Exploring the Gig Economy in the Consulting Industry

The Rise of Independent Consultants Exploring the Gig Economy in the Consulting Industry
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Summary

When you think of the “Gig Economy”, you might right away think of ride-sharing apps or food delivery services. These are certainly some of the most visible examples of the trend, but they’re far from the only ones. In fact, according to McKinsey, up to 162 million people in Europe & United States are currently engaged in some form of independent work.

That’s a staggering 20% to 30% of the working–age population ! & while many of these workers may not be considered “Highly Skilled”, their contributions to the economy are nos less important.

For example, companies like Upwork connect freelancers with clients who need their services. Upwork is a huge success, with over 18 million freelancers and 5 million clients. This shows that there is a growing demand for independent work, even for tasks that are not traditionally considered “highly skilled”.

The “Gig Economy” is also here to stay. Mckinsey predicts that by 2025, up to 40% of the workforce in Europe and the United States will be engaged in the independent work. This is a significant shift in the way we work, and it’s indispensable to understand the implications of this trend.

From Low-Skill Freelancers To Specialized Knowledge Workers

The gig economy encompasses more than just freelancers and part-time workers. It extends beyond drivers, hosts, and delivery personnel. Nowadays, highly skilled and highly educated professionals, such as knowledge workers and creative experts, are the fastest-growing segment in this dynamic economy.

Businesses are realizing that the most efficient way to access specialized talent is by hiring project-based gig workers. Moreover, companies are seeking the expertise of these professionals to provide strategic advice on capitalizing on business and technology trends, as well as tactical insights for implementation. Consequently, these knowledge workers are revolutionizing the gig economy.

The Role Of On-Demand Consultants And Advisors In Changing Times

The ever-changing technology landscape can be tough, time-consuming, and costly to keep up with. Executive-level consultants can help businesses navigate these complex issues and capitalize on emerging opportunities. These experts possess extensive industry experience and can provide invaluable guidance, saving businesses time, effort, and resources.

Here are some specific examples of the challenges that businesses face in the technology landscape:

  • How to incorporate artificial intelligence and machine learning into strategic plans
  • Staying up-to-date on cybersecurity threats
  • Understanding the impact of new technologies like the internet of things and blockchain

By partnering with executive-level consultants, businesses can gain access to their expertise and strategic insights, ensuring that they stay at the forefront of technological advancements and market trends.

How can on-demand consultants and advisors help?

There are several consultants/Advisors who can assit your company with a variety of needs, such as providing competitor analysis, Consulting on new product strategies, writing memos potential market entry, creating financial models & investment memos, or offering expertise on software transitions. These external consultants can serve as sounding boards for executives, helping them brainstorm ideas, make vital introductions, and provide advice and insights during critical times.

How are corporate boards engaging on-demand advisors and consultants?

At Pentabell, we have noticed that companies are increasingly relying on external experts to assist their boards with long-term planning and strategy.

These experts can provide fresh perspectives and expertise that can help companies make better decisions and achieve their goals.

We have seen firsthand how our consultants have helped corporate boards assess expansion plans, acquisition plans, capital raises, and exit strategies in different areas or fields such as oil & gas, energy, IT& Telecom, & Transportation.

These kinds of projects are critical to strategic planning and management in today’s fast-paced economy.

Our consultants are experts in a wide range of industries and have a deep understanding of the challenges and opportunities facing businesses today. They can help your board develop a strategic plan that is aligned with your company’s goals and objectives.

Don’t let indecision hold you back. Our experienced independent consultants can provide to make your mark in the business world. Let’s Get In Touch !

So, how do you find these advisors and consultants

Start by asking your network for referrals; someone you trust is likely to be able to make an introduction. And, after all, you’re most likely to have a successful engagement with someone who has a track record of delivering strategic insights. If your network fails to uncover the right professionals, there are marketplaces and providers of on-demand executive-level advisors, as you can seek the help of Pentabell, our recruitment company will provides rigorously vetted executive-level consultants.

Not sure how to vet your on-demand advisors and consultants?

When vetting on-demand advisors, it’s important to ensure their commitment to consulting business. You can ask if they have an incorporated entity and an EIN, check their LinkedIn profile and website for red flags, and ask for references and case studies. In case an experienced advisor can’t share work samples due to nondisclosure agreements, they should be able to confidently discuss their past work and achievements. If you need help finding reputable on-demand advisors, you can seek the assistance of our recruitment company Pentabell. Embracing the future of work will help your company stay competitive and thrive.

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