Companies are Adapting to the Advantageous Expert-on-demand Trend
Main Reasons why corporates are preferring working with expert-on demand leading to a major transition in the talent acquisition economy.
According to a news report published in Economic Times, there is a 50–100% growth in demand for top-level management and senior executives in the field of technology, e-commerce, pharmaceuticals, life sciences, manufacturing and industrials. Etc. Moreover IT firms, banks and private equity payers, unicorns and nascent entrepreneurial start-ups, almost everyone is in the process of hiring the top-level managers, say the top-notch talent acquisition consultancies. In a usual scenario, when the hiring is going on aggressively, the shortage of the right kind of candidate, compels organizations to pay higher compensations. Whereas in a gig culture, corporates get a chance to work with CXO on an assignment basis for a pre-defined period, avail specialized services with reduced liability and cost.
As per the new trend, many business organizations are diversifying and funding new start-ups which are aggressively networking for the right kind of leadership to lead the vision of growth and drive the workforce responsibly. Placing the right candidates with high caliber talent is fundamental to the growth of any business as leadership in senior management levels and executive positions play a crucial role in driving innovation and implementing strategies to achieve organizational goals.
Recently with the great resignation trend, there is an ambitious force of experienced and self-driven C-suite professionals and gig CXOs are available in the talent pool. These professionals work as independent consultants, provide their services, on terms that are agreed upon by both parties. The organizations can hire them for intermittent assignments and then once the defined task is completed, they can be released. In case, the work of the interim professional impresses the bosses, they can be hired on a permanent basis.
Hence, opting for interim gig CXOs for assignments of a pre-defined period can prove an advantageous decision to the organization. A few new Hyderabad-based business set-ups have accelerated their growth with the advice of interim C-suite professionals.
Post-pandemic, the gig culture is spreading in various sectors for the benefits it offers:
1. Contractual Arrangement: — The organization can hire a gig CXO based on terms and conditions that are agreed upon by both parties. The profile, designation, terms payment, period, place, team members, and deliverables, everything is agreed upon in a written agreement. In fact, new norms are designed to incorporate gig CXO’s to protect the rights and credibility of the organization and as well as the CXO.
2. Lesser Liability: — When an organization appoints a gig CXO, it gets an opportunity to monitor the organizational, technical, technological and communication skills and team management skills of the candidate. If the expert fails in impressing the bosses, they can discontinue the services once the contract is complete. In another case, if the expert-on-demand succeeds in driving the team and producing desired results, the organization has the choice to extend the contract or offer a permanent role to him.
3. Compensation terms: — In a gig economy, experienced professionals are appointed on an assignment basis. They work as independent consultants and raise invoices for their services. The organization can make a payment after the deduction of applicable taxes. It is not liable for the other expenses insurances, perks, bonuses and other benefits unless it has been mentioned in the agreement.
4. Lower Costs: — CXO are highly experienced and experts in their respective roles and functions. They keep upgrading their technical and technological knowledge from time to time and hence the organization saves up on the training and up-gradation cost of the CXO and his team. The costs related to the office infrastructure and space is also reduced, as the CXO can choose to work from a remote location and co-ordinate with the team online via applications like Zoom, Google Meet, etc.
5. Dissolving distances: — With the IT boom and ease in communication technology, it is easier to connect and interact with professionals anywhere around the globe. The organization can hire an expert-on-demand from any part of the world to avail of specialized services and fulfil the organizational goals.
Overall, the organization adopting the gig culture and appointing interim expert-on-demand gets an opportunity to work with experts from time to time, hereby expanding their network. Now, as Indian organizations are welcoming the gig culture, experts-on-demand are getting appointed for the roles of senior executives, CFO, COO, CTO, CIO etc. and Cohire is excited to provide a unique platform for the rendezvous of companies and senior experts-on-demand.
There is a huge scope for organizations to avail of expert advice, introduce innovative concepts and reap the benefits of a highly influential network that comes along with the hired CXO. Based on the CXO’s experience, he brings along a new set of core values, a unique work culture, a heightened sense of corporate responsibility and discipline. Moreover, a new perspective contributes greatly to improving the efficiency and productivity of the human resource and processes of any given organization.
As per a report in Money Control, a Hyderabad based start-up had appointed an interim CFO and his performance will be reviewed after 4 months and then the management will take the final call.