The Networked EconomyThe Future of Freelance Work in Professional Services
This is why success in the professional services industry doesn’t just require finding great freelancers, but in connecting to and making the most of the Networked Economy of contract workers who will become a vital, dependable part of your organization. The question is, what is the Networked Economy and where does your company fit into this new, worldwide system of work and access to workers?
While businesses have long acknowledged the importance of resource management and the use of contract workers within their own small ecosystem, the Networked Economy is the new reality that every business operates within. It includes a larger web of contract workers, communication apps, and scaling resource pools.
The global Networked Economy is propelled by the modern and ever-growing liquid workforce, with contractors quickly moving between multiple companies, supported by real-time communication and ultra-fast project management solutions. In addition, recent Kantata research shows that full-time workers are attracted to the freedom of contract work.
The modern workforce — and the workforce of the future — is a hybrid workforce, not just remote and in office, but also an extended talent network of trusted internal and external resources. While every business must have their own private intranet of software solutions, processes, and communication tools, their connection to the larger external Networked Economy is what provides them with the resources they need to succeed in a fast-paced highly competitive modern world.
Businesses that tap into the Networked Economy are leveraging the liquid workforce more than ever to adapt and compete in an era of higher demand and faster turnaround times that require a new way of doing business.
How To Leverage the Networked Economy for Competitive Advantage
The Networked Economy creates real-time, highly interactive connections between people and software solutions that make up every business. While many professional services organizations already have dependable resource and project management solutions in place, many of these are still lacking the integration and business intelligence layers necessary to create a true interconnected network that supports all of the contributors that make their business successful, which is absolutely necessary to operate within the global Networked Economy.
Combining real-time communication and resource management solutions that provide the fastest possible insights into your team’s skills, availability, and project progress allow businesses to fully leverage their full-time, part-time, and contract resources.
The advantage for businesses that can leverage the Networked Economy is the ability to adapt to changing demand and quickly fulfill resource demands, regardless of skill, size, or timeline requirements.
Competing for Talent in the Networked Economy
The reality of having so many freelance workers in your network is that they can come and go as they please. The Networked Economy provides a variety of choices for freelancers to match their work preferences regarding schedules, deadlines, type of work, and company fit. With so many options available, you want to be sure these these common mistakes aren’t driving talent into the arms of the competition:
REPETITIVE, UNCHALLENGING WORK
We all want work that we are confident we can deliver, but that doesn’t mean we want to do the same type of work over and over. If your company only gives a contractor the same tasks again and again, they could quickly get bored and find a place that will be fresh and challenging.
A company wants to get the type of work they paid for from a contract worker, and freelancers want to receive the pay that their work deserves. Working on unrealistic deadlines and being asked to provide a type or volume of work that doesn’t match their pay can cause major freelancer frustrations.
Vague and even conflicting communication over project needs can cause unnecessary complications for freelancers and lead to frustration. If this happens often, they might start looking for a company that is easier to work with.
Freelancers depend on being paid on time and as promised by the companies they work for. If a business doesn’t pay according to the contract details they have agreed to, the welfare of a contract worker can be suddenly compromised. Working for a company that a freelancer can’t trust to pay them on time is often simply too dangerous.