Finding Top Executive Talent in the Gig Economy: How the Tables Have Turned and What You Can Do About It
The war on talent has changed.
In fact, if I were in real estate, I'd say right now, it's a seller's market.
Because these days, workers are taking more control over their careers than ever before. And this includes everyone from millennials to Gen-Xers. The contingent workforce is continuing to grow, leaving organizations no choice but to follow their lead in terms of accommodating potential talent hires.
In fact, over 160 million people in Europe and the US alone are engage in the gig economy—30 percent prefer the independent route, while another 40 percent are choosing to supplement their income with gigs. They're carving their own paths and creating multiple revenue streams, so they can be their own boss.
The On-Demand C-Suite Challenge
The C-Suite “gig” economy is growing at a relatively fast pace. As more companies look to start or strengthen their contingent workforce to bolster major projects, more senior executives are finding their way into the gigging pool. As well, those in senior positions who are nearing retirement still want to be relevant and useful to organizations, which is leading to many seeking part-time, fractional or interim positions.
This is the new world of on-demand talent.
For organizations, it means having their pick of seasoned executives who can hit the ground running. However, when it comes to companies hiring senior talent, the search is never straightforward. It’s still mired in outdated processes.
When the pressure’s on to hire
The more pressure there is to get the right hire, the more challenging finding high-quality candidates can be. And the more difficult it is to find them, the more expensive the process—from finding the right person to generating the compensation plan that goes with the new role. (I remember sweating over trying to find a new CFO for a start-up I previously worked for. The thought of searching for talent daunted me, which is one of the reasons I developed Kahuso!)
For most business leaders or senior executives doing the hiring, when you finally decide you want to pull the trigger on a senior hire, it’s because you need them NOW and not in a few weeks or months from now. You need someone to step in and provide results sooner rather than later.
That’s why alongside the executive gig economy, we are also seeing the rise of Do It Yourself options for companies to find the talent they need in faster, easier, and more cost-effectives ways than traditional search methods. This trend still in its infancy, with many skeptical of the money-saving promise and the robustness/security of current online platforms choices.
But with the right (disruptive) technology, built by the people who have sat on both sides of the desk – senior hiring and HR managers, as well as freelance and fractional executives, the process actually streamlines everything while cutting out the middle man.
This helps companies get the first, most important leg of the search completed – finding the right high-quality candidates (Kahuso does this with its proprietary easy-to-use online wizard that walks companies through specific data points that include preferences, experience and skills required, cultural fit, etc. which then produces instant results—candidates who match specific criteria).
Using technology is one key to finding the perfect senior talent. But there’s more to consider in your search
You need to think like a candidate because the new crop of executive giggers are driving their own futures and are looking for a specific fit, just as you are.
Put yourself in the shoes of the candidate.
Forward-thinking, agile organizations are learning to cater to the new contingent crowd. Here's what they need to do:
Make it personal: Follow the trends of job-seekers to really understand what will capture their interest. For example, most workers today aren't as interested in a paycheque as they are in purpose. They want their work life to have meaning to both them and the organization and know that what part they play really matters.
Make the culture fit: Employees are looking for more autonomy and flexibility in their jobs. They want more independence and freedom over everything from their schedules to where they work and have more choice over what they take on.
Make onboarding easy: Bringing a contingent worker into the fold shouldn't be a lengthy or confusing process. Spell everything out in quick, easy-to-understand steps so they know who everyone is, how they fit into the organization, and don’t forget any details right down to how and when they get paid. This will show you are geared toward helping them be successfully engaged right from the start.
The new gig economy freelancers are picking and choosing where to work. If you don't provide the right kind of fit, they'll easily leave and go work for your competitors. Branding your organization as an innovative one that understands this growing new workforce is your best bet for attracting and retaining the right talent. Your scalability depends on it.
The first step is getting the right person in place. And Kahuso is here to help you do it. We offer Self-Serve and Full-Serve options for your next executive talent search. Contact us today to learn more or simply register at: Kahuso.