Tag: gig economy

The great resignation, a term coined by psychologist Anthony Klotz, is a post-pandemic movement that saw a wave of resignations take hold across the United States (US) and other parts of the world. In 2021 alone, more than a quarter of America’s total workforce resigned from their jobs.

Media publications around the world are buzzing with anecdotal evidence of what has been called The Great Resignation – the COVID-19 lockdown-driven reassessment by individuals of the meaning of work in their lives. 2022 is shaping up to be a year of reckoning where employees and organisations both determine what is important for them and how they can continue to work together.

Digital transformation is forcing companies to change their business models and adapt to the new market reality. This transformation is being driven by customers and the impact that the pandemic has on how, when and where they expect customer service and support to be delivered.

South Africa’s retirement outcomes will improve radically if all retirement funding contributions are kept invested when fund members change jobs. Other quick wins include increasing the minimum government pension; delaying the government retirement age beyond 60 years; and refocusing the industry from saving a lump sum at retirement to providing a sustainable income in retirement.

Many people around the world are turning to the gig economy and side hustles to make ends meet, especially as the economy continues to take further knocks from the COVID-19 pandemic. Cash strapped South African consumers are taking strain from debt collectors with limited options to manoeuvre their existing budgets but very few have spotted the opportunity or potential of the gig economy.  

The Presidential Commission Report on the 4th Industrial Revolution makes several strategic recommendations, but it needs to be followed by agile policy and regulation. The Presidential Commission on the 4th Industrial Revolution (the Commission) was tasked with drawing up a strategy to enable South Africa to participate fully in the fourth industrial revolution (the 4IR). Its report was published on 23 October 2020.

South Africa’s current national state of disaster, and the uncertainty that has gripped the world, will especially impact the most vulnerable groups in our society. That includes those in casual or insecure employment who face two possibilities in the reality of social distancing: loss of income, or ongoing exposure to the virus through the front-line nature of their work.

Growth of the entrepreneurial sector is key to addressing South Africa’s unemployment crisis, especially amongst the youth. Young people, however, face many barriers to success. Amongst these is a dire lack of digital literacy and access to internet and data.

The proliferation of freelancing and gig work has seen employers witness a massive shift from traditional nine-to-five jobs to part-time work and independent contracting, known as the gig economy. Employers will need to rethink their reward programmes to align with the digital economy and the disruption it has brought to the employment landscape.