Economical and advantageous are two of the many reasons why corporates are now preferring to work with experts on demand. The hiring of gig experts for interim projects signals a major transition in the talent acquisition economy..
According to a news report published in the Economic Times, there is a 50%-100% growth in the demand for top-level management and senior executives in the field of technology, e-commerce, pharmaceuticals, life sciences, and manufacturing and industrials. Moreover, leading talent acquisition companies have reported that IT firms, banks and private equity players, unicorns and nascent entrepreneurial start-ups are currently in the process of hiring top-level managers. Typically, shortage of the right candidates during an aggressive hiring period forces organisations to pay higher compensations. However, in a gig-hiring model, corporates get a chance to work with a CxO on an assignment basis for a pre-defined period, and avail their skilled expertise at a reduced cost and limited liability.
Many businesses are diversifying and funding new start-ups which are aggressively networking for the right kind of leadership to lead their vision for growth and drive the workforce responsibly. Placing the right candidates with high calibre talent is fundamental to the growth of any business as leadership at senior management and executive positions plays a crucial role in driving innovation and implementing strategies to achieve organisational goals.
There is tremendous talent of experienced, self-driven C-suite professionals and CxOs available to function as an interim workforce. These professionals work as independent consultants who provide their services on terms that are agreed upon by both parties. Organisations can hire them for an interim period, on assignments, with mutually set goals or outcomes to be achieved. As the assignment comes to an end, the management of the company can decide whether they wish to offer the interim professional a full-time employment opportunity.
The gig CxO model is proving to be an advantageous decision for organizations; multiple Hyderabad-based businesses have accelerated their growth by including interim C-suite professionals in their workforce.
Post-pandemic, the gig-hiring culture is being adopted by various sectors owing to the multiple benefits it has to offer:
1. Contractual Arrangement: Organisations can hire a gig CxO based on the terms and conditions agreed upon by both parties. The profile, designation, terms of payment, duration, location, team strength, and deliverables are included in a written agreement. In fact, new norms are designed to protect the rights and liabilities of both the organisation as well as the gig CxO.
2. Reduced Liability: W hen an organisation appoints a gig CxO, it gets an opportunity to monitor the organisational, technical, communication, and team management skills of the candidate. If the expert fails to achieve the set goals or metrics as laid out by the company, then they can choose to not renew the contract. On the other hand, if the expert-on-demand succeeds in producing the desired results, the organisation 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 organisation can make a payment after the deduction of applicable taxes. It is not liable to pay for other expenses typically offered to full-time employees—insurance, perks, bonus—unless committed in the agreement.
4. Lower Costs: CxOs are highly experienced professionals who bring with them the core expertise required to fulfil their role and function. They often undertake courses and training in order to upskill and upgrade their technical knowledge from time to time. This allows the organisation to saveup on the training 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, and more.
5. Dissolving Distances: With the IT boom and upgrade in communication technology, it is now easier than ever to connect and interact with professionals anywhere around the globe. The organisation can hire an expert-on-demand from any part of the world to avail of specialised services and fulfil the organisational goals.
Overall, organisations that embrace the gig culture and appoint interim experts-on-demand get an opportunity to work with experienced professionals on a project basis, opening up there network and talent pool manifold. Now, as Indian organisations are welcoming the gig culture, experts-on-demand are being hired for the roles of senior executives like CFO, COO, CTO, CIO, etc. Cohire is excited to provide a unique platform of high-calibre gig workers, and help connect companies with senior experts-on-demand.
There is a huge scope for organizations to avail expert advice, introduce innovative concepts, and reap the benefits of a highly influential network that comes along with a co-hired CxOs. Based on the CxO’s experience, he brings along a new set of core values, a unique work culture, and 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.