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Deconstructing the gig economy | Yield PRO

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With control of Congress and the White House, Democrats are making labor policy one of their first priorities. Ironically enough, that’s actually bad news for independent contractors and gig economy workers across the country.

The legislation at the core of their agenda is the PRO Act, which Democrats just re-introduced with sponsors including Speaker of the House Nancy Pelosi and Senate Majority leader Chuck Schumer. Among many other things, the bill would severely restrict the legal definition of independent contractors in a way that would largely end the gig economy as we know it.

The legislators’ stated intention is to protect workers and bolster their rights under law. Through the reclassification of independent contractors, Democrats hope to force gig economy companies to hire workers as full employees and thus provide them the accompanying salaries and benefits.

“The men and women of labor are the backbone of our economy and the foundation of our strength,” Pelosi said. “With American workers seeing their lives and livelihoods devastated by the ongoing pandemic and economic crisis, the reintroduction of the PRO Act is more important than ever.

“I am proud to join my colleagues in introducing this legislation to put more money in the pockets of hard-working Americans, creating a foundation that provides livable wages to our families,” Schumer added.

The context here is crucial, because this legislation isn’t coming out of nowhere. It’s modeled after a similar but highly controversial California bill, AB 5, that likewise forced the reclassification of independent contractors.

President Biden supported AB 5 at the time, and is on the record supporting the PRO Act, too. And now that Democrats control Congress, it could pass the House and find support from the White House.

The only question would be whether it could make it through the closely-divided Senate.

It’s worth examining the sweeping impact this legislation would have on the economy.

Millions of jobs outlawed with the stroke of the pen

The PRO Act would outlaw millions of existing jobs with the stroke of the president’s pen.

After all, it would make illegal any independent contractor arrangement where the worker provides services within “the usual course of the business of the employer,” meaning jobs like Uber drivers, Doordash drivers, Instacart grocery deliverers, and more could not exist as we know them. There are roughly 10.6 million independent contractors in the US, accounting for 6.9 percent of all employment. Some of these workers might not be affected by the law and some others may get hired on as full-time as a result. But there’s little doubt that millions more would find themselves unemployed.

For example, Uber alone employs more than 1 million drivers in the US. It’s nearly certain they would all lose their jobs under the PRO Act, because Uber already runs a loss, not a profit, and adding an independent contractor as a full staff member counts roughly $3,625 per driver. Basic math tells you that most of these workers would end up being let go; Uber could even go under. After all, the California legislation nearly forced Uber and Lyft to shut down operations in the Golden State altogether until a last-minute ballot referendum modified the law.

Uber is just one company and one example. But freelance workers such as journalists, photographers, florists, musicians and more all lost work in California under legislation similar to the PRO Act.

“Transcription allowed me to stay at home, be my own boss, and control my workflow and whom I work with,” 72-year-old transcriptionist Dori Lehner told the Independent Women’s Forum. “I only have one direct client now, and I only get work when they have it. My income has dropped down to a quarter of what it was before AB5.”

“A mom-and-pop studio can’t hire me and put me on payroll for a one or two hour lecture that I do once per month,” part-time yoga instructor Jennifer O’Connell said.

“That’s wiped out so much work,” she added, explaining that she’s lost roughly three-fourths of her freelance income.

The authors of AB 5 and the PRO Act likely earnestly believed they were going to help workers like Lehner and O’Connell. But the ugly results of their policy naivete will leave many like them unemployed instead.

Unintended consequences always plague big government regulation

The lesson here is clear. The Democrats’ latest labor proposal is a case study in unintended consequences, which inevitably plague big-government interventions into a vast and diverse economy.

“Economic policies need to be analyzed in terms of the incentives they create, rather than the hopes that inspired them,” famed free-market economist Thomas Sowell wrote. “The programs that are being labeled for the poor, for the needy, almost always have effects exactly the opposite of those which their well-intentioned sponsors hope them to have.”

“It’s not enough… to endorse legislation that has a nice title and promises to do something good,” economist Robert P. Murphy wrote. “People need to think through the full consequences of a policy, because often it will lead to a cure worse than the disease.”

Nancy Pelosi and Chuck Schumer clearly haven’t thought this through. If the PRO Act becomes law, it won’t help independent workers—it will eliminate their jobs or strip them of the flexibility that attracted them to the gig economy in the first place.


Source Brad Polumbo, fee.org

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Gig Economy Market 2021 | Covid19 Impact Analysis | Business Outlook, Growth, Revenue, Trends and Forecasts 2026

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Gig Economy Market
A new business intelligence report released by Qurate Research with the title “Global Gig Economy Market Research Report 2021” that targets and provides COVID-19 Outbreak comprehensive market analysis with prospects to 2026. The analysts of the study have acquired, extensive research methodologies and data sources (i.e. Secondary & Primary Sources) to generate collective and useful information that delivers the latest market undercurrents and industry trends. The report provides a comprehensive overview including Definitions, Scope, Application, Production and CAGR (%) Comparison, Segmentation by Type, Share, Revenue Status and Outlook, Capacity, Consumption, Market Drivers, Production Status and Outlook and Opportunities, Export, Import, Emerging Markets/Countries Growth Rate. The report presents a 360-degree overview of the competitive landscape of the industries.

The report evaluates the global Gig Economy market size, share, and growth rate and provides an accurate projection for similar facets by thoroughly studying historic as well as the current status of the market. The report presents a market analysis based on revenue and sales volume. It also allows for gaining comprehensive acumen in upcoming business opportunities, obstacles, threats, and hindering factors in the market.

Besides, the report sheds light on the significant evaluation of leading contenders who have been performing in the market to satisfy the desired needs and anticipations of end-users. The report offers in-depth insights into leading market players, alongside their corporate and organizational profiles, financial details, manufacturing methodologies, and so forth. Statistical details in terms of revenue, sales volume, profit margin, and CAGR have been included in the report. Additionally, the report comprises recent strategic and tactical moves that help to form their own lucrative business stratagem and make profound business decisions.

This report categorizes the market based on manufacturers, regions, types and applications.

A thorough assessment of leading manufacturers including their profiles, pricing structure, and product specifications of Gig Economy Market:


TaskRabbit
BellHops
Guru.com
HopSkipDrive
Freelancer
Rover
Upwork
Fiverr
DoorDash
Favor Delivery
Turo
Twago Enterprise
Handy

Key Market Segmentation as follows –

Type Segmentation

(APP-based, Website-based)

Industry Segmentation

(Freelancer, Independent Contractor, Project Worker, Part-Time)

Buy Latest Copy of Report! @ https://www.qurateresearch.com/report/buy/MnE/global-gig-economy-market/QBI-BIS-MnE-939056/

Market Segment by RegionsNorth America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia etc.), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Additionally, the report discusses provincial trade frameworks, entry barriers, and varying economic structures.

Moreover, the report presents industry overview in a portrayed view to offer a wide acuity of the global Gig Economy market. It also provides a detailed analysis based on a competitive landscape that aids a reader to obtain a thorough perception of competitive advantages, contender’s missions, core values, and niche markets. It also highlights how the Gig Economy market is associated with its peer and parent market. Further, the report illuminates its impacts on the international economy throughout the period between 2021 and 2026.

If you are involved in the Global Gig Economy industry or intend to be, then this study will provide you a comprehensive outlook. It is vital you keep your market knowledge up to date segmented by major players. If you have a different set of players/manufacturers according to geography or needs regional or country segmented reports, we can provide customization according to your requirement.

The Global Gig Economy Market Report Enfolds:

• Extensive delineation of Gig Economy industry overview.
• Cardinal synopsis of every leading contender performing in the global Gig Economy market.
• Statistical assessment of Gig Economy market size, share, revenue, growth rate, and sales volume.
• Precise details based on Gig Economy market segmentation.
• Valuable information on the changing-pricing structure.

Major Points Covered in TOC:

Gig Economy Market Overview
Gig Economy Market Segment by Type
Gig Economy Market Analysis by Applications
Gig Economy Market Analysis by Regions
Gig Economy Market Dynamics
Gig Economy Manufacturers Profiles
Gig Economy Market Forecast (2021-2026)
Sales Channel, Distributors, Traders and DealersResearch Findings and Conclusion

Any query? Enquire Here For Discount Or Report Customization

Contact Us:

Web:www.qurateresearch.com
E-mail:[email protected]
Ph: US – +13393375221

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Note: In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.

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What freelancers should know about navigating the gig economy

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In this episode of In The Know’s Getting Rich, financial expert Carmen Perez chats with certified financial planner Brittney Castro on everything freelancers should know about the gig economy.

The gig economy refers to freelancers, contractors or anyone with a specialized skill set including graphic design, home repairs and web development. But freelancers have to consider things full-time works may not have to, like the cost of private insurance and setting aside taxes. When you’re self-employed understanding personal finance can make or break you but it can also offer you freedoms a nine to five can’t.

“The main feature of this type of work is freelancers get to take on as much or as little work as they want, set their own pay and generally work across a variety of different industries,” Perez said.

A common misconception Castro, the founder of Financially Wise Inc., runs into with freelancers is the belief that creatives can’t handle the financial side of things.

“Creativity is so valuable with finances and wealth creation. If you just stop saying that and take the time to learn and get yourself empowered, you’ll probably be really good at managing money,” Castro said.

So to ensure you get all those sweet freelancing perks, you’ve got to be prepared.

“Make sure you have a separate account for taxes. All and any money that you make, [make sure] you’re setting aside the right amount of taxes for that,” Perez said.

Keeping records in one place whether it’s QuickBooks or a notebook, will make things that much easier on tax day. 

Another piece of advice from Castro was to think of yourself like a business from day one.

“Separate your business and personal checking accounts right away. Have a business name, have a business entity,” Castro said. “Maybe you have to learn bookkeeping, maybe you have to learn health insurance, learn about benefits. It can be frustrating and challenging but with those learning curves you get empowered and you keep going.”

During slow periods when less work is coming in, Perez recommended an emergency fund to ensure bills get paid.

For freelancers who are past the beginner stage and ready to level up, Castro suggested to start investing.

“Investing in things that will grow your money faster than your savings or checking account is the name of the game,” Castro said. “Start with one, figure out where your natural interest lies, focus on that investment category. Then commit to constantly learning.”

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The post What freelancers should know about navigating the gig economy appeared first on In The Know.

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Almost two fifths of gig economy workers get less than a week’s notice over shifts or work patterns

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Close to two-fifths  of UK workers in full or part-time employment are given less than a week’s notice of their shifts or work patterns, according to new research conducted by the Living Wage Foundation. 

The research – based on two surveys, of over 2,000 UK adults in each case[1] – addresses a gap in the UK’s labour market data and understanding of hours insecurity, being the first recent study to assess notice periods for work schedules across the workforce.[2]

The study found that among the 59% of workers whose job involves variable hours or shift work, over three-fifths (62%) reported having less than a week’s notice of their work schedules. At the extreme, 12% of this group – amounting to 7% all working adults – had less than 24 hours’ notice.

While short notice periods affect workers throughout the UK, they are particularly common in London, where almost half (48%) of all workers received less than a week’s notice of work schedules. Scotland (35%), the South of England excluding London (34%), and the North of England (33%)  are areas where short notice periods were less common.

A second survey conducted by the Living Wage Foundation homed in on the experience of full-time, low-paid workers, finding that they were particularly hard hit by short notice of working hours. Of those working full time and paid below the real Living Wage of £10.85 in London and £9.50 in the rest of the UK, more than half (55%) had less than a week’s notice of work schedules, with 15% having less than 24 hours’ notice. Low-paid, full-time workers from Black, Asian and minority ethnic backgrounds[3] (68% of whom had less than a week’s notice of work patterns) and those with children (64%) were also disproportionately affected.

Laura Gardiner, Director, Living Wage Foundation, said:

“Without clear notice of shift patterns provided in good time, millions of workers have had to make impossible choices on childcare, transport and other important aspects of family life. Low-paid workers have been particularly hard hit during the pandemic, with millions struggling to plan their lives due to the double whammy of changing restrictions on economic activity and insufficient notice of work schedules from employers.

Despite this, and the challenges many employers have faced, some have stepped up during this crisis and committed to provide workers with secure, guaranteed hours and notice of shift patterns. These are the businesses that will help us rebuild and recover, and we encourage more employers to follow their example.”

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