise: the flexibility to regulate and luxuriate in one’s life.
Malaysia’s Covid-19 financial restoration has additionally triggered a nationwide worker motion, in keeping with the 2021 Worker Motion and Retention report launched by Employment Hero. 61% of Malaysian staff intend to search for a brand new job inside the subsequent 12 months, with youthful staff aged 35 and underneath being among the many most keen to go away their present jobs.
Curiously, the survey of 1,004 Malaysian staff found that 45% of staff like their job. 24% even love their job, with solely a minority (4%) saying they disliked or hated their job. This suggests that the issue shouldn’t be with the work itself.
As an alternative, the most typical causes for leaving are an absence of profession improvement (36%), an absence of appreciation or recognition (27%), and an absence of coaching alternatives (26%). Different causes embody an absence of pay raises, issues with administration, feeling overworked, and an absence of flexibility.
Fintech fee firm, Payoneer, in a 2020 report on gig-economy alternatives revealed that the highest 5 quickest rising freelancing nations are the Philippines, India, Japan, Australia, and Hong Kong What all of them have in frequent is that they’re all in Asia-Pacific, the place gig economic system transactions are anticipated to develop by over 17% CAGR to US$455 billion (RM2 trillion) by 2023 in keeping with a 2020 Mastercard report on the worldwide gig-economy.