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.
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