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Monthly Archives

June 2024

2024 Gig Economy Statistics: Unveiling 85+ Remarkable Insights

By Business, Financial Management

The gig economy in the United States saw significant growth, with 24.57 million freelancers recorded by the end of August 2021. Florida led the states with the highest number of gig workers, followed closely by Texas and California. About 57% of temporary workers spent over 40 hours per week on contract jobs, earning 58% less than full-time employees without benefits. Blockchain and AI specialists were among the highest earners in the gig economy. The public sector employed up to 14% of freelancers, while approximately 170 companies in the U.S. hired gig workers. Notably, platforms like AnswerConnect and Toptal emerged as major players in the virtual workspace. Survey data revealed that 99% of remote workers intended to continue working remotely, while 64% preferred the freedom of working as free agents. Additionally, 86% of gig workers expressed concerns about security and health coverage, while over 50% stated they would not return to traditional 9-to-5 jobs. Demographically, women comprised 63% of the contract labor force, and Generation Z constituted the largest group of gig workers at 50%, followed by millennials at 44%. The gig economy was projected to continue expanding, with estimates suggesting it could reach 86.5 million workers by 2027, reflecting evolving attitudes toward flexible employment arrangements.

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Five key trends shaping the new world of work

By Business, Operations, People & Culture

The rise of platform companies has revolutionized employment norms, with digital skills taking center stage. As industries undergo digital transformations, organizations are becoming technology-driven entities, emphasizing the importance of digital skills in the workplace. Employability is no longer solely dependent on soft skills like communication and critical thinking but is increasingly focused on utilizing digital technologies such as AI, robotics, and IoT. This shift underscores the need for workers to adapt to emerging digital platforms to remain relevant in today’s evolving job market.

‘Power has shifted’: Big change coming to Australian workplaces

By Business, Operations, People & Culture

Australia’s job market dynamics are undergoing a significant shift from employee empowerment to employer favoritism, fueled by factors such as the cost-of-living crisis and a fear of job cuts. A report from people2people Recruitment indicates a transition where job seekers prioritize stable, long-term opportunities over immediate perks, contrasting with earlier trends of heightened salary and benefit expectations. The evolving landscape sees employers gaining negotiation power, leading to increased competition among job seekers for fewer positions. Consequently, job seekers are advised to manage their expectations during the job search process. Employers are now leveraging this power shift to make demands previously resisted by employees, including reducing remote work options and increasing performance expectations. As the focus shifts from remote work back to the office, employees are urged to adapt to higher performance standards and demonstrate tangible contributions to workplace culture. This shift may influence promotion decisions, with employees who contribute more holistically to the organization being favored. Despite this power shift, maintaining a fair and balanced work environment remains crucial for organizational success, emphasizing the need for a mutually beneficial relationship between employers and employees.

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Optimising your Remuneration Strategy to Enhance Talent Management

By Business, People & Culture

This white paper highlights the crucial challenge faced by Not-for-Profit (NFP) organisations in attracting and retaining quality talent due to financial constraints and competitive pressures, emphasizing the necessity of strategic remuneration strategies for sustained success. It discusses the specific considerations for NFPs in tailoring such strategies, emphasizing the importance of clarity in Employee Value Proposition (EVP) and efficient resource allocation. Strategic compensation approaches, including benchmarking, performance plans, and benefits optimization, are proposed to enhance sustainability and growth. The paper also addresses common challenges like misaligned salaries, disparity in pay, and inconsistent compensation, offering strategic solutions such as improved recruitment and retention, financial sustainability, and strengthening reputation through transparent and equitable pay practices. It suggests a strategic remuneration review, ideally conducted with specialized consultants, to optimize talent management practices, ensuring fair and competitive compensation packages aligned with organizational goals and best practices while enhancing employee engagement and retention.

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Future of Work Research

By Business, Workplace

This white paper aims to equip leaders with practical insights and strategies to enhance their workplaces. Emphasizing the words of organizational psychologist Adam Grant, it highlights the importance of helping others succeed for meaningful success. By prioritizing and adapting to the evolving nature of work and the needs of their employees, organizations can cultivate a positive workplace culture, drive performance and innovation, and gain a competitive edge in today’s dynamic business environment.

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By Business, Leadership, Personal

Business leaders worldwide are grappling with economic instability, geopolitical uncertainties, and the ongoing impacts of the COVID-19 pandemic, alongside significant organizational shifts affecting structures, processes, and people. These shifts encompass various challenges, from adapting for resilience and navigating the balance between remote and in-person work to addressing mental health issues and harnessing new technological capabilities. McKinsey’s “The State of Organizations 2023” report aims to assist CEOs and their teams in navigating these complexities by highlighting key shifts, backed by insights from a survey of over 2,500 business leaders and interviews with industry experts. The report identifies ten critical shifts, including increasing speed and resilience, redefining hybrid work models, integrating AI, enhancing talent management, fostering inclusive leadership, and prioritizing mental health. To effectively address these shifts, organizations must focus on direction setting, talent development, leadership cultivation, and integration of transformative efforts to ensure adaptability and sustained growth in the face of evolving challenges and opportunities.

Your Scarcest Resource

By Business, Operations

Most companies meticulously manage capital, demanding a strong business rationale and setting spending limits, yet time often remains unmanaged. Bain & Company, where the authors work, utilized innovative analytics to dissect the time allocations of 17 corporations, revealing excessive e-communications, soaring meeting durations, limited real collaboration, and rising dysfunctional meeting behaviors. They propose eight strategies for time management, including clear meeting agendas, zero-based time budgets, and standardized decision processes. Forward-thinking firms apply similar rigor to time as to capital, reclaiming unproductive hours, fostering innovation, and driving profitable growth.

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Effective impact measurement for NFP boards

By Board & Governance, Business

Impact measurement is increasingly acknowledged as essential for good governance, particularly in the NFP sector where boards are accountable to various stakeholders for achieving their organisation’s mission.

This process assures funders by focusing discussions on the outward outcomes for clients, communities, and systems rather than just internal financial performance.

Boards must balance the risk-return equation, understanding that not taking action poses risks to achieving impact.

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Rising Tide: Non-Profit & Philanthropic Responsible Investing

By Business, Financial Management

2023, Koda surveyed charitable, non-profit and philanthropic investors across Australia in relation to responsible investing and impact investing. With the aim to collect, analyse and share information not currently available to Australian for-purpose investors or their advisers.

By sharing the results of the survey they aim to:

  • Shine a light on how charities, non-profits and philanthropic foundations approach responsible investing and impact investing.
  • Highlight opportunities and barriers that exist for for-purpose investors in this context.
  • Help fund managers and investment advisers better serve their for-purpose clients

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AI’s Trust Problem

By Business, IT/Digital

As AI becomes more powerful, it faces a major trust problem.

This article outlines 12 leading concerns: disinformation, safety and security, the black box problem, ethical concerns, bias, instability, hallucinations in LLMs, unknown unknowns, potential job losses and social inequalities, environmental impact, industry concentration, and state overreach.

Each of these issues is complex — and not easy to solve. But there is one consistent approach to addressing the trust gap: training, empowering, and including humans to manage AI tools.

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