Flexible and effectively functioning market of labor is one of the most important parts of innovative economy. At the same time, modern development of economy is impossible without productive employment which is a derivative from effectively functioning flexible labor market which allows reacting on economic challenges.
Moving to innovative economy escalates competitiveness in the market of qualified labor workforce. According to that, competitiveness in the international labor market of leading countries will have a significant importance. Such competitiveness will lead to rising of the level of requirements (in the sphere of payments, social loyalty and guarantees, safe labor conditions, etc.) of employees to job positions, and also to aggravating of the problem of reducing of aggregative supply of of workforce in the labor market.
Then innovative economy is impossible without clear and correct rules of labor market functioning. Functioning system of control should be arranged in order to legalize labor relations and other kinds of occupation which bring a profit.
According to general tendencies of economic development, it is important to raise flexibility of labor market and to reduce illegal employment. Improvement of statutory conditions in the sphere of labor and employment which stimulate the development of employment, including flexible forms which do not require a full-time schedule is needed. Time trackers can become official tools for monitoring of employees in case of remote employment. A balance in growing of labor costs (especially in sectors with quickly changing structure of products and service production) should be found by means of social protection of employees, by using of time trackers and by saving of competitiveness of production.
The other important point is rising of the level of labor resources effectiveness. It can be reached by getting the correlation between salaries and work productivity more powerful. A time tracker can help to follow this correlation and to minimize difficulties connected with correct calculating of wages.
Stimulation of employment of disabled people and women who have minor children and disabled children can be provided by developing of remote work. Using this type of employment, people are able to arrange their own work schedule. They, as well as ordinary full-time employees, will be able to implement their tasks under control of management provided by time trackers.
Remote work becomes popular in conditions of innovative economy. Employees find more and more advantages of remote work, as well as companies. Involving remote employees, they save a lot of money and they do not worry about effectiveness because they use time trackers. Why not to use this tendency in order to build a new system of labor market? These and other strategies of development can be easily used in practice in order to provide correct development of modern labor market.