The video discusses the current state of employment in the US, where companies are laying off workers while complaining about not being able to find enough employees. Some workers are min-maxing the system by working multiple full-time jobs, while others need to work hours of unpaid overtime at just one job. The gig economy is also consuming entire sections of the workforce.
The 9 to 5 workweek was created by American labor unions in the 1800s and became mainstream over 100 years ago. However, this one-size-fits-all model for work doesn't fit with every job and has been bad for employees and companies for three reasons:
-
It makes time a worthless asset: The 40-hour workweek was adopted by businesses like Ford Motor Company to make their company the most attractive place for Auto Workers to get a job. This allowed them to pull talent away from other automakers without paying their workers more. Other companies were forced to offer the same 40-hour workweek with paid overtime, eventually leading to 9 to 5 jobs for other industries. However, service jobs have different tasks and schedules, making the 9 to 5 model ineffective.
-
It's bad for employees and companies: Companies are realizing that they can cut down on expenses by doing away with the rigid 9 to 5 workday. This is especially true for skilled workers who can sell their services to businesses as private contractors, earning more money but losing job security.
-
It lets companies pull creative business maneuvers: New regulations intended to protect contractors and workers can trigger an audit to determine if contractors and other contractors working for the company meet their requirements to be counted as permanent employees. This can lead to companies using staffing agencies to handle all the compliance, which can combine all the problems of permanent employment with none of the benefits of being a private contractor.
The video concludes that the death of the 9 to 5 is not going to be a good deal for everybody, as companies are the biggest winners in this shift. Regular workers in the middle who can't be gig workers but aren't in demand enough to be contracted out are the biggest losers.
Summary for: Youtube