The rise of interim & contract talent
Contract work isn’t new, but it is here to stay. Learn more about the contract worker mindset and why this talent segment will continue to grow.
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The rise of interim & contract talent
As the COVID health crisis has receded, we’re seeing with clarity the permanent effects the pandemic left on the workforce and business landscape. Although many workers and employers suffered during this time, people and businesses are resilient, and over time good and lasting developments have emerged from the disruption.
Particularly we have seen an enormous stream of interim & contract workers who latched on to new ways of generating income. Today, these independent executives and professionals are helping employers take talent acquisition to a new level.
It’s not news that the conventional hiring landscape remains a candidate’s market, a lingering pain point for hiring companies. Interim has become a core solution in today’s climate, where there is an immediate and ever-increasing need for quality talent.
The trend of hiring interim executives and contract workers is here to stay, and this approach to talent acquisition is attractive to employers and interim talent alike.
Most of us, save for essential workers, can easily recall what life was like when the pandemic struck, when working remotely was both possible and necessary.
The pandemic created a pivotal window of time when traditional employment norms began to shake, rattle, and roll…away. Two things happened that forever altered the talent landscape:
1. People found freedom, flexibility, and improved quality of life in working from home: Lifestyle transformation was so powerful that a revolution erupted against returning to the office, and many no longer wished to be tethered to any type of traditional full-time employment. Demand for a hybrid work model and The Great Resignation have hit every level of today’s companies, all the way up to the C-suite.
2. Generations of suddenly unemployed professionals found other sources of income: Many turned to self-employment, entrepreneurship and the gig economy. They found the same coveted brand of freedom, flexibility and quality of life as their work-from-home peers, but all on their own terms.
Both deviations from traditional employment were unprecedented in scope. They didn’t simply create cracks in the talent pipeline but rather deep fractures that resulted in a prolonged talent crisis.
It took a couple of years for the eroding talent landscape to level up into what we have today – one that is now flush with independent executives and contract professionals who are qualified and ready to help companies quickly fill talent gaps and meet productivity, financial and deadline-driven goals.
Acting on the current business reality by hiring interim talent is a smart move for employers because every minute matters when there are key staffing needs, including and especially at the top.
“When CEOs change, the senior leadership team often turns over as well, creating new vacancies and additional hiring needs,” says Aram Lulla, COE Leader, Professional Search at Korn Ferry. “Remaining managers and departments are left to navigate the upheaval without a clear guide. When we break free from the constraints of ‘traditional’ executive hiring, we open our organizations to game-changing talent who can deliver immediate results.”
In Forbes, Lulla defined the value of interim executives today: “An interim executive is a seasoned leader who is hired for a three-to-18-month period to guide an organization through a specific challenge or advance a key initiative with defined activities and deliverables. Often, an interim executive joins a company during a time of transition, upheaval, or transformation. Their mission is to leverage their unique expertise and steer the proverbial ship through stormy waters, which certainly sounds a lot like 2022. It’s no surprise then that the number of interim executive positions continues to grow, according to the latest report from the Bureau of Labor Statistics.”
This in-demand interim trend is occurring at every level of today’s organizations, providing companies with a fast and efficient solution to the talent shortage.
Companies that are bringing creativity to their hiring strategy are immediately feeling the benefits of placing contract workers in critical roles, joining resilient businesses everywhere & using proven strategies to onboard the right talent at the right time. Here are some of the benefits companies have been finding when hiring interim and contract workers.
These benefits are proven strategies that are helping organizations maintain solid business continuity, control costs and boost revenue in turbulent times.
At Korn Ferry, we believe the flipside to disruption is reinvention. Getting through the pandemic was about survival, but now, it’s time to get intentional in finding creative solutions to filling talent gaps. Tapping into the interim talent pool is a winning solution.
When you need accomplished professionals who can fit right in and get the job done, without investing your time and resources in the traditional recruitment process, Korn Ferry can help. Contact us and get on the fast track to interim executives and professionals who can help you succeed in today’s volatile business environment.