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GIG ECONOMY, MONOPSONY POWER OF EMPLOYERS, PROMISES OF 'ON-DEMAND'…
GIG ECONOMY
Gig Economy
Sharing Economy
Platform Economy
use IT systems to connect opportunities for gig and sharing
Generating money by sharing assets
independent workers contract for short-term engagements
Labour market characterised by the prevalence of short-term contracts
MONOPSONY POWER OF EMPLOYERS
there only have a dominant employer in labour market
Has buying power over potential employees
Wage-setting power
cause labour market failure
PROMISES OF 'ON-DEMAND' WORKFORCE
FOR WORKER
freedom to work independently
convenience and flexibility
opportunity to work
FOR EMPLOYER
ability to focus on core competencies
reduced up-front labor costs
flexibility in staffing, resulting in expanded skills coverage
easier access to talent pool
BENEFITS
WORKER
Earn extra income
More autonomy
Flexible hours over when to work
less risk to get stuck in routine jobs
BUSINESS
Flexibility in managing hours
Reduced investment
Reduce fixed costs
DOWNSIDE
WORKER
inadequate in worker training
job and income uncertainly to get mortgage
doubt over the true flexibility of times offered
lack of paid employment rights
bear most of job's risks