Latin America, Asia Pacific top regions for contractual hiring worldwide

Latin America tops the list of regions for hiring contractual workers at 161 per cent, while the Asia Pacific is at the second place at 159 per cent, says a study titled “State of Global Hiring Report 2022”, conducted by Deel, a global hiring firm that helps businesses in recruiting and complying with local regulations

The company surveyed over 1,00,000 cross-border worker contracts on its platform between January 2022 and July 2022 as part of the study.

The survey also found that 5 per cent of all contractual worker payments were withdrawn in cryptocurrencies, and the Philippines, India, and Pakistan were the top three countries where most contractual remote workers were located. 

Similarly, Argentina, the Philippines, India, the United Kingdom and the United States were among the top countries hiring contractual workers globally.

Some other interesting findings of the report were:

APAC Region And Remote Global Workers Trend: 

The top three roles for which people were hired in the Asia Pacific region were software engineers, statisticians and creative solutions specialists.
But roles that saw the biggest average salary jump in the Asia Pacific region between January and June 2022 were assistant, customer support and operations.

Deel also noted that countries like Kyrgyzstan, Azerbaijan, and Thailand in the APAC region witnessed a faster growth rate of workers.

Crypto Payments Choice By Region And Type: 

The study further showed that 5 per cent of all monthly payments to contract employees between January 2022 and June 2022 globally were made in cryptocurrencies. In 2021, this figure was 2 per cent.

Deel researchers have attributed three factors for people accepting salaries in cryptocurrencies: instability in the local currency, prompting people to use digital assets as a hedge against currency volatility;  slow processing of payrolls by local banks; and lastly, some contractual workers prefer crypto investments hence like to receive a portion of their salaries in cryptos.

According to Deel, regions that have more contractual workers receiving payments in cryptos, include Latin America (LATAM), accounting for 67 per cent of all salary withdrawals in cryptos globally, followed by Europe, Middle East, and Africa (EMEA) 24 per cent, North America 7 per cent, and Asia-Pacific 2 per cent.

Regarding the popular choice of crypto that contractual workers globally wanted to get paid in, Deel found that Bitcoin (BTC) was the most popular, accounting for 47 per cent of all crypto payments, followed by the stablecoin USDC, a crypto asset pegged to the US dollar, at 29 per cent, Ethereum (ETH) 14 per cent, Solana (SOL) 8 per cent, and Dash (DASH) 2 per cent.

Salary Trend For Contractual Workers: 

Deel researchers found that Italy, Brazil, and India were the top countries with fastest-growing worker salaries globally. “Given high demand for talent and a shortage of available candidates, companies are looking outside of higher-cost countries to find quality talent. As a result, salaries are rising around the world, in particular, Italy, Brazil, and India,” the report noted.

For India, the top three roles for which contractual workers were hired were enrollment advisor, digital marketing and sales. The top 3 overseas destinations where contractual workers from India were hired were Australia, Singapore, and the United Kingdom.

Jobs that were in high demand, with highest average salary increase, included content, finance, customer success, operations and quality assurance engineering.