ANNOUNCEMENTS
The trajectory of the global economy has been governed primarily through the industrial revolutions, each fundamentally altering the economic landscape and the market. Currently, we are witnessing the fourth industrial revolution often referred to as industry 4.0. Characterized by the advent of artificial intelligence, advanced robotics and data driven economies, the newest industrial revolution is set to make radical changes in the global socio-economic landscape with data becoming the most valuable resource for businesses. One of the key developments of this industrial revolution has been the rise of the platform economy. Recording sharp growth, the platform economy has become one the newest and most trending forms of business.
In the platform economy, the core offering of the business is the technological platform itself which acts as a facilitator between two parties, whether of goods or services. On the global front, the value of the top 100 digital platform-based businesses was clocked in at $15 trillion USD and set to grow beyond (2021). In India alone, a NITI Ayog report suggests that the gig economy workforce is set to grow to a workforce of 23.5 million by 2030. While this form of business is applauded for it’s ability to facilitate employment with lower barriers of entry, the concern over the social sustainability of this type of a business is questionable.
The economy and job structures are witnessing a restructuring where the traditional employeremployee relationship doesn’t exist. In this new form of employment, ensuring the social sustainability of these business models, both for those employed and those using becomes a key concern. This paper examines the platform economy as a business and its terms of employment. It further breaks down the debate on how sustainable the current terms of the platform economy are from a social standpoint and makes a business case for ensuring social sustainability in platform businesses.
