Qwork has completed its pre-series A investment from strategic investors, allowing it to expand beyond Malaysia and Indonesia and possibly into Singapore, as well as introduce its new product, Qwork SaaS.
“This round of funding will enable us to grow bigger and further to helping gig workers around the region and to rethink the way they organise their lives seek more meaningful careers and ask for healthier work environments,” said Muna Munirah, Co-Founder and Chief Executive Officer of Qwork.
She further added, “The gig economy will improve in the future to become more sustainable for all stakeholders, including talent, businesses, government bodies, and non-governmental organisations.”
“By harnessing the potential of the gig economy, Qwork’s solution will assist businesses in adopting gig workers in roles that we never thought could be done by gigs before,” said Mr Henry, one of Qwork’s strategic investors.
Qwork has paid out over RM10 million to gig workers and supported businesses in saving up to 60% on operating costs in the five years since its launch. This is due to the fact that the Great Resignation has highlighted the importance of how the gig workforce may be more dependable to firms.
As the gig economy continues to evolve, Qwork is encouraging people to rethink how they organise their lives, pursue more meaningful careers and request healthier work environments. The traditional work environment has failed to provide them with the opportunity to reach their full potential. With the gig economy, workers now have the ability to control their lives.
According to the 2021 Employee Movement and Retention report released by Employment Hero, over 60% of Malaysian workers are planning on looking for a new job within the next year. The report also noted that younger workers aged 35 and under are more likely to leave their current jobs.
Surprisingly, according to a survey of 1,004 Malaysian employees, 45% of employees enjoy their jobs. Only a minority (4%) say they detest or loathe their job, while 24% say they love it. This suggests that the issue is not with the work itself.
The most common factors for leaving are a lack of career advancement (36%), a lack of appreciation or recognition (27%), and a lack of training opportunities (26%). Other factors include a lack of wage raises, management issues, feeling overworked, and a lack of flexibility.
Despite the epidemic, Payoneer reports that the Philippines, India, Japan, Australia, and Hong Kong are the top five fastest-growing freelancing countries. They all have one thing in common: they are all in Asia-Pacific, where gig economy transactions are likely to expand by >17% CAGR to $455 billion by 2023, according to a Mastercard report.