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Technology Creates a New Way of Exchanging Intelle

Technology Creates a New Way of Exchanging Intellectual Capital – Steve Driben

  • 31 Jul 2016
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Technology Creates a New Way of Exchanging Intellectual Capital:
Direct-Hire Executive vs. High-Level Consultant

Changes are being seen in the way employers and employees interact. Between the Millennial generations’ view on project-based employment, the economic recession, and corresponding disappointment as businesses and corporations are still forced to fire or lay-off loyal personnel going into 2016, both sides of the fence are reaching similar conclusions.

Mutual Benefits…

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There is an opportunity here for mutual growth and benefits from new perspectives. The way employers and employees interact can move forward into new territory and create better environments for all. Companies can remove the uncertainties of hiring an individual full-time and employees have the choice to accept a project, versus a position, providing more autonomy and encouraging the development of a special niche in expertise.

For the Business

When a company hires a full-time executive, the salary as well as bonuses and benefits, becomes a serious financial commitment. If this position is also newly created, refining the role can result in temporary inefficiencies and bear additional costs. The need for the role could fluctuate at different periods in the business cycle or there could be a need for short-term expertise during an expansion. The flexibility to make adjustments in different situations has merit.

Rather than hiring full-time executives, a company can hire an interim, per diem, per project consultant or contractor. The general trend anticipates about half of American professionals moving toward self-employment either full or part time by 2020. Project based work gives them choices and flexibility. Added control over their working life is a big motivator along with the concept of the work-life balance suited to the individual. While this is a trend, not all personalities may be capable of effectively operating this way. There are certain personality traits to look for when choosing a professional and a project-based individual.

For the Consultant

Consultants otherwise known as contractors, there needs to be an ability to self-motivate, stay organized, deal with potential fluctuations in income, and work unaided. They must successfully network to build and maintain relationships and communicate their reputation, skills, and expertise. This system of connections could be more important than sales and advertising.

Established executives have the experience, trust, and connections to share valuable knowledge and advise other executives as consultants on a temporary or contract basis when transitioning between full-time company positions. Executive portfolios, like Boardroom Advisory Group, provide a platform allowing consultants to display their specific skills and talents in order to be seen by other company executives and hiring managers looking for those relevant abilities. While waiting for select opportunities, these consultants stay connected with others in their respective fields, update skills in-between projects, and exchange new information in their industries. This process of locating and contracting talent is helping to shift the process of how business works.

Online Transitioning Executives and Established Consultants

Boardroom Advisory Group believes traditional career transition models are changing because the needs of professionals have evolved along with technology and economic circumstance. How we think about careers, corporations, and the economy is not the same as just a few years ago. We can choose the traditional direct-hire model for salary and benefits, but the trade-off is long hours, and we can no longer assume benefits and employment won’t terminate abruptly due to economic strife.

Transitioning to consultant or project assignments is a preference to work on a temporary basis in a more flexible way. There are already a significant number of companies willing to follow and outsource the right talent to create smaller, more specialized management teams, cap costs, and establish new solutions. These experts in their fields can choose whom they want to work with and what project best aligns with their skill set. Executives in between jobs or transitioning from direct-hire to consultant-based roles should maintain a position of authority and expertise that defines them as true industry thought-leaders.

Platforms such as Boardroom Advisory Group support professional business leaders, executives-in-transition, and consultants to proactively showcase their credibility and subject-matter expertise…substantiating and validating their knowledge and experience with the objective to better position them to land their next role, sign their next client or advance their career. For the professional who is in-between roles, it is critically important that they stay active in their area of expertise. Contract consulting, authoring articles or blogs and public speaking are a few examples these professionals can pursue. Consultants who continually strengthen credibility and maintain easily vetted subject matter expertise can command high hourly rates.

Reasons Businesses Contract “Intellectual Capital on Demand”

1. Fresh Perspective

2. Quick Engagement

3. Immediate/Measurable Results

4. No Permanent Overhead

5. No Long Term Commitments

6. Increased Accountability

7. Cross-Industry Best Practices

8. Mitigate cost

It is no longer necessary for individuals to sacrifice additional time to their employers for the sake of salary and benefits, and it isn’t essential for companies to bear the additional costs of fluctuating productivity regardless of the reason. It may not be everyone’s solution, but it is certainly a viable choice, one that should be considered to identify as a leading corporate executive, establish yourself as an industry thought-leader and strengthen your position as an industry subject matter expert.

About

Steve Driben is an Executive Advisor with Boardroom Advisory Group and a Business Performance Advisor with Insperity helping businesses run better, grow faster and make more money. To learn more, call (704) 559-9097 or email steve.driben@boardroomadvisorygroup.com.

Resources:

Greenstone Miller, J. 2015. The Rise of the Supertemp, https://hbr.org/2012/05/the-rise-of-the-supertemp

The Successful Independent Contractor: A Workforce Trend for the Future Produced by: Career Advisory Board, presented by DeVry University, and MBO Partnershttp://careeradvisoryboard.org/public/uploads/2014/06/Career-Advisory-Board-MBO-Executive-Summary_FINAL.pdf

Website, 2014. Renting Executive Talent, Special Projects, Vacancies, Newly Created Roles, http://www.c-suitecorp.com/Interim_Executives.html

Cook, G. 2016. Chowdhry: Major Tech Layoffs are Coming, Feds Dudley is ‘Clueless’ on Labor Market, http://www.benzinga.com/analyst-ratings/analyst-color/16/01/6149651/chowdhry-major-tech-layoffs-are-coming-feds-dudley-is-cl#ixzz3xgsbrgK3

 

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