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1.8 million gig workers were purged from Upwork – here’s why

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On February 2, Upwork ($NASDAQ:UPWK) listed 2,614,107 registered users. By March 13, that number nosedived to just 833,042, a bizarre and alarming drop of 1.8 million — or 68% of its user count.

The abrupt drop came just as the company was reporting its fourth-quarter results when it surprised investors with a 16.67% jump in earnings at $80.29 million. 

So what happened? Part of the shift may be attributed to Upwork’s new CEO, Hayden Brown, who emphasized that the company is targeting Fortune 500 companies as opposed to smaller, one-off companies just looking for a quick gig worker. At the earnings call, he spoke of a “skill gap” between what companies were looking for on a platform like Upwork and what they were getting.

“Our goal is to become the world’s top provider of flexible talent solutions by attracting the best clients, with the best work opportunities, for the world’s best talent,” he told investors.

It seems that as part of the process, the company has thinned its talent pool from 2.6 million available workers who may or may not deliver good work to just 833,000 who are more likely to please more lucrative clients. Indeed, the site had been seeing a growing number of workers along with a scarcity of jobs, and it wasn’t a good look for a service that promised quick matches and quality work.

Brown pointed to three goals for 2020:  1. Attract more, bigger clients; 2. Enable more spend per client; 3. Make more high-quality matches, particularly in Upwork’s technical categories of Web, Mobile, and Software Development.

In other words, Upwork is less interested in millions of projects for millions of workers. Rather, it’d prefer higher-paying clients going out to fewer workers who are certain to make said clients happy. Thin the herd, as they say. It makes sense, too: the number of projects at the site had been in a steep decline for months before Brown took the wheel.

In order to do so, the company is looking for larger companies that will hire from a smaller pool of skilled workers. Brown also pointed to Upwork’s talent pool’s high project feedback ratings.

And what’s a super-easy way to up your talent pool’s feedback ratings? Purge the ones with poor ratings.

About the Data:

Thinknum tracks companies using the information they post online – jobs, social and web traffic, product sales and app ratings – and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales. 

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Gig Based Business Market Analysis & Technological Innovation by Leading Key Players

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Gig Based Business Market Analysis & Technological Innovation by Leading Key Players

This report Added by Market Study Report, LLC, focuses on factors influencing the present scenario of the ‘ Gig Based Business market’. The research report also offers concise analysis referring to commercialization aspects, profit estimation and market size of the industry. In addition, the report highlights the competitive standing of major players in the projection timeline which also includes their portfolios and expansion endeavors.

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The study on the overall Gig Based Business market is comprises of an analysis of this industry and the valuation that it is projected to amass by the end of the estimated duration. Inclusive of precise information subject to the market dynamics that further incorporates the numerous driving forces that have been impacting this business space, the study also contains inherent details regarding the myriad risks prevailing in this sphere, as well as the numerous growth opportunities afloat in this business.

Addressing issues with regards to the Gig Based Business market segmentation and more:

  • Which of these products – , in the industry has the maximum potential in the Gig Based Business market?
  • What is the market share accrued by each product in the industry?
  • How much is the valuation as well as sales estimate which every product is anticipated to account for by the end of the forecast timeline?
  • Which among the applications –
    • Freelancer
    • Independent Contractor
    • Project Worker
    • Part-Time
    • Other

    , may crop to be one of the most lucrative application segments of the Gig Based Business market?

  • How much is the market share of every application in this business vertical?
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Addressing issues with regards to the competitive landscape of the Gig Based Business market:

  • Which firms, as per the Gig Based Business market study, comprise the competitive landscape of this industry?
  • Which among the companies –
    • TaskRabbit
    • Fiverr
    • HopSkipDrive
    • BellHops
    • Upwork
    • Guru.com
    • Favor Delivery
    • Rover
    • Freelancer
    • DoorDash
    • Turo

    , plausibly will be the most powerful contender in the Gig Based Business market?

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  • What are the products developed by the pivotal vendors in the industry?
  • What are the price models and the gross margins of each firm in the market?

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  • Which of these regions – North America, Europe, Asia-Pacific, South America & Middle East and Africa, accrues the maximum market share?
  • What are the sales estimates that every region will hold in the Gig Based Business market?
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The research study on the Gig Based Business market, in its entirety, elucidates a complete evaluation of this business and estimates this industry to record a modest growth rate in the years to come. The report also targets the delivery of pivotal deliverables with respect to parameters such as the sales volume, revenue forecast, market size, as well as the market competition trends and market concentration rate.

Further details included in the Gig Based Business market report are the ones subject to the sales channels adopted by numerous manufacturers to make sure that the most appropriate commercialization methodology is chosen for their products (including direct and indirect marketing). Also, information with regards to the contribution by traders and distributors across the supply chain are included in the study.

For More Details On this Report: https://www.marketstudyreport.com/reports/global-gig-based-business-market-2020-by-company-regions-type-and-application-forecast-to-2025

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