Gig-Executives And the Recovery
“I have only one goal in mind
that's to catch the light at the end of the tunnel
I have gone through so many obstacles to get to where I am now.”
from a poem by CCCamps
Just a few days ago, a Bloomberg article started out with, “the U.S. economy is slowly coming back to life as restrictions on businesses loosen in all 50 states, but the economic fallout of the coronavirus pandemic is far from over.”
On the other hand, two-thirds of US executives surveyed expect the American economy will recover from the recession within one year, according to a survey of 300 decision-makers conducted by TMF Group.
While there may be different thoughts on how long it will take, the recovery from the pandemic-induced recession presents a tremendous opportunity for gig-executives, and vice-versa.
Because at a time of uncertainty, a time where experience provides exceptional returns, and a time when a business may not be able to afford more expense than necessary, working with interim or fractional executives may just be the smartest thing to do.
Control costs and only pay for what you need.
Gig-Executives are available on a part-time basis, or fractional, just for a specific time period, or project-bound. Why pay for more than you need?
Cerius wrote recently: “So why hire full-time executives? Simply because you can get top talent for a short time for specialized jobs. One doesn't have to own the executive or a team of executives. It is much like owning a car versus leasing a car. You lease a car for a short period and maybe even afford an expensive one. Similarly, you lease an executive whom you cannot afford on a full-time basis. This way, mistakes on wrong hires can be avoided.”
Interim Executives maintain the highest professional standard.
“It is a myth that the gig economy utilizes executives who are in between jobs or are not top rated,” Cerius writes. “In fact, A players are available in the gig economy, who can get the business of their choice and are also able to keep their business too, by selling their skill rather than join a company.”
Their future work relies upon referrals and a successful track record. Interim Executives are paid on the understanding of goals and objectives being performed and delivered, and not merely based on attendance.
Odgers Berndtson: “They’re at the top of the functional heap, and they love to grow things, build things and fix things. They’re looking for flexibility, and they want to feel like they’re contributing to growing and changing an organization for the better.”
Been-there-done-that.
There is most certainly someone out there and available who has done already for another organization, what you are looking to accomplish. That means virtually no learning curve.
MHP states it perfectly: “Fractional executives are elite operators with functional expertise and tactics required to achieve objectives. They are not strategizing on the sidelines – on the contrary, they are experts at integrating into numerous different company cultures.”
And since the economy is in recovery mode, many of the gig-executives have that experience going back to the financial crisis (2007/2008) and the burst of the dot-com bubble (2001/2002).
Taking the risk and timing out of permanent hiring.
“Hiring executive-level contactors gives business leaders a good amount of flexibility,” writes John Reese. “If an experienced freelancer comes in and knocks it out of the park, the employer can extend a longer-term offer. Conversely, if the contractor doesn’t seem right for the position, both sides can move on with minimal fuss.
Indeed, Mavenlink’s research found that 79 percent of business leaders consider the use of contractors to be a competitive advantage, and another 61 percent said they consider agility critical to their success. Businesses are starting to recognize the growth advantages of using these “super temps”, and the trend is only likely to take off further.”
Address the lost human capital.
Louise Sheiner and Kadija Yilla wrote about the damage to the economy and the workforce, as a result of the recession: “The relationship between workers and firms is valuable. Employers and workers typically spend a lot of time in finding a good match, and workers then acquire firm-specific skills and knowledge. If businesses lay off their workers during the lockdowns, those workers might start looking for other jobs, [join competitors,] or they may leave the labor market altogether. That means that all that human capital will be lost. Once firms can reopen, they may have to start the process of finding and training workers again. This will also slow the recovery.”
If your organization had to lay people off to survive the initial downturn, make sure your recovery is fast and furious. Gig-Executives are here to help.
Talk to us to find out how our interim and fractional sales leaders can help.
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Cerius – The Gig Economy, Interim Management, and How Your Business Can Use Both
Odgers Berndtson – Disruption and demand for growth leads to rise of gig executive
John Reese – Surprise: Senior Executives Sought in Gig Economy
Louise Sheiner & Kadija Yilla – The ABCs of the post-COVID economic recovery
Bloomberg – U.S. Economy Is Opening Back Up, But the Covid-19 Fallout Will Linger
MHP – What is a Fractional Executive?
Bankrate - When will the U.S. economy get back on track following coronavirus shock?
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