Weekly roundup: DAOs, 007, and the federal budget

From DAOs to the Australian federal budget and even James Bond, there’s a lot going on in the HR world! Read on to discover some of the hot topics we've noticed this week.

HR and the federal budget

The federal budget is the big news in Australia this week. We’ve covered this on HR Leader, including a rundown of some of the main points relevant to HR, with comments from experts, and what this news means for lawyers.

Our coverage includes thoughts relating to:

• Paid parental leave
• The Fair work ombudsman
• Respect@Work
• Unemployment rate predictions
• Wage growth
• Productivity and skills
• Industrial relations

Swaab partner, Michael Byrnes shared with HR Leader: "One significant aspect of the budget is the expansion of the paid parental leave scheme. By 2026, families will be able [to] access up to 26 weeks of paid parental leave. Not only is this seen as an important initiative to improve gender equality, it is also a productivity measure, designed to improve workplace participation."

Read what else Mr Byrnes said as well as other commentary.

The rise of the DAO

As reported by Management Today, the rise of the decentralised autonomous organisation (DAO) has been noticed.

For our readers who aren't familiar with DAOs, Wikipedia describes this concept as: “an organisation constructed by rules encoded as a computer program that is often transparent, controlled by the organisation's members and not influenced by a central government. In general terms, DAOs are member-owned communities without centralised leadership.”

And DAOs are explained by Analytics India Mag: “there are neither accounts departments nor their manager approving everything. Instead, the entire operation runs on publicly verifiable codes and smart contracts.”

DAOs have made their way to Australia and offer a unique take on working, abolishing the traditional hierarchy of a workplace.

The Australian Financial Review reported back in March this year on how the Treasury was looking to get some legislation organised for DAOs, stating: "Treasury is considering the legal form of a DAO – a new model for corporate governance involving internet communities rather than boards of directors and professional managers – as the government seeks to attract developers in the Web3 economy to Australia while considering how to tax the innovative structures."

Management Today says the corporate hierarchy is the “least worst option" however, claiming that there’s a reason for hierarchy because it creates stability. Management Today concluded: "Maybe we should admit that corporate hierarchy, while imperfect, remains the least worst option we have. And maybe we should skip to the end of the DAO story, where a lot of people lose a lot of money in pursuit of their bossless utopia. Leaders, it seems, are here to stay whether we like it or not."

Diversifying 007

As seen is the Human Times 24 October bulletin, British intelligence has launched a drive to diversify its staff. With the Human Times declaring: "Spy chiefs seek working-class James Bonds", one might ask if this is an opportunity for a minority James Bond?

The Summer Diversity Intelligence Internship is being offered by Mi5, Mi6, and the Government Communications Headquarters (GCHQ).

Requirements for applying as posted by GCHQ are: “to apply for this internship, you'll need to be in your penultimate or final year of university, from a Black, Asian or Minority Ethnic background, and from a socially or economically disadvantaged background.”