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McKinsey Global Institute
3. How independent work may evolve in the future
specialized functions could one day give way to leaner core organizations that rely on a
loose network of external providers for many activities. Furthermore, in this era with high
smartphone
and Internet penetration, digital technologies are uniquely poised to have
transformational impact at large, and potentially global, scale.
Decades ago, economist Ronald Coase stepped back and asked a fundamental question
about why firms exist. The answer was that it is cheaper to perform many functions within
a company rather than going to the market every time something needs to be done.
Companies want to avoid finding an outside provider for every function then processing a
multitude of contracts and transactions—all processes that were difficult in Coase’s age
of limited and slow communication. Keeping functions in-house
avoided what he termed
“transaction costs.”
51
But the Internet is bringing those costs down dramatically. Search algorithms make it
possible for companies to find the talent or service they need instantly, while technology
enables seamless payment and coordination of the details of each transaction. Digital
technologies challenge traditional business models by considerably reducing costs
associated with search, coordination, and monitoring. Search algorithms make it possible
for companies to find the talent or service they need instantly, reducing search costs, while
automated systems enable seamless payment and coordination
of the details of each
transaction. Rating systems and user reviews send rich information signals to establish trust
between unknown parties.
52
As digital platforms evolve, these benefits are amplified by several factors (Exhibit 21):
Larger scale.
Digital platforms expand the pools of possible matches of earners and
customers and expand the range of tasks that are possible. Platforms leverage the scale
of the Internet, reaching a much larger market size than most traditional businesses.
Some 60 to 70 percent of traditional New York hotel rooms are in Midtown Manhattan.
In contrast, 83 percent of Airbnb
rentals are outside Midtown, opening up new areas of
the city to visitors by increasing access in previously underserved areas.
53
For activities
that do not require in-person services (such as selling online goods), the potential scale
and reach is truly global. Assignments posted on Amazon’s Mechanical Turk, such as
cleaning databases or transcribing text, can be done by workers anywhere in the world.
The products that individual sellers list on Etsy or eBay can be seen by a huge global
audience of potential customers.
Faster and more accurate matches from real-time information.
Digital platforms
accelerate searches by using algorithms that can match
to the specifics of the
task, good, or asset being offered or sought. They may be combined with real-time
information that allows for more seamless and efficient coordination between the two
transacting parties, even down to time and location. Most on-demand digital businesses
will complete a transaction instantaneously, executing both search and payment for
services in just a few clicks.
Lower entry costs.
The cost of adding more participants is negligible for the platforms
themselves, and the barriers to entry for new workers to join can be similarly low. Anyone
can create a profile and start looking for assignments on a platform such as Freelancer.
com. Individual artisans can set up shop for free on Etsy and post listings for 20 cents
each, making it easy for them to start selling.
Similarly, listing a room, apartment, or
51
Ronald Coase, “The nature of the firm,”
Economica
, volume 4, number 16, November 1937.
52
A labor market that works: Connecting talent with opportunity in the digital age
, McKinsey Global Institute,
June 2015.
53
“Airbnb community tops $1.15 billion in economic activity in New York City,”
Airbnb press release, May
12, 2015.
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McKinsey Global Institute
Independent work: Choice, necessity, and the gig economy
home on Airbnb, VRBO, HomeAway, or a similar rental site is also a much faster process
than opening a licensed B&B, even in locations where hosts
are required to register
with city authorities. Digital platforms are able to reduce these costs by building on
familiar technologies (such as smartphones and the Internet), and they often cut out
additional middlemen.
Richer information signals and ancillary services.
Digital platforms provide a
measure of credibility that reassures both independent workers and their customers
both pre- and post-transaction. They remove much of the risk of non-payment by
creating a payment infrastructure and a protocol that has to be followed as a condition
of participation on the platform. Buyers and sellers build trust immediately because of
reputation engines that aggregate ratings and reviews from past interactions. They also
collect information for a faster resolution to disputes. These are
critical foundations for
building larger markets for in-person services, since both customers and workers want
assurances of personal safety. These systems also give individuals greater ability and
confidence to conduct transactions with customers or clients across borders.
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