The Pros and Cons of the On-Demand Economy
It's apparent that digital technology is impacting the world in numerous ways. However, one of the most profound and visible signs is how it's disrupting organizations and leading to entirely new business and work models. Consider this: The likes of Uber, UpWork and EatWith have introduced entirely new ways to work. In fact, these approaches wouldn't have been imaginable only a decade ago. A recent report from the Institute for the Future, "Voices of Workable Futures: People Transforming Work in the Platform Economy," snaps the issue into perspective: "A new generation of workers is already inventing the landscape of work for the coming decades," it stated. "They're revolutionizing the labor economy by tapping into algorithmic matching platforms, turning their skill sets and spare capacities into new kinds of income streams." Marina Gorbis, executive director for the institute, noted, "We need to be having the right conversations. …We don't want to stifle the amazing innovation that is creating these new ways to work." The report defines seven archetypes of the on-demand economy and outlines the motivations, reasoning and realities. Following are some of the key points.