In a recent webinar titled, “What MBO Partners’ 2018 State of Independence in America Report Means for Your Independent Workforce Program, presented by MBO Partners, Steve King, a leading expert on the independent workforce, and Gene Zaino, CEO of MBO Partners, discusses new data from MBO’s State of Independence in America research, and implications for independent workforce strategies.
MBO Partners has the industry’s only complete business operating system for independent workers, offering technology solutions that make it easy for self-employed professionals and their clients to do business. By re-envisioning and streamlining the entire contract talent acquisition and engagement lifecycle, MBO improves how independents operate and succeed while helping enterprises reduce risk and get the best return on their contractor investments.
“The independent workforce is a valuable pool of talent, offering great benefits to businesses including in-demand skill-sets, staffing flexibility, and access to knowledgeable experts without adding to company payroll. But just how much do you know about the preferences and trends impacting today’s most sought-after independent professionals?”
In case you missed the webinar, MBO Partners has ever-so-kindly provided a summary of the five workforce trends that is impacting the future of work.
The War for Talent
The war for talent refers to an increasingly competitive landscape for recruiting and retaining talented employees. There are many things causing this war for talent, including the fact that there are more job openings than job seekers now-a-days. According to the latest report from the Bureau of Labor Statistics, there were 7 million job openings in September, but only about 6 million unemployed persons per job opening.
Having talent communities can play a major role in dispersing the talent war, as they consist of a pool of engaged candidates who can be easily approached for new positions, and candidates who could have potential to work with a company. Building an effective talent community allows members to freely exchange ideas and information about topics ranging from career advice to feedback on employee opportunities.
Independent Talent Grows
According to the report, there are nearly 42 million people working independently, and many of them are highly-skilled professionals earning more than $100K per year. The improving economy is leading to more work and pricing power for this population, especially for those who have in-demand skills. These highly-skilled employees are beginning to realize that, they too, can become high-earning independents and enjoy the many benefits that come with lifestyle including increased flexibility and higher job satisfaction. As enterprises continue to seek out these type of employees, demand for them will continue to increase.
Enterprises are Turning to Independent Workforce
According to MBO’s State of Independence in America research, there is a continued trend of people chasing after independent work. “In fact, our research finds that the independent workforce is expanding three times faster than general employment. It therefore comes as no surprise that enterprises are increasingly relying on this growing pool of talent as part of their workforce strategy,” says MBO Partners.
Because independent professionals provide access to the specialized skills that businesses are struggling to find, its crucial for enterprises to tap into this valuable pool of workers to remain competitive.
Independent Employees are Happy Employees
Previously mentioned were the benefits that come with an independent working lifestyle, such as increased flexibility and higher job satisfaction. It’s no wonder that these professionals are happy with the way they work. MBO Partners research revealed that the jobs market has pulled reluctant independents back to a traditional job, increasing the percentage of high-earning independents who truly love what they do. Among highly-skilled independents earning $100,000 or more each year, 88% say they are satisfied or highly satisfied with their work.
Continued Growth with Independent Workforce
MBO adds, “the large majority of independent professionals feel happier and healthier working on their own, enjoy turning their passion into a career, and like being their own boss. As the project-based economy continues to grow, tax reform incentives encourage more people to form their own business, and online talent marketplaces proliferate, so will the number of people working independently.”
We encourage you to Check out the full State of Independence Research here or watch the full webinar here.
Looking for more? Download our talent management buyers guide and check out the top-24 products available in the market with full page vendor profiles, key capabilities and questions to ask yourself and the vendor before purchasing a talent management solution. For those just starting the talent management software search process, this is truly the best resource to help get you going.
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