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HR Learning of the Day Flexicurity
Flexicurity is a labor market policy concept combining flexibility for employers and security for employees. It aims to balance the needs of businesses to adjust their workforce with the workers’ demand for stability and job security. Originating in Europe, particularly Denmark and the Netherlands, flexicurity is seen as a solution for modern labor market challenges.
Core Elements of Flexicurity in HRM
1. Flexible Labor Markets: Policies allowing employers to hire or let go of employees based on business needs. Examples include temporary contracts or reduced dismissal costs.
2. Comprehensive Security for Workers:
Job Security: Support systems like retraining and upskilling programs to help employees stay employable.
Income Security: Unemployment benefits ensuring financial stability during transitions.
3. Active Labor Market Policies: Investments in training, education, and career guidance to help unemployed individuals re-enter the workforce.
Benefits:
For Employers: Easier workforce adjustments, increased competitiveness, and cost efficiency.
For Employees: Better access to lifelong learning, reduced fear of unemployment, and smoother career transitions.
Example:
India’s labor market, characterized by a significant informal sector, poses challenges for implementing full-scale flexicurity. However:
Skill India Mission: Focuses on skilling youth, providing employability and security.
Social Security Code 2020: Aims to extend social security benefits like health and unemployment benefits to gig and platform workers, aligning with flexicurity principles.
Please note that all HR Words have been Sourced from Google/Wikipedia and I copy from different places, edit using GenAI and share with everyone while learning something new everyday. Image Source ChatGPT
Have A Great HR Day
Regards
Dr. Vishal Verma
