- Paid over US$2. 4mil to event workers, businesses save around 60% operations costs
- Gig economy to grow by over 17% CAGR to US$455bil by 2023, Mastercard report
Odd Technology (M) Sdn Bhd which operates in the market as Qwork, introduced in Kuala Lumpur last Wednesday, the closing of its Pre-Series A fund-raising through private investors in Australia, Singapore, and Malaysia. The undisclosed funding amount will allow the particular Gig Economy talent matching startup to expand its neighborhood beyond Malaysia and Indonesia and release its new product, Qwork SaaS.
“This circular of funding may enable us to develop bigger and further in order to helping gig employees around the region and to rethink the way they set up their lives and seek more meaningful careers and ask intended for healthier work conditions, ” said Muna Munirah (pic) , co-founder and Chief Executive Officer of Qwork, which was launched within July 2017.
“The gig economy will improve in the future to become a lot more sustainable for all stakeholders, including talent, companies, government bodies, and non-governmental organisations, ” she added.
“By harnessing the potential for the gig economic climate, Qwork’s solution will help businesses in implementing gig workers within roles that we certainly not thought could be accomplished by them before, ” said Holly Chan (pic) of JJ Sun Funds Singapore, an early buyer of Qwork. 
Within the 5 years considering that its inception, Qwork has paid out over US$2. 24 million (RM10 million) in order to gig workers plus assisted businesses in saving up to 60 per cent of operational expenses. This is because the Great Resignation has shed light on the importance of how the gig labor force can be more dependable to businesses.
In navigating the gig economic climate, Qwork is also encouraging people to rethink how they organise their lifestyles, seek more meaningful careers and ask with regard to healthier work environments. Traditional work as well as failed promise of upward mobility has left workers disillusioned. Now, the gig economy makes a new guarantee: the ability to control and revel in one’s life.
Malaysia’s Covid-19 economic recovery has additionally triggered a countrywide employee movement, according to the 2021 Employee Motion and Retention report released by Work Hero. 61% of Malaysian workers intend to look for a new work within the next year, along with younger employees long-standing 35 and below being among the most desperate to leave their current jobs.
Interestingly, the study of 1, 004 Malaysian employees discovered that 45% of employees such as their job. 24% even love their own job, with just a minority (4%) stating they disliked or even hated their work. This implies that the is actually not with the function itself.
Instead, the most common reasons behind leaving are a lack of career development (36%), a lack of appreciation or recognition (27%), as well as a lack of training opportunities (26%). Other reasons incorporate a lack of pay boosts, problems with management, feeling overworked, and an insufficient flexibility.
Fintech payment corporation, Payoneer, in a 2020 report on gig-economy opportunities revealed that the top five fastest increasing freelancing countries would be the Philippines, India, The japanese, Australia, and Hong Kong What they all possess in common is that they are in Asia-Pacific, where gig economy dealings are expected to grow simply by over 17% CAGR to US$455 billion (RM2 trillion) by 2023 according to a 2020 Mastercard report on the global gig-economy.