How Long Will the Independent Worker Boom Last?

Fractional specialist and freelancers are popping up everywhere nowadays. Whilst they are mushrooming, the question is will this working model last?

Given the challenges for most organizations of finding the right skilled talent within an affordable and reasonable  budget, the surging numbers have increased significantly and are continuing to rise.

Independent contractors and temporary workers are not a new phenomenon but how businesses and outsourced workers are working together is changing the dynamics of the workplace.

From functional to the C-suite, the categories of the highest independent workers include data sciences, machine learning, artificial intelligence, content creation, marketing and supply chain. C-suite executives are also on the rise because of the affordability factor.

A challenge most organizations face is that they do not know how to work with contractors and freelancers. They try to force them into a full time employee model but the reality is that these are not employees.

Freelancers previously covered specific skills but today, they are covering a wide range of roles at all levels of the organization.

“Fractional” specialists are also on the rise. These are generally specialists in their field and work for one or more clients with specific duties either or a project basis or an ongoing basis. Fractional specialists tend to be more deeply integrated in the business and work on a more strategic level for a longer time.  They get paid regularly as a monthly retainer fee.

“Independent contractors” are generally skilled individuals who work on a project basis with a fixed fee.

“Gig workers” tend to source and secure work from online platforms.

With the flexibility of hiring specialized skills on an as-needed basis has tremendous value for small and medium-sized businesses as they can benefit from the expertise that perhaps they cannot afford on a full time or permanent basis.

Independent workers are cutting across all demographic segments – age, education and income.

With many companies shifting to a more agile workforce made up of independent workers, has this triggered to a more conducive way of working for both the employer and individual.

Many executives like this trend as they see the benefits of reducing their overall payroll costs.  Freelancers and contract workers do not receive any paid vacation or health and pension benefits

What’s driving the need for independent workers?

The business world is moving incredibly fast and technology is evolving even faster. Companies now need to move at the speed of light and independent workers are the solution.

Whether fractional, freelancers or gig workers, they all offer the following benefits that allow companies to scale and optimize their speed and time to market:

• specialized expertise – niche skills and experience;
• adapt quickly to changing business environments;
• bring fresh perspectives and ideas that drive innovation
• cost and profit optimization as they reduce the costs of hiring full time and permanent employees.
• global talent across all time zones, languages and cultures.

Whilst may traditional CEOs and business owners still want long term and stable employees, they are being forced to face the reality that the independent workforce revolution is strong and getting even stronger ……… for now anyway.