Hello Pooja, Recently, I was reading an article on the 'gig economy,' which I believe closely matches the current job market in the country. With more people rendered jobless while businesses resume operations to achieve normalcy, conditions akin to the 'gig economy' are prevalent in India. Especially in situations where some businesses have lost key personnel during the lockdown due to reasons like non-payment of idle time salaries, repositioning or refilling vacancies upon resumption has become a significant challenge. The gig economy, more or less, offers a short-term solution to some of these problems. Here, I share excerpts from the article for your information:
Leadership and executive pay
Employers across all sectors are already making difficult decisions regarding the future of their workforces and salaries, and tech sector organizations are no exception. While the impact is felt across the wider workforce, attention is focused on executive pay and how individuals leading organizations are financially impacted by the crisis.
Impact on the gig economy
The status of employees, workers, and independent contractors in the gig economy remains an ongoing issue across many jurisdictions, as courts and tribunals continue to grapple with the application of their existing legal frameworks. The crisis has intensified the call for gig economy workers to be provided with the same or equivalent safeguards and protections afforded to employees and other workers, including those relating to health and safety, as well as basic employment rights such as sick leave. Throughout 2020 and beyond, we expect further developments, consultations, and potential legislative reform, potentially posing some of the most significant changes to employment laws for some jurisdictions in recent times.
Impact for the tech sector
For many businesses, the pandemic has accelerated the adjustment to new ways of working and forced many companies to stress-test their agile and remote working arrangements. Broadly, the tech sector has responded well to these changes, but those that were previously skeptical of such ways of working may have a harder time explaining why employees have to be present in the workplace when they can work remotely or flexibly.
New opportunities have also arisen for food delivery platforms, e-commerce sites, and those developing apps and new tech to assist jurisdictions with managing the pandemic. Crises also provide employers with an opportunity in terms of workplace culture, and how employers have reacted to the evolving pandemic and supported their workforces will impact their workplace culture in the long term.
In this new and complex world of work, maintaining effective communication, driving resilience and adaptability, as well as sustaining employee engagement and trust, has become the ultimate test and differentiator of today's leadership.
- Laure de Panafieu, Asia Head of Employment and Incentives, Partner, Singapore
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