Remote-First Company/SAN FRANCISCO--(BUSINESS WIRE)--Oyster®, the global employment platform to hire, pay, and care for distributed teams, today published its third annual Impact Report, highlighting the transformative effects it has had on the lives of knowledge workers in emerging economies. Women, in particular, reported higher rates of job satisfaction, compensation increases, and greater work-life balance compared to their male counterparts, underscoring the tremendous potential of remote work to address gender disparities in the workforce. Additionally, for the first time, the Impact Report also shares aggregate salary data from Oyster’s platform to help companies understand trends, implement compensation strategies, and overcome disparities worldwide.
Oyster's broader impact extends beyond individual lives to systemic change. The B Corp certified global employment platform—designed to empower companies everywhere to hire talent anywhere—plays a pivotal role in accelerating the shift toward a more equitable world. This vision means providing companies access to a diverse global talent pool, extending access to job opportunities and career growth to talent worldwide, and fostering prosperity within communities. Today, Oyster is proud to report a total of $107M sent to emerging markets in 2023 in the form of salary, compensation, and benefits—an increase of 86% from 2022.
“Oyster remains steadfast in our commitment to lead the charge for change—to create a more inclusive, equal, and prosperous global community. By breaking down geographic barriers and empowering companies with distributed teams, we actively contribute to a world where opportunities are not restricted by location,” said Chief Impact Officer and Oyster co-founder, Jack Mardack. “Our tradition of radical honesty in impact reporting continues, as we aim not just to share successes but to trigger essential conversations about the role of tech companies in creating a positive impact. And we strive to lead by example.”
Impact on Female Workers
In addition to reporting on the total capital sent into emerging economies each year, Oyster surveys knowledge workers to understand how remote work impacts their personal and economic well-being. Last year, 60% of workers in emerging economies reported an improved quality of life, a figure that rose to 74% for women.
This year, Oyster’s research expanded to include both developed and emerging markets in an effort to understand its impact on women globally. Female respondents report:
- Benefits: 55% accessed benefits for the first time.
- Income: 69% received a salary increase.
- Impact on life: 71% improved their work-life balance; 21% are better able to support their family financially.
- Job satisfaction: 90% report positive changes in job satisfaction, indicating a high level of contentment with their current role.
The Global Salary Landscape
For the first time, Oyster’s annual Impact Report also includes aggregate salary data from its platform. These insights underscore the dynamic nature of employment landscapes in emerging countries and highlight the evolving demand for diverse skill sets. By understanding these trends, organizations can better navigate talent acquisition and compensation strategies to remain competitive in the global market:
- Median and average salary: Developed countries witnessed a commendable 15% rise in median salaries, while emerging countries experienced a significant 21% increase from 2021 to 2023.
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Roles and salaries in emerging countries:
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Increasing: Software Engineer, the most popular role on the platform, experienced a 48% increase in median salary from 2021 to 2023.
- Other well-represented roles like Marketing Coordinator, Backend Developer, Technical Support Specialist, and Quality Engineer saw significant salary increases ranging from 25% to 118%.
- Roles with highest salaries: Sales Director, Engineering Manager, Research Scientist, PHP Developer, Solutions Architect
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Decreasing: Roles that saw a decrease in median salary include Customer Service Representative, Operations Coordinator, Account Manager, Product Manager, and Recruiter.
- Roles with lowest salaries: Accounting Analyst, Accounting Clerk, Customer Service Representative, Graphic Designer
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Increasing: Software Engineer, the most popular role on the platform, experienced a 48% increase in median salary from 2021 to 2023.
The Impact Report also provides an analysis on gender and salary, addressing the gender pay gap and role seniority and distribution across countries. With Oyster’s growth, the salary data on its platform becomes an increasingly valuable resource for understanding wage trends and disparities worldwide.
“As Oyster continues to illuminate disparities in compensation across regions and genders, we're reminded of the urgent need for systemic change to promote fairness and opportunity in the global workforce,” Mardack continued. “We’re sharing these insights to foster greater transparency and advocate for meaningful change in order to create a more inclusive and equitable world of work.”
To read Oyster’s annual Impact Report in full, visit: https://www.oysterhr.com/resources/annual-impact-report-2024
To learn more about Oyster for Impact, a program to help nonprofits and B Corps unlock the benefits of distributed work, visit: https://www.oysterhr.com/oyster-for-impact.
About Oyster
Oyster is a global employment platform that empowers companies to hire, pay, and care for their global teams. It enables growing companies to give valued international team members the experience they deserve, without the usual headaches or expense. Oyster enables people-centric hiring anywhere in the world with reliable, compliant contracts, payroll, and great local benefits and perks. Founded in January 2020 by Tony Jamous and Jack Mardack, Oyster is itself a fully distributed company with a diverse, global team. For more information visit https://oysterhr.com.
