The Contingent Workforce -Redefining Opportunity
The Contingent Workforce -Redefining Opportunity
**More than 2.5 million jobs lost in 2008
**Unemployment expected to rise to as high as 9% in 2009
**Economy at its worst since 1945
_________________
The disastrous downturn in the economy make these challenging times. As statistics show, traditional employment is under attack. Everyone from construction workers and architects to computer programmers, mortgage brokers and giant CEOs are affected. Few industries are being spared, as corporate layoffs continue to leap. For those who are fortunate to be employed, earnings remain stagnant; the high cost of food and energy make shrinking paychecks seem even more elusive.
The feeling for many is one of helplessness. Many workers who have spent the better part of their lives working for the same company find that lack in acceptable profit margins have cost the employees their jobs and future earning potential. Indeed, revenue expectations for businesses have been less than desirable. With overreaching overheads, many are searching for ways to streamline operations; even so, many have had to close their doors.
Perhaps the saying is true today more than ever: "There is more time than there is money." Maybe this is the time to spend researching options other than full-time employment.
Traditional hiring and staffing practices are yielding to a rising workforce made up of "the contingent" or temporary worker - someone who performs a job for a company without being employed by the company. In some cases they retain their independent status and work as consultants or contract workers. In the past, temporary (outsourced) workers may have mainly been used for
admin-type tasks. Today, however many contingent workers are high-level professionals called to render valuable expertise in certain fields. They may be accountants, engineers, IT workers or health care professionals.
Who Wins?
The value of such workers are seen on both sides: Companies can free up resources for more productive purposes (such as generating revenue) and avoid having to lay anyone off during slow times. Workers have the advantage of an alternative work arrangement, which can allow more time for personal commitments. The thought of one controlling one's own work environment - including her time - is taking hold. In a survey of senior executives conducted by the Boston Consulting Group, 85% said a surge in "unleashed workers" will occur over the next five years.
Will It Work?
Think about it: If you are a corporation and you want really smart, talented people on your team, it might come across to you a some point that they know how talented they are too. They know what they are worth and what their time is worth. They might actually choose to focus on getting the most for their knowledge and efforts by consulting or "freelancing" fulltime.
According to a workforce management article (Contingent Workforce Strategies) by Bill Bucy, Best Buy Corp. instituted a radical results-only approach to the work environment or ROWE, where the only measure of success is strangely enough -performance. Actual employees (not contract workers) come and go whenever and however they please. The results were that productivity rose as high as 35% among departments that adopted the new work structure and the turnover rate among workers declined. Pretty innovative, particularly in a culture where physical presence equals productivity (supposedly).
Actually, the idea of working "unleashed" is not so new. Forty percent of the IBM workforce has no
official office. And among today's generation (X & Y), a contingent work mindset is already in existence.
Restructuring the work environment won't come as natural for many in the corporate world -- and for some obvious reasons. Many are customer-oriented and must cater to client availability to succeed. That may mean regular 9-5 for the majority of staff. And for many, that's just fine. "Seasoned" workers may choose the structured benefits of being a staff employee, especially if supporting a family. A student on the other hand, may welcome work "re-structuring" as an opportunity to test various income generators or other career options.
Herein lies an opportunity for the would-be entrepreneur: Working parttime or as a temporary worker can offer the flexibility to realize other fulfilling ambitions. It is impossible to build one's own business for example, if the majority of one's time is spent working to make someone else's enterprise profitable. Contingent relationships may also be perfect for retirees, as they choose to "scale down" and decide to work on their own terms for once.
That said, it is foolhardy to count out entrepreneurs and other non-traditional workers as valuable additions to the working environment. Those wanting to take individual responsibility for their successes and make their own work-life decisions are growing. It's inevitable. Entrepreneurship is alive. Dreams are no longer being put on "back burners" for the sake of others' agendas. And the changing workforce is opening new opportunities in allowing all to achieve them - with or without the approval of Corporate America.
Michelle S. Moore
The Contingent Workforce Redefining Opportunity - To learn more about this author, visit Michelle Moore's Website.
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**Over 500,000 jobs cut last month
**More than 2.5 million jobs lost in 2008
**Unemployment expected to rise to as high as 9% in 2009
**Economy at its worst since 1945
_________________
The disastrous downturn in the economy make these challenging times. As statistics show, traditional employment is under attack. Everyone from construction workers and architects to computer programmers, mortgage brokers and giant CEOs are affected. Few industries are being spared, as corporate layoffs continue to leap. For those who are fortunate to be employed, earnings remain stagnant; the high cost of food and energy make shrinking paychecks seem even more elusive.
The feeling for many is one of helplessness. Many workers who have spent the better part of their lives working for the same company find that lack in acceptable profit margins have cost the employees their jobs and future earning potential. Indeed, revenue expectations for businesses have been less than desirable. With overreaching overheads, many are searching for ways to streamline operations; even so, many have had to close their doors.
Perhaps the saying is true today more than ever: "There is more time than there is money." Maybe this is the time to spend researching options other than full-time employment.
Traditional hiring and staffing practices are yielding to a rising workforce made up of "the contingent" or temporary worker - someone who performs a job for a company without being employed by the company. In some cases they retain their independent status and work as consultants or contract workers. In the past, temporary (outsourced) workers may have mainly been used for
admin-type tasks. Today, however many contingent workers are high-level professionals called to render valuable expertise in certain fields. They may be accountants, engineers, IT workers or health care professionals.
Who Wins?
The value of such workers are seen on both sides: Companies can free up resources for more productive purposes (such as generating revenue) and avoid having to lay anyone off during slow times. Workers have the advantage of an alternative work arrangement, which can allow more time for personal commitments. The thought of one controlling one's own work environment - including her time - is taking hold. In a survey of senior executives conducted by the Boston Consulting Group, 85% said a surge in "unleashed workers" will occur over the next five years.
Will It Work?
Think about it: If you are a corporation and you want really smart, talented people on your team, it might come across to you a some point that they know how talented they are too. They know what they are worth and what their time is worth. They might actually choose to focus on getting the most for their knowledge and efforts by consulting or "freelancing" fulltime.
According to a workforce management article (Contingent Workforce Strategies) by Bill Bucy, Best Buy Corp. instituted a radical results-only approach to the work environment or ROWE, where the only measure of success is strangely enough -performance. Actual employees (not contract workers) come and go whenever and however they please. The results were that productivity rose as high as 35% among departments that adopted the new work structure and the turnover rate among workers declined. Pretty innovative, particularly in a culture where physical presence equals productivity (supposedly).
Actually, the idea of working "unleashed" is not so new. Forty percent of the IBM workforce has no
official office. And among today's generation (X & Y), a contingent work mindset is already in existence.
Restructuring the work environment won't come as natural for many in the corporate world -- and for some obvious reasons. Many are customer-oriented and must cater to client availability to succeed. That may mean regular 9-5 for the majority of staff. And for many, that's just fine. "Seasoned" workers may choose the structured benefits of being a staff employee, especially if supporting a family. A student on the other hand, may welcome work "re-structuring" as an opportunity to test various income generators or other career options.
Herein lies an opportunity for the would-be entrepreneur: Working parttime or as a temporary worker can offer the flexibility to realize other fulfilling ambitions. It is impossible to build one's own business for example, if the majority of one's time is spent working to make someone else's enterprise profitable. Contingent relationships may also be perfect for retirees, as they choose to "scale down" and decide to work on their own terms for once.
That said, it is foolhardy to count out entrepreneurs and other non-traditional workers as valuable additions to the working environment. Those wanting to take individual responsibility for their successes and make their own work-life decisions are growing. It's inevitable. Entrepreneurship is alive. Dreams are no longer being put on "back burners" for the sake of others' agendas. And the changing workforce is opening new opportunities in allowing all to achieve them - with or without the approval of Corporate America.
Michelle S. Moore
The Contingent Workforce Redefining Opportunity - To learn more about this author, visit Michelle Moore's Website.
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