Whether or not the gig economy is as big as some suggest, it’s clearly part of the future labour market. Even if it doesn’t overtake the traditional job sector, it’ll nonetheless continue to have an influence on the global job market and economy. But what impact does the gig economy have, both in terms of businesses and the workers? In this section, we’ll examine the pros and cons of a gig economy to organisations and gig workers. You should also watch the below Financial Times discussion on the gig economy and its implications to the future workforce: The benefits of a gig economy Gig economy can have a huge positive impact on the labour market. Participating in the gig economy is not only beneficial for the worker, but it can also bring …show more content…
Workload within a company hardly remains static and adjusting to increasing or decreasing workload can be difficult with full-time staff. But it the organisation relies largely on contract work, they can better adjust to changing situation without having to fire long-term staff or finding a quick hire. To gig workers The benefits to gig workers are rather evident in the reasoning behind Millennials preferring these roles. First, gig work can provide the worker more flexibility and therefore, create a better work-life balance. As the worker is in control of accepting or rejecting the work, it’s possible to plan the schedule according to one’s personal preferences or needs. Furthermore, gig work often means flexibility in terms of working from home, on the go, or a beach resort in the Bahamas. If the job is digitalised, the organisations don’t often care whether you do the work in your sweatpants or a suit, as long as it is done. This also means the gig worker is more able to pick the jobs that seem the most interesting. In a full-time position, there isn’t much flexibility in accepting the work given to your desk each morning. But as a gig worker, you have a little more freedom to find the jobs you are passionate about and which are interesting to …show more content…
To businesses Introduction of a gig economy means an organisation must prepare for certain structural changes. These are mainly present in the company’s HR culture. Organisations must be able to solve issues such as: • How to integrate different contract terms and conditions into a cohesive format? • How offer pertinent benefits and rewards to gig workers? • How to reduce HR admin burden in the face of increasing employee turnover? • How to manage quality control? I.e. avoiding a situation where contracts are just given to the cheapest bidder, rather than the best or most reliable worker. Companies should also consider how they could protect the company’s knowledge advantage. If the organisation is hiring a lot of outside workforce, the same workers might also work for direct competitors. The loyalty of temporary workforce is not necessarily the same as permanent employees, who have formed lasting relations inside the
The globalized nature of today’s society means we cannot afford to put our heads in the sand and live in our own little bubble. For the world’s economy and the world’s trade to succeed and prosper, the whole world must succeed and prosper. By creating jobs and giving them the tools...
...ng support have been laid off. Which I completely agree with and can see really being an effect of these issues and why they need to be brought to more attention. According to The Institute for Policy Innovation “ The U.S. economy loses 71,060 jobs. Of this amount, 26,860 jobs would have been added in the sound recording industry or in downstream retail industries, while 44,200 jobs would have been added in other U.S. industries.” This shows that it negativity affects many things and so with this I think that it really need to get fix as a problem. Also, according to the IPI “Because of sound recording piracy, U.S. workers lose $2.7 billion in earnings annually. Of this total, $1.1 billion would have been earned by workers in the sound recording industry or in downstream retail industries while $1.6 billion would have been earned by workers in other U.S. industries.“
As we can see from these data, the growth of telecommuting has been substantial over the last several years. It is becoming more and more attractive to both employees and employers. We will further explore why in the upcoming sections.
In this case, there are three main effects of Napster on the recording industry. The first one is that it caused a large decline in record sales in a short time. According to this case, the spending on recorded music in U.S dropped 4.1% in 2001 and the industry’s top 10 albums also sold much less compared to the year before. The second effect is that it cased the sales of CD burners, blank CDs and digital audio players increase and nowadays, most new computers come with CD-RW drives installed, which means people can easily store downloaded music, share music with friends and take it with them anytime as well. The third effect is that it increased the cost of recorded music. Once people can download free music through peer-to-peer software services, they have less incentive to buy original editions, which will make recording industry spend more to fight against copyrights and invest more in new artists and new music. Overall, these three effects make the recording industry go through a hard time.
Rotman, David. "How Technology Is Destroying Jobs | MIT Technology Review." MIT Technology Review. N.p., 12 June 2013. Web. 24 Apr. 2014.
Brynjolfsson, E., & McAfee, A. (2011). Race Against the Machine: How Digital Revolution is Accelerating Innovation, Driving Productivity and Ireversibly Tranforming Employment and the Economy. Lexington, Massachusetts: Digital Frontier Press.
We can see that piecework is a direct indicator of the employees output. In addition, the year end bonus is linked with the profit the company earns. The guaranteed employment provides employees the base line for their life, so they don’t have to be worried about getting fired or searching for other jobs, which makes them more concentrated on their jobs. From the combination of these three components, employees can have confidence to work and to understand that their performance will be measured properly.
Spotify is one of the most popular streaming services. And since its breakthrough, access to music have never been easier – just type in the name of an artist or a song and press play. The advantage of it is that listeners gets to listen to their wanted music instantly and for free and artist gets paid royalties. But since spotify’s big breakthrough there has been big debates if free music streaming is going to kill the music industry or if it’s going to help it.
The software industry is one of the great catalysts of economic growth and job creation.
“A strategic approach to managing employment relations which emphasizes that leveraging people’s capabilities is critical to achieving sustainable competitive advantage, this being achieved through a distinctive set of integrated employment policies, programmes and practices.”
A 2014 Oxford study found that the number of U.S. workers shifting into new industries has been strikingly small: In 2010, only 0.5 percent of the labor force was employed in industries that did not exist in 2000. The discussion about humans, machines and work tends to be a discussion about some undetermined point in the far future. But it is time to face reality. The future is now. (UPI Top
...ware and Software developers and Web designers are just some of the many new employment opportunities created with the help of IT. Probably new more jobs to come in more years.
In Today’s world, the composition and how work is done has massively changed and is still continuing to change. Work is now more complex, more team base, depends greatly on technological and social skills and lastly more mobile and does not depend on geography. Companies are also opting for ways to help their employees perform their duties effectively so that huge profits are realized in the long term .The changes in the workplaces include Reduction in the structure of the hierarchy ,breakdown in the organization boundaries , improved and better management tactics and perspectives and lastly better workplace condition and health to the employees. (Frank Ackerman, Neva R. Goodwin, Laurie Dougherty, Kevin Gallagher, 2001)
From the evidence, it appears that there is a change in the way people earn a living these days in the West, and that the workforce is increasingly using ICT rather than engaging in manual work. Perhaps this is the start of a new information society.