How To Successfully Compete for Talent in the Networked Economy

This is an excerpt from the new Kantata eBook, “The Networked Economy: The Future of Freelance Work in Professional Services.” To learn more about how the world of full-time, part-time, and contract resources is changing, and how you can make the most of it, check out the full eBook here.

What Is the Networked Economy?

As outlined in the MIT Technology Review, the Networked Economy is the latest revolution in how entire industries are approaching work, communication, and the use of the liquid workforce, following previous revolutions including the industrial economy, the IT economy, and the Internet economy. Each of these brought about a seismic shift in the way business is done, and the Networked Economy is doing the same.

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.

Competing for Talent in the Networked Economy

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.
• Poor Communication — 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.
• Unrealistic Expectations — 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.
• Inconsistent Pay — 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.
• Lack of Project Support — Preferred freelancers are often highly sought after because they can work independently with little support from a company. But even the most seasoned contract worker needs the right project information and support from managers. If a freelancer feels like they’ve been thrown to the sharks as soon as a task starts, they’re likely to search for safer waters.

So the question is, how can you retain your contract workers and create a competitive, attractive business opportunity in a constantly changing, unpredictable professional services world? Consider the following actions to build and maintain healthy business relationships so that when you need a contractor, it will be easy to find one.

1. Incentives for Larger Projects — Knowing that working on a specialized project or one that requires a bigger time commitment will bring financial rewards or a desired assignment in the future will help freelancers stay committed.
2. Healthy Communication — Clear and timely communication on project updates, access to the resources and information they need, and recognizing their great work will go a long way in building loyalty. 
3. Recurring, Dependable Work — A contract worker will be more committed to a company when they know that the end of a project will soon be met with the start of another one, and if they become the go-to for a specific skill, even better.
4. Manageable Workloads — Freelancers want enough work to live the life they want, but there is such a thing as too much work. Finding the right balance between what a freelancer wants and what your organization needs is critical in a long-term relationship.
5. Easy-to-Use Project Processes — It’s likely that your freelancers are working for other companies. How does your project management process compare? If it’s not great, it will look even worse in comparison to a business that provides smoother, easy-to-use project processes.

Understanding what you are doing well and where you can improve to proactively create a positive work environment will help you attract and retain freelancers within the Networked Economy. 

Don’t Just Survive, Thrive In The Networked Economy

The entire way that today’s employees and contractors search for work is changing, and these major shifts in the talent pool is destabilizing even the most well-established businesses. But there’s hope. Embracing a new approach to talent management can bring a new level of success. Learn more about what’s changing the world of work and how you can effectively respond in our new eBook, “The Networked Economy: The Future of Freelance Work in Professional Services.”