More freedom, less privacy: The digital economy is changing the way we work | CNBC Reports

Summary

The digital age is revolutionizing the workplace, with companies like Three Square Market microchipping employees for access and payments. Workers now seek flexibility, job-hopping, and remote work, driven by the gig economy and digital platforms. These platforms, worth trillions, offer global job opportunities but raise questions about productivity monitoring and digital surveillance. The EU's GDPR empowers workers to access their data, while the potential for microchips to track employee movements sparks privacy concerns. As work evolves, trust in data and protective policies become crucial.

Takeaways

• 🕒 Traditional 9-to-5 work schedules are evolving as the nature of work changes dramatically.
• 💉 Companies like Three Square Market are experimenting with microchipping employees for convenience and efficiency.
• 🌐 The gig economy and digital platforms are breaking down geographical barriers, allowing for more global and flexible work.
• 🔗 The digital platform economy is facilitating new forms of work, such as freelancing and gig-based jobs, which were not common in the past.
• 🌟 The top seven 'super platforms' are worth nearly half of the total worth of the global platform economy, indicating their significant impact.
• 🌍 Online freelancers from India, Bangladesh, and the U.S. are major contributors to the global digital workforce.
• 🔍 Companies are adopting digital surveillance methods to monitor productivity, especially for remote workers.
• 🛡️ GDPR has empowered workers like James Farrar to access and control their personal data collected by companies.
• 🏢 The potential for microchipping to expand beyond convenience to tracking employees' movements raises privacy concerns.
• 🔐 BioTeq's microchips, while currently used for access and payments, could be used to store and protect personal data more securely than cloud storage.
• 🌟 The OECD emphasizes the importance of data as a critical resource and the need for policies to protect individual data in the changing work landscape.

Q & A

What significant change is happening in the traditional 9 to 5 work schedule?

The traditional 9 to 5 work schedule is changing dramatically with the rise of digital platforms and gig economy, allowing for more independent, entrepreneurial workers who can job-hop and work from anywhere at any time.

Why did Three Square Market announce plans to microchip its employees?

Three Square Market, a Wisconsin-based company, announced plans to microchip its employees to explore the extreme of digital transformation in the workplace, potentially using the microchips for tasks like paying for office snacks and entering the building.

How is the gig economy affecting the mindset of workers according to the script?

The gig economy is breaking the traditional bonds between workers and a physical work space, leading to a mindset shift where workers value independence, entrepreneurship, and the flexibility to work from anywhere.

What is the role of digital platforms in the new economy as described in the script?

Digital platforms play a crucial role by facilitating interactions between users and creating new forms of work, such as being an Uber driver or a freelancer, which are part of the platform economy worth trillions of dollars.

What challenges do companies face in monitoring productivity when workers are not in a traditional office setting?

Companies face challenges in monitoring productivity remotely and may have to rely on trust or digital monitoring methods to track mood, output, and movement of their employees.

How does the script describe the potential of microchipping technology in the workplace?

The script describes microchipping as a technology that could become commonplace, potentially replacing keys, money, and passports, and could be used for tracking employee movements and activities within the workplace.

What is the significance of the General Data Protection Regulation (GDPR) mentioned in the script?

GDPR is significant as it is a legislation that empowers consumers to take control of their data, allowing them to access and understand what data companies have collected about them, as illustrated by James Farrar's case.

What is the role of the non-profit organization Worker Info Exchange in the context of the script?

Worker Info Exchange, founded by James Farrar, helps digital platform workers access the data collected about them, aiming to provide transparency and fairness in work allocation and payment.

How does the script address concerns about personal data security with the rise of digital monitoring?

The script addresses concerns by discussing how data can be managed through encryption, password protection, and the ability to wipe or change data, suggesting that having data in a microchip within an individual might be safer than cloud storage.

What does the OECD say about the importance of data in driving economies of scale?

The OECD emphasizes that data is a critical resource that could drive economies of scale globally, but for this to happen, trust around data use must be established, requiring governments to implement policies to protect individuals and their data.

What does the future of work look like according to the changes discussed in the script?

The future of work, as discussed in the script, is characterized by exponential changes, with a shift towards more digitalization, remote work, and potentially increased monitoring through technologies like microchipping, requiring adaptable policies to protect workers' data and rights.