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Tag: Digital Economy

  • Apple, Google and Meta hit with investigations in first cases under sweeping new EU law designed to stop Big Tech from cornering digital markets

    Apple, Google and Meta hit with investigations in first cases under sweeping new EU law designed to stop Big Tech from cornering digital markets

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    European Union regulators opened investigations into Apple, Google and Meta on Monday, in the first cases under a sweeping new law designed to stop Big Tech companies from cornering digital markets that took effect earlier this month.

    The European Commission, the 27-nation bloc’s executive arm, said it was investigating the companies for “non-compliance” with the Digital Markets Act.

    The Digital Markets Act is a broad rulebook that targets Big Tech “gatekeeper” companies providing “core platform services” by forcing them to comply with a set of do’s and don’ts, under threat of hefty financial penalties or even breaking up businesses. The rules have the broad but vague goal of making digital markets “fairer” and “more contestable” by breaking up closed tech ecosystems that lock consumers into a single company’s products or services.

    The commission said in a press release that it “suspects that the measures put in place by these gatekeepers fall short of effective compliance of their obligations under the DMA.”

    It’s looking into whether Google and Apple are fully complying with the DMA’s rules requiring tech companies to allow app developers to direct users to offers available outside their app stores. The commission said it’s concerned the two companies are imposing “various restrictions and limitations” including charging fees that prevent apps from freely promoting offers.

    Google is also facing scrutiny for not complying with DMA provisions that prevent tech giants from giving preference to their own services over rivals. The commission said it is concerned Google’s measures will result in third-party services listed on Google’s search results page not being treated “in a fair and non-discriminatory manner.”

    The commission is also investigating whether Apple is doing enough to allow iPhone users to easily change web browsers. It’s also looking into Meta’s option for users to pay a monthly fee for ad-free versions of Facebook or Instagram so they can avoid having their personal data used to target them with online ads.

    “The Commission is concerned that the binary choice imposed by Meta’s ‘pay or consent’ model may not provide a real alternative in case users do not consent, thereby not achieving the objective of preventing the accumulation of personal data by gatekeepers,” it said.

    Subscribe to the new Fortune CEO Weekly Europe newsletter to get corner office insights on the biggest business stories in Europe. Sign up for free.

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    Kelvin Chan, The Associated Press

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  • BIS sets 2024 strategy with key focus on CBDC and tokenization

    BIS sets 2024 strategy with key focus on CBDC and tokenization

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    The Bank for International Settlements (BIS) is set to enhance digital currency research and tokenization in 2024 according to a Jan 23 announcement.

    The BIS Innovation Hub has outlined an ambitious program for 2024, set to focus on central bank digital currencies (CBDCs), cybersecurity, financial crime prevention, and green finance. A key highlight will be the progression to the second phase of Project Aurum, delving into the privacy of retail payments using CBDCs.

    The latest move follows the successful development of a wholesale interbank system and a retail CBDC prototype by the Hong Kong Monetary Authority (HKMA) in 2022.

    Cecilia Skingsley, head of the BIS Innovation Hub, emphasized the significance of tokenization in financial systems. Project Promissa, a collaboration with the Swiss National Bank and the World Bank, aims to digitize traditional financial instruments like promissory notes, which remain largely paper-based. The project intends to streamline their management and enhance transparency using blockchain technology.

    In addition to Project Promissa, BIS will continue other key projects such as Project Mandala for automating cross-border payment compliance, Project Pyxtrail for monitoring stablecoin balance sheets, and Project Cambridge for experimenting with multi-CBDC platforms.

    The BIS Innovation Hub also plans to launch six new projects. These include Project Leap, aimed at protecting payment systems against quantum computing threats, and Project Symbiosis, which focuses on using artificial intelligence and big data for supply chain emissions disclosures. Additionally, Project NGFS Data Directory 2.0 will enhance the accessibility of climate-related data, and Project Hertha will explore financial crime patterns in payment systems.

    Amidst this backdrop, central banks across the Americas, under the BIS’s leadership, have been delineating key technical priorities for CBDC architecture. Last month, the Consultative Group on Innovation and the Digital Economy (CGIDE) provided a comprehensive reference for nations researching or implementing CBDCs. The collaboration aims to draft a CBDC proof of concept that encompasses essential aspects like interoperability, scalability, user-centric design, security, and data privacy.

    Another notable development comes from Project Tourbillon, led by the BIS Innovation Hub. The project has shown significant progress in achieving a balance between privacy and transparency in CBDC transactions. The final report from Project Tourbillon suggests a system allowing payments without compromising personal information, showcasing the BIS’s commitment to developing CBDC technology with a strong emphasis on user privacy.


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    Rony Roy

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  • We’re Not in a Recession — It’s All Hype. Here’s Why. | Entrepreneur

    We’re Not in a Recession — It’s All Hype. Here’s Why. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The so-called post-Covid recession initially emerged as a global economic downturn following the widespread impact of the Covid-19 pandemic on businesses and economies. Characterized by widespread unemployment and reduced consumer spending, the “recession” dealt a severe blow to industries heavily reliant on human interaction.

    It is said that the “recession” prompted a shift in consumer behavior, with increased emphasis on ecommerce, remote work and digital services, accelerating the adoption of technological advancements.

    While some industries floundered, others experienced unexpected growth, such as pharmaceuticals, online entertainment and certain segments of the technology sector. As vaccination efforts progressed and the pandemic’s grip began to loosen, economies cautiously started to recover, but the long-term repercussions continued to shape policy decisions and economic strategies for years to come.

    The whole economic picture has made me wonder whether there has ever been a real recession.

    My stance on this: The great post-Covid recession wasn’t real. It was inflated and hyped by the media. Here is how it happened.

    Related: Our ‘Rolling Recession’ Is the Latest Economic Meme — But What Does It Actually Mean?

    Budget surplus

    The world printed a lot of money to get through Covid-19, probably too much. The global response to the COVID-19 pandemic prompted countries to adopt expansive monetary policies, resulting in a significant increase in money supply as governments aimed to stabilize their economies.

    Remarkable fiscal measures were taken, including printing money, lowering interest rates and enacting extensive stimulus packages. These interventions averted an immediate economic catastrophe and led to an unexpected outcome for some countries: budget surpluses.

    Increased government spending and reduced economic activity due to lockdowns meant that the money injected into the economy often exceeded the actual demand for goods and services. Certain sectors of the economy remained relatively stagnant while the money supply continued to grow.

    While a budget surplus might seem like a positive outcome, it also brought challenges. While it offered opportunities for financial resilience and investment in key areas, it also posed challenges in terms of managing the money supply, preventing inflation and making strategic allocation decisions.

    Related: 5 Ways to Get Media Coverage for Your Brand

    Financial market bubble

    The surplus created a bubble in financial markets, spurring the initial media frenzy capturing the attention of experts, investors and the general public alike.

    Memories of past market crashes and economic downturns fueled the media frenzy, surrounding the post-Covid bubble. Experts weighed in on the potential consequences of such inflated valuations, warning of the risk of a sudden and dramatic correction that could wipe out gains and impact broader economic stability.

    As a result, regulatory bodies and central banks faced heightened pressure to monitor and manage the situation. Striking a delicate balance between sustaining economic recovery and preventing speculative excesses required careful policy decisions and timely interventions to avoid a potential market collapse.

    Strong labor market activity

    What’s important to note is that the labor market activity remained strong, thereby offsetting the potentially catastrophic impact of the inflated markets with real economic growth.

    Contrary to the prevailing narrative of widespread economic disruption during the COVID-19 pandemic, the labor market activity in some sectors exhibited surprising resilience, demonstrating that not all industries were equally affected.

    While many businesses faced closures, restrictions and job losses, certain sectors experienced remarkable stability and even growth amid the crisis.

    One such sector was technology and remote work. As lockdowns and social distancing measures took effect, the demand for digital services and technology solutions surged. Companies in the tech industry rapidly transitioned to remote work models, which not only preserved jobs but also created opportunities for professionals specializing in software development, IT support and digital communication tools.

    Related: Corporate Productivity in the Tech Industry Is Down: What Is the Real Reason?

    Growth of the ecommerce sector

    The ecommerce industry also saw significant expansion during the pandemic. With traditional brick-and-mortar stores constrained by closures and reduced foot traffic, online retailers flourished. This led to increased demand for warehouse workers, delivery personnel and customer service representatives to handle the surge in online orders and maintain high service standards.

    As traditional brick-and-mortar stores faced restrictions and closures, online retailers surged to meet the increased demand for remote shopping, leading to an expansion in job opportunities within the ecommerce ecosystem. The warehousing and logistics sectors witnessed substantial growth, driven by the need to fulfill online orders efficiently. Warehouse workers, packers and delivery drivers became essential roles as companies hired and scaled up operations to cope with the surge in online shopping. Moreover, customer service representatives and support staff were in high demand to ensure smooth order processing, address customer inquiries and manage returns.

    The expansion of ecommerce led to openings in various domains, including digital marketing, web development and data analysis, as companies sought to enhance their online presence and optimize customer experiences. Additionally, roles related to supply chain management, inventory control and last-mile delivery gained prominence to ensure the seamless flow of products to consumers’ doorsteps.

    The ecommerce labor market growth wasn’t only a response to immediate needs but also reflected a broader shift in consumer behavior, accelerating the ongoing digital transformation of retail. Remote work opportunities also emerged in fields like online customer engagement and technical support as businesses aimed to replicate in-store experiences virtually.

    News-driven recession

    We would never have known the whole story from listening to the news.

    Sensational headlines and dramatic news coverage contributed to the atmosphere of heightened uncertainty and fear regarding the state of the economy.

    Some media outlets focused on worst-case scenarios, exaggerating the scale of job losses, business closures and economic contraction. The media’s portrayal of economic hardships at times failed to acknowledge the resilience of certain sectors and industries that managed to adapt and even thrive during the crisis.

    While there were undoubtedly challenges, the media’s tendency to amplify negative aspects created an inaccurate perception of an all-encompassing economic collapse.

    What conclusions can we draw?

    Take media rhetoric with a grain of salt. Not every day is doomsday.

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    Max Faldin

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  • 3 Entrepreneurial Trends to Watch in 2023 | Entrepreneur

    3 Entrepreneurial Trends to Watch in 2023 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There is a lot of uncertainty about where the economy is heading right now. But as someone who has served and observed small businesses through many economic cycles, I believe determined entrepreneurs can make it in any climate.

    Yes, entrepreneurs must acknowledge and be aware of what’s happening externally. But, I’ve also always believed entrepreneurs can create the outcomes they want despite challenging macroeconomic circumstances. To do so, they need to take advantage of the opportunities in the existing environment and work through the challenging aspects as they drive toward success.

    To understand how folks are doing that today, I recently discussed these issues with a panel of small business owners I know and respect. Here are three trends that emerged from that conversation.

    1. A slow economy requires repositioning and refocusing

    What the economy has been doing recently is what all of us who were economics majors call an “economic correction.” Sounds a lot nicer than it feels, doesn’t it? But in reality, these corrections are necessary to create a healthier economy. Of course, business owners struggling from economic setbacks aren’t going to see them that way. At least not right away.

    But this is why the first important entrepreneurial trend worth highlighting is a mindset shift. Instead of viewing the economy as a foe, successful entrepreneurs accept that the economic adjustment is happening and then figure out how to work with it.

    For instance, when the economy — and lead acquisition — slows down, business owners are forced to become more efficient and get clarity about who they serve. By doing so, you can make sure you’re spending time with the right customers in the first place. Then, you can meet them where they are, help them get through their own challenges during this time and keep your company moving forward.

    Related: How to Prepare Your Business For Economic Downturn

    2. Talent challenges and opportunities

    Some of the business owners I spoke with mentioned that there have been both advantages and disadvantages in hiring talent recently. Ever since Covid, many people have branched out, come up with their own ideas and wanted to work for themselves.

    This can make it more difficult for the entrepreneur to get the right full-time people in place for their team, but it also means that access to remote and fractional talent is greater today than ever before. So even if entrepreneurs can’t find local, qualified personnel for a role, there are fewer geographic limitations today. All of the pandemic-induced and economy-fueled changes people have made have allowed business owners to bring on team members worldwide to fulfill their needs.

    Since people are embracing more freedom in their work, small businesses can attract top talent by offering flexible work arrangements, like remote work options or flexible schedules. This can be attractive to employees seeking better work-life balance.

    Additionally, small businesses can provide opportunities for employees to develop a wide range of skills and gain valuable experience across different business areas. This can appeal to individuals seeking professional growth and a diverse career path.

    Related: Work-Life Balance is Possible — And It’s Not as Hard to Achieve as You Think

    3. Embrace AI now or pay the price later

    Of course, my small business owner colleagues and I couldn’t talk about the economy and entrepreneurial trends without discussing artificial intelligence (AI). The economic landscape has driven an acute need for efficiency, which means getting comfortable using automation and technology. It saves time, reduces team members’ workloads and helps them do more with less.

    One of the owners I spoke with said his company has already fully embraced AI for its reliability, resiliency and ability to scale. They’re using AI for various tasks that can be automated, like creating presentations in numerous languages and disseminating them worldwide, which frees their employees to focus on the more complex projects that require critical thinking and creativity. This keeps their costs down and their output high.

    Related: Why Elon Musk and Other Tech Experts Are Worried About Artificial Intelligence

    Whether entrepreneurs are ready to get as sophisticated with the technology as this company is or not, AI is here, accessible and useful in myriad ways. The companies that will make the most of the current time, despite the economic fluctuations, are those that use technology like automation and AI to get ahead.

    There has been a lot of fear among entrepreneurs about the economy, and it’s time for that narrative to change. Research firms, like McKinsey, have found that “the moves companies make now (during a recession) could account for half of the difference in total shareholder returns (TSR) between leading and lagging companies over the next business cycle.”

    In other words, what you do now matters. By refocusing your efforts to align with the state of the economy, tapping into new talent possibilities and getting comfortable with AI, business owners can not only ride this wave but even attain real growth throughout it.

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    Clate Mask

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  • 3 Reasons Black Small Businesses Should Embrace Digital Transformation. | Entrepreneur

    3 Reasons Black Small Businesses Should Embrace Digital Transformation. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Small businesses are the backbone of our communities. They supply and care for our families, support economic growth and stability, and foster meaningful relationships with the people they serve. Nobody understands the value of small businesses more than those who live in communities that are most likely to experience disinvestment and neglect from corporate investors — which are disproportionately communities of color.

    These small businesses are also most often owned and operated by Black entrepreneurs and other entrepreneurs of color. Despite their value to their communities, racial inequities persist, and many Black-owned small businesses lack the financial resources necessary to grow and survive an economic crisis.

    Luckily, in today’s tech-driven economy, Black small business owners have new digital tools to help their businesses survive, thrive and stand out among corporate competitors. Here are three reasons Black small business leaders should meet this moment and embrace digital transformation.

    Related: 12 Steps That Could Help Your Small Business Start a Digital Transformation

    1. Improving agility

    Businesses that rely on foot traffic to reach clientele were hit hardest by pandemic-related shutdowns. The needs and interests of business leaders and their clients drastically changed, and those without the infrastructure to adapt to our new normal were at the greatest risk. As experts continue to signal that we’re nearing an economic recession, agility becomes increasingly necessary for the survival of small businesses.

    When small business leaders adopt digital tools and infrastructure, it allows them to shift quickly to ensure they can continue providing services to their customers. Whether through eCommerce websites or social media campaigns, digital adoption can help small businesses stay afloat amid global economic disruption. If business leaders start planning and implementing digital strategies now, they will be better prepared to meet whatever challenges they face next.

    Related: Digital Transformation Means Adopting a New Culture: Here’s How To Do It

    2. Expanding customer base

    One of the many reasons Black-owned businesses struggled to survive amid the pandemic was due to the direct economic impact it had on the people they serve. Many Black-owned businesses operate in predominantly Black communities, which are disproportionately affected by job loss and illness spurred by COVID-19 because of economic and healthcare disparities.

    Business leaders have to seek new ways to expand their customer base. Digitizing operations can open new markets for small businesses to explore, which generates more significant growth opportunities. Through online advertising, cloud computing and mobile commerce, small business leaders can extend their reach beyond local communities and into national or global markets. This will not only advance the success of small businesses but also ensure they are still around to serve their communities well after an economic crisis hits.

    Related: The Ultimate Guide to Competitive Research for Small Businesses

    3. Leveling the playing field

    Corporate competitors routinely receive more investment than small businesses, which means they have the resources to position themselves as better service providers. Small business leaders can stand out among corporate competition when investing in digital tools. These tools offer a more efficient means for handling inventory management, data analysis and marketing automation — resulting in faster turnaround times and better decision-making processes.

    Small businesses, especially Black-owned ones, often lack the financial capital and investments needed to innovate and keep up with their larger competitors. The good news is there is support for small business leaders, especially those who are shut out of financial opportunities due to pre-existing racial inequities.

    One of the groups I work with, the Small Business Digital Alliance (SBDA), connects small business owners with digital tools, training, and other opportunities to reach new customers by expanding their digital networks. Services and resources provided by the SBDA can help small businesses adopt digital strategies to grow and sustain their businesses – and they are free of charge to those within the network. This can help small businesses better understand the needs of their customers and quickly fulfill their expectations. By investing in digital solutions, small businesses can level the playing field and put themselves on equal footing with larger corporations.

    There is no way to predict an economic crisis’s impact on our businesses, but we can take steps to prepare and mitigate risks. Beyond business survival, going digital offers many advantages for Black small business leaders who want to stay competitive in an increasingly tech-driven landscape.

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    Jimmy Newson

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  • 3 Digital Marketing Strategies That Will Save You 20 Hours Every Week

    3 Digital Marketing Strategies That Will Save You 20 Hours Every Week

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you struggling to keep up with the demands of digital marketing? You’re not alone. Small businesses and entrepreneurs are often so busy that they don’t have time to focus on their marketing efforts.

    Don’t worry, though! There are ways to automate your digital marketing so that it doesn’t take up all your time.

    As a digital entrepreneur and marketing coach, over the past ten years growing online businesses, I’ve learned precisely how to save 20 hours a week with automatic digital marketing processes, which I’m here to teach you. By implementing the three following automation strategies, you can free up valuable time to focus on other aspects of your business. Let’s get started!

    Related: How to Build on Your Digital Marketing Momentum in 2023

    1. Social media marketing automation

    Automating your social media marketing is one of the fastest and easiest ways to save time in digital marketing. There are many tools available that allow you to schedule posts, monitor engagement, and more.

    At the beginning of each month, create a calendar by planning 30 days worth of social media content ideas. For example, each day of the week, you should vary your content by type (i.e., educational, entertaining, inspiring, tips and tricks, behind-the-scenes, etc.). This will help keep your social media audiences engaged and interested in your posts while making it easier for you and your team to create the content.

    Similar to how manufacturing facilities streamline production processes by batching work, the same technique should be applied to your marketing efforts. Instead of creating marketing content from scratch and posting to social networks daily, batch your workload by producing content in one sitting and then schedule your posts for the rest of the week. This will make it easier for you and save you a lot of time so that you can move on to other areas of your business.

    When filming videos or shooting photos for social media, aim to capture a variety of content that can be reused and repurposed for various posts. This will cut down on the content creation time, as you’re utilizing one shoot for multiple pieces of content.

    You can also share UGC (user-generated content) featuring your company’s products or services (either by hired content creators or real customers), which shows social proof while giving you easy-to-post original content that doesn’t require extra work or effort on your part.

    In addition to these social media marketing tips to save time and energy, you can also reshare posts from several months ago. For example, if you had a popular post on Instagram from at least 3-months ago that got a lot of engagement, repost that with a slightly different caption now. This drastically cuts down on your content creation time, helping to attract a wider audience of potential new followers interested in your business.

    Related: Top 12 Questions About Facebook Ads That Every Entrepreneur Needs To Know

    2. Automating email marketing

    Automating your email marketing is a great way to save time and increase efficiency while staying in touch with your customers and prospects. You can use an email automation platform like Flodesk, Mailchimp or Constant Contact to create automated campaigns that send personalized emails to your subscribers based on their preferences and interests.

    For example, creating an email sequence workflow that automatically is scheduled to send to people who opt-in to your email list is the absolute best way to streamline your email marketing process. It’s also important to segment your audience lists so that you optimize your email workflows — this way, you know where each person is in the customer journey experience.

    For example, if someone opts into your email list by signing up for a lead magnet (such as a free ebook), then you’ll want to add them to a cold lead list (since they’re just learning about your business). That way, you start to warm them up through emails before selling them on your products or services.

    By comparison, if you set up an audience list of past customers, you can remarket to them by offering reward-based promotions (such as exclusive Thank You coupon codes) to encourage them to purchase again.

    As you can see, setting up audience lists makes it easier to create different types of automated emails that drive brand awareness, boost sales conversions and incentivize repeat purchases.

    Related: Why Email Marketing Is Better for Your Business Than Social Media

    3. Implementing content curation tools

    Content curation is another excellent way for entrepreneurs and small business owners to save time on digital marketing. Using a content curation tool, such as Buzzsumo or Curata, you can quickly find and share relevant content in your industry without spending hours researching articles and sources. Content curation tools allow you to easily search for the best content related to your target audience, save it for later use, and share it on social media.

    In addition to sharing industry-focused content, you can also share inspirational quotes that relate to your target audience’s mindset. For example, suppose you’re selling beauty products geared toward women. In that case, you might consider quickly creating a beauty image (even a stock photo will suffice) with a caption by an empowering female icon (such as Coco Chanel or Marilyn Monroe). Women are inspired by motivational messages from these figures and will often engage with this type of content on social media (by liking, commenting, and sharing it). This is an easy, effective way to create content that gets results quickly.

    These are just a few simple ways that automation will help you save time in digital marketing. Implementing these strategies will allow you to focus more energy on other important business areas while growing brand awareness for your company and acquiring new sales leads.

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    Christina-Lauren Pollack

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  • Moonlighting underscores employer-employee relationship rules are changing

    Moonlighting underscores employer-employee relationship rules are changing

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    The raging moonlighting debate has underscored that this is a crucial moment where the rules of the employer-employee relationship are changing and companies will have to figure out newer terms of engagement with the workforce of the future, agreed the HR experts at the India Today Conclave in Mumbai on Friday.  

    Calling it a sociological issue, Prabhir Jha, Founder & CEO, Prabhir Jha People Advisory, said moonlighting refers to a fundamental collapse in trust and communication (between the employer and employee) and the ability of the top leadership to mingle with staff and pick these cues in time. “Yes, you can fire people because moonlighting is a violation of the contract as it exists, but you can’t fire 50,000 people. So, the solution is in improving the level of leadership conduct, maturing managerial competence, building greater trust and recognizing that flexible working and working by choice is here to stay and to what extent can we accommodate. It’s about redefining the way we work,” he said at a panel called ‘Moonlighting: Digital Economy’s Bane or a New Reality?’ 

    If you refer to moonlighting as unethical behaviour and sack X number of people, what it also implies that you haven’t taken route to warn, according to NS Rajan, Former Group CHRO, Tata Group. “If you want to take a moral high ground, should you be sacking them without giving them a chance, should you keep compensation disparity at the levels at which they are. If you are worried about your bottomline, the individual is worried about his safety net.” 

    On the way forward, Sonal Agarwal, Managing Partner, Accord India, said there are two kinds of employees in an organisation – the long-term employee who is building a career within the organization and the young emerging gig workgorce which is not looking it at that way — and organisations have to respond to them accordingly. “Perhaps rules need to be different for them than what it is for the traditional employees.” 

    Jha also said that the construct of talent staffing is going to change. “There will be a lot more of the gig or part association for the cost economies, or the inability of most companies to offer meaningful learning and career opportunities. You cannot be a uniform career providing employer to 10,000-50,000 people. “Smart management thinking will be to look at providing meaningful careers, string in people who are happier, search for talent beyond the obvious. So, they have to disturb their historical thinking, experiment a lot more, there will be mistakes but the future will give us very different models.” 

    Rajan also said that youngsters have moved from reverance to relevance. “Is what your offering relevant to my growth and giving room for my aspirations? Those are the things that are really changing.” 

    However, Agarwal cautioned that there are tradeoffs involved in gig work compared to working in a more structured environment as well. She said that manufacturing and industrial companies are hiring in full steam even amid the choppy waters in the job market amid global headwinds as they have invested heavily in the past few quarters, but services industry tend to go up and down. 

    Also read: ‘Loyalty has gone for a toss’: Millennials, moonlighting & start-ups

    Also read: Tech Mahindra CEO supports moonlighting, wants employees to take permission before taking side job

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