Gone are the days when professionals stayed with a single company throughout their careers. Not only is the modern workplace less traditional, it’s also less predictable. And while this may seem to be a strain on young professionals, many are using it as an opportunity to develop their skills and become financially independent.
This cultural shift has created headaches for many managers and HR leaders who struggle to maintain high employee retention and engagement rates. But worker independence doesn’t have to be bad news for employers. Rather than feeling threatened, company leaders can respond to this employee shift with their own shift toward greater independence. After all, companies are always taught to diversify their revenue streams; why shouldn’t employees be encouraged to do the same?
Side-Gig Culture
Nowadays, many professionals are pursuing smaller side jobs aside from their primary careers. In addition, companies are multiplying the ways in which they make money. In 2013, it was announced that Tesla would consider three new revenue streams aside from selling vehicles. These new avenues included 90-second battery charge stations, in-car advertising from mega companies like Google, and an in-car app store that would charge developers a percentage of revenue in exchange for app hosting.
While it may sound counter-intuitive, employers can actually capitalize on this cultural shift rather than suffering from additional costs. Rather than staffing full-time positions, companies can hire temporary professionals for time-sensitive projects. This can save both time and money, especially if a company’s norm is using paid job board posts and carving out hours for interviews with unqualified candidates. On the other hand, if a company is seeking full-time hires, they will still save time by interviewing “ex-workers” who have gained a wider variety of experience and know what kind of company culture they fit into.
Building a Connection
It’s no secret that side-gig culture is opening up new opportunities for both individual professionals and companies as a whole. But how can a connection be created between these seemingly disparate trends? Workers seeking side gigs doesn’t seem to benefit their companies, and similarly, companies diversifying revenue streams won’t necessarily help employees.
So what is the solution?
One way is for companies to develop relationships with corporate alumni networks that can connect them with this new talent pool of self-made professionals. Rather than losing its valuable workforce to this new trend, companies can capitalise from connecting with them. They can work directly with a qualified and verified contingent talent pool.
Alumni Management holds the largest pool of these reliable, skilled “ex-workers” who are waiting to get in touch with companies that share their modern values. HR departments can have a talent pool of professionals who they’ve already worked with in the past – individuals who know how the company operates and can step in and help with a moment’s notice. This typically reduces training costs and the time to value / job suitability.
Ultimately, the faster a company fills a position, the less money they’ll waste. Indeed according to one study, “An unfilled position can cost you upwards of $500 a day.”
Linking up with corporate alumni networks eliminates the stress and uncertainty that typically comes with managing and recruiting in a modern workplace. It can streamline the hiring process and save time, money, and frustration. And create a true win:win - an empowered, skilled workforce and an empowered, productive company.