In recent years, the way we approach work has undergone a remarkable transformation, reshaping the very fabric of organizational dynamics. The traditional norms of fixed, rigid, and siloed workforces have given way to a new paradigm—one defined by agility, adaptability, and flexibility.

Companies today navigate a landscape marked by rapid changes, technological advancements, and shifting consumer behaviors, compelling them to reassess how they structure their teams and engage talent. This seismic shift has propelled the rise of the liquid talent model, revolutionizing the concept of work itself.

What Is Liquid Talent?

A “liquid talent” model describes a highly adaptable and dynamic staffing structure marked by a strategic transition away from the constraints of traditional full-time employment. Instead, companies are embracing a hybrid, liquid workforce approach—strategically supplementing in-house teams with on-demand, independent talent such as management consultants, interim executives, project managers, and industry and functional experts—to fill roles and gaps and provide expertise as needed at any given time.

A liquid talent model enables teams to rapidly scale up or down based on organizational needs—quickly and easily harnessing specialized skills for specific projects or periods.

The New Workforce Landscape

This framework was already growing in popularity before the pandemic, but shifts in the way we think about work broadly and the tech we have at our disposal, as well as the onslaught of stressors and opportunities of the past several years, have accelerated the pace of change. In fact, the number of full-time independents surged 20% in 2023 to 26 million—a remarkable 73% growth since 2019, according to MBO Partners. Independents now make up 45% of the US workforce. That’s a lot of talented professionals who are accessible only on the independent market!

In this talent pool, you’ll find seasoned executives who prefer working as interim leaders, classically trained consultants who want to do more hands-on work, and experts in cutting edge fields like artificial intelligence who can offer their knowledge to all manner of companies—and these professionals are all used to jumping into new environments and seamlessly collaborating with existing teams.

Whether the task at hand is pharmaceutical product development, digital transformation, or a post-merger integration, the skills needed for one stage are often different from the next. Companies can now bring in talent who have “been there, done that” every step of the way. They can assemble bespoke teams for specific projects or objectives and pivot swiftly without getting bogged down.

Benefits of Embracing the Liquid Talent Approach

1. Agility and Adaptability:

In today’s volatile business landscape, agility is paramount. The ability to swiftly respond to market shifts and tech advancements is a competitive advantage. Liquid talent offers unparalleled agility, allowing companies to assemble specialized teams quickly, scale operations efficiently, and adapt to changing business landscapes.

2. Access to Specialized Skills and Hard-to-Find Talent:

The traditional workforce model often limits companies to the skills they have in house or the talent on the full-time market. However, a more agile approach unlocks access to a diverse pool of experts worldwide—talent who choose to work independently because they value the flexibility, challenge, and satisfaction of project-based work. Companies can bring in individuals with niche expertise, ensuring that every project benefits from the best-suited talent available.

3. Cost Efficiency:

Maintaining a large permanent workforce comes with fixed costs, including salaries, benefits, and overhead expenses. Embracing a variable staffing approach enables companies to optimize costs by engaging resources only when necessary. This strategy has already been proven to be especially effective in professional services staffing—an industry characterized by frequent cycles of high and low demand— and in this time of constant change and uncertainty, corporate leaders are increasingly also coming to realize the cost benefits of staffing variability.

4. Innovation and Fresh Perspectives:

Diversity in talent brings diversity in ideas. The infusion of fresh perspectives from a varied talent pool fosters innovation and creativity within organizations. Liquid talent introduces new ways of thinking and problem-solving, driving continuous innovation and allowing traditional full-time employees daily opportunities to learn and upskill.

5. Enhanced Flexibility and Scalability:

By adopting a liquid talent strategy, companies can scale their workforce up or down rapidly, aligning with project demands or seasonal fluctuations. This flexibility allows for better resource allocation, ensuring optimal efficiency and productivity.

6. A Global Talent Pool:

In a digitally interconnected world, geographical boundaries are no longer barriers. Liquid talent enables companies to harness expertise from anywhere, fostering a truly globalized approach to business operations.

Your New Competitive Advantage

With today’s pace of change, embracing this paradigm shift isn’t just an option—it’s a strategic imperative for companies aiming to stay competitive.

By working with a partner like Business Talent Group (BTG), companies can quickly tap into a deep network of highly skilled talent. BTG carefully and compliantly curates, vets, and deploys these professionals to ensure they fit in with an organization’s culture and can work hand-in-hand with existing teams. BTG also provides ongoing oversight to ensure that projects are delivered on time and expectations are met.

Reach out today to find the perfect talent for your pressing project.

Tradition tends to bind organizations to outdated methods, even when evidence exists to prove the efficacy of a more modern approach. Often, it’s not until traditional methods become obsolete that lagging companies grudgingly shift away from convention, though their skepticism persists.

Today, workers can pick and choose opportunities, and the burgeoning independent talent pool offers a win-win solution. Unfettered by geographic restrictions, companies get access to specialized expertise without the overhead, and independent talent get greater flexibility and a more diverse array of projects.

Companies that embrace both digital-first and independent talent strategies will have the greatest advantage when it comes to finding talent, yet tradition remains an alluring refuge and, thus, misconceptions still exist. Here are two of the most pernicious:

If they were that talented, they would be in a full-time role.

Remember that the vast majority of independent workers are independent by choice—with only 21% saying a job loss drove their decision to go independent—and less than half (43%) would even consider returning to the traditional workforce. Instead they value autonomy and flexibility.

The independent professionals that BTG works with have proven track records and CVs full of applied expertise, including experience at top consulting firms and the world’s biggest companies. Simply put, their expertise and flexibility becomes your expertise and flexibility—to scale quickly, to strategize or execute on strategic work, or to fill leadership gaps while you search for a permanent hire. They weren’t overlooked for full-time roles; they chose to look beyond them.

They’re too senior to get their hands dirty.

You can’t judge independent talent by their previous job titles or assume they’re too senior to want to join your team in the trenches. Often, independents chose that path because they enjoy hands-on analysis—and prefer doing work to talking about it.

In one case, a global industrial company was creating a new commercial group to standardize processes across business lines. A large consulting firm had been brought in to strategize the plan, but once they left, the project’s executive sponsors needed help establishing the infrastructure, processes, and governance to execute it successfully.

BTG paired the company with an independent consultant who had previously worked at McKinsey and Roland Berger. He worked to clarify governance structures and design a PMO, then staffed it with internal resources and led it throughout the transformation.

However, despite the generally positive outlook, there are multiple hurdles associated with adoption. Some of the top challenges that organizations anticipate include:

• A lack of clarity on the regulation of AI
• A lack of engagement at senior levels
• Little understanding about where these technologies can be best applied
• Leaders are too busy with other things
• Concerns about data lineage, provenance, and security

As companies seek to gain insight on AI opportunities and chart a path through disruption, highly skilled independent experts are proving to be invaluable in helping leaders harness these advanced technologies in pursuit of their business goals. In fact,

Business Talent Group’s 2023 Skills Index revealed spiking demand for talent with the strategic, technical, and operational skills to help, including a 100% YOY increase in requests for AI and machine learning skills, another +100% YOY increase for data science skills, and tech and systems implementation ranking as the #6 most in-demand skill overall. With 71% of executives saying their organizations don’t have the in-house expertise to adequately adopt generative AI, it’s no wonder independent, on-demand talent have become a key resource in this area.

Let’s dig into four key ways to leverage on-demand talent on your AI journey:

1. Leverage on-demand talent to support AI Assessment and Strategy

McKinsey’s recent State of AI report revealed that while AI adoption and investment continue to rise, some organizations are definitively pulling ahead. These AI high performers are seeing the biggest bottom-line impact from their investments and are more likely to report that AI is driving revenue. One key commonality among them: linking AI strategy to business outcomes.

But when the talent needed to develop and implement a strategy for this emerging technology is in short supply, it’s easy to fall behind. Many of today’s best AI business strategists and tech experts are working independently—stepping into an organization quickly to assess AI opportunities, craft an AI strategy, or create a practical roadmap for experimentation and beyond. Let’s look at how two BTG clients recently made significant strides by tapping independent AI strategy consultants:

The business development team of an intelligence technology company wanted to explore and take advantage of recent AI developments within a manufacturing environment. BTG provided a knowledgeable AI and new markets specialist with extensive experience finding whitespace opportunities, building business plans, creating market entry and adjacency strategy, and building corporate innovation units and capabilities. The consultant evaluated the customer base and built recommendations for the top emerging areas in AI by industry vertical.

In another case, a multinational technology corporation was looking for a hands-on consultant to conduct market landscape assessments, specifically related to startups utilizing AI.BTG sourced an impact-driven innovator with extensive growth strategy, marketing, and business development expertise. The consultant produced the requested landscape analysis and research that identified and informed about the leading competitors and startups in the space and aggregated competitive embedded technology products organized by vertical.

2. Data Foundation Development is an essential step on an AI journey

According to McKinsey, key AI roles are shifting fast—favoring data and machine learning engineers and generative AI adoption experts over last year’s software engineers.

With the talent pool for full-time expertise drying up as demand heightens, leaders can access independent, on-demand data scientists and advanced analytics consultants to refine data strategies, data processes, data organization, data quality, and data security to capture the most value from AI from BTG.

For instance, a leading pharmaceutical company needed an advisor to inform the company on sustainable capabilities within its digital workforce. BTG connected the client with a former PwC leader with a background in agile product management, strategic programs, go-to-market strategies, and proficiency with emerging technologies including AI and automation.The consultant was instrumental in establishing and maintaining health monitoring across the clients’ ecosystem of intelligent automation solutions and guided internal automation teams to build and refine capabilities to kickstart solution maturation while supporting the discovery of innovative use cases across the enterprise.

Or, when a multinational pharmaceutical and biotechnology corporation sought to validate its Long COVID model, generalize an AI model, and establish disease definition workflows to other disease types, BTG paired the client with an award-winning scholar and entrepreneur who holds a PhD from MIT in artificial intelligence and has extensive experience in technical and strategic consulting. The team wanted to include user interface development for marketers to surface market access related insights and provide guidance on data processing, modeling, operationalization, and visualization efforts across multiple workstreams. The consultant supported the initiative by cleansing and preparing data assets for ingestion, characterizing performance, and preparing figures and materials to communicate results as a scientific paper in order to prepare the Long COVID model for deployment by health care providers. He also developed a tool to map features from literature to features in Optum and generalized the algorithm and modeling framework for prediction to create data-driven disease definitions.

3. Digital transformation starts with AI innovation

It’s no secret that digital transformation means much more than plugging in new tech. Successful transformation requires deep and meaningful shifts in the way a company operates and requires a wide range of expertise. AI is no exception. BTG’s network of trained management consultants, project managers, and change managers are exactly what’s needed to lead critical transformations and help clients navigate disruptive change, digitally or otherwise.

For instance, the data management and governance team within the neuroscience unit at an F500 pharma company was looking for a senior business analyst to support the re-architecture of various data feeds within their internal data warehouse—with the ultimate goal of breaking dependency on the internal system in favor of establishing direct connections to their third-party managed database. BTG paired the client with a hands-on data scientist and former Senior Analyst at Novartis who worked to ensure data quality by monitoring operational quality control and evaluating data anomalies to determine remediation.

Additionally, the talent defined and documented business and functional requirements for new and enhanced data capabilities, developed business and data process maps, swim lane diagrams, and definitions for data operation, and performed and managed User Acceptance Testing (UAT) for new data capabilities.

In another case, the AI and machine learning team at an F500 chemicals company needed strong digital talent to support ongoing digital transformation efforts.BTG provided a flexible, on-demand solution: a skilled strategy, digital transformation, and product management leader and McKinsey data product owner with key experience in Agile/Scrum product management, data analytics, machine learning, artificial intelligence, and data science.

4. Interim leaders are adept to advance AI capabilities and internal know-how

BTG’s 2023 High-End Independent Talent Report revealed that there has been a significant increase in demand for interim leadership—up 116%, to be exact. And while these interim executives fit the bill for an extensive list of initiatives, they’re especially keen to tackle special projects. By engaging an interim AI, data, digital, or tech leader with experience overseeing the strategic direction of technology, data, and IT functions at an enterprise scale, organizations can advance big-picture initiatives and learn from industry thought leaders directly, fueling awareness and knowledge from the inside out.

For example, a UK-based medical affairs and healthcare communications company faced challenges with its IT team—ineffective internal leadership coupled with inexperienced team members had led to stagnation and a lack of focus. In order to revitalize the function and get a handle on team dynamics, the CHRO reached out to BTG looking for an interim CIO. BTG provided a seasoned UK-based technology executive and strategist with 25+ years of experience as an IT leader. He was able to manage the team effectively while helping the organization develop a plan to transform the IT function—addressing organizational development and assessing people, skills, and technology. He also acted as a strategic advisor to the CEO on key technology concerns.

Or, consider this example in which a large healthcare company had recently launched a subsidiary and was in the process of setting up the organization and laying out the infrastructure. The client reached out to BTG, looking for hands-on interim leaders to step in as CIO and CISO, as well as several IT experts to support them.

The interim CIO took a hands-on approach and collaborated with leaders of other business units to ultimately create a product delivery function, develop a tech platform and IT infrastructure, and deliver a beta release for physician users, and the interim CISO who stepped in to work with the product and development teams on business requirements, maintained and executed on security-related controls, assessed the current risk state, provided recommendations, and directed the staff in security planning and design. BTG also provided a support team that included a senior IT architect, IT design consultant, and technical project manager.

AI experts are hard to come by, so don’t wait around

Quick adopters and AI innovators have competitive advantage and will retain the upper hand so long as slow adopters and skeptics persist. While questions and challenges abound, the opportunities and benefits connected with AI are almost endless. From automation, recommendation, generation, translation, and more, this is just the tip of the iceberg for AI business deployment.

For leaders looking to keep pace with the near-constant technological advances in today’s business landscape, explore new horizons with BTG and our network of high-end independent talent.

Dynamic shifts in the global business landscape necessitate a new level of agility. With so much disruption and innovation happening each day, companies often require flexible, high-caliber leadership to steer transformative initiatives, address sudden gaps, or drive rapid change.

Uniquely positioned at the crossroads of expertise and adaptability are interim executives. These seasoned professionals offer a compelling solution for firms looking to augment their strategic capabilities on a short-term basis and have immediate access to independent talent.

Understanding When to Engage Interim Executives

Identifying the right time to engage an interim executive is as imperative as understanding their potential. Four scenarios often necessitate their involvement: leadership gaps, sudden departures, special projects or transformations, and the need for specific expertise.

In periods of transition or growth, organizations may face an absence of strategic leadership. For example, when expanding into a new market, a company may not have the necessary experience on its leadership team. However, an interim executive with expertise in that market can lead a company through expansion and help establish permanent leadership.

Unforeseen resignations can disrupt operations, harming both internal morale and external stakeholder confidence. Interim executives, with their readiness and ability to step into complex situations, provide stability, continuity, and expertise during these challenging times. They ensure the organization’s strategic objectives remain on track, buying time for a thorough search for a permanent replacement.

Embarking on complex projects like digital transformations or post-merger integrations often requires special skills or added leadership. Interim executives fill this gap, providing needed expertise without long-term obligations. For instance, a firm lacking a seasoned chief digital officer for a digital overhaul can rely on an interim executive. This approach ensures successful execution and a smooth digital transition.

Sometimes, organizations require expertise not present in their current leadership, such as regulatory compliance in a new territory or advanced technology implementation. For example, consider a firm navigating regulatory changes in a foreign market; an interim executive with relevant experience becomes invaluable, facilitating a smooth transition through these complexities.

When Not To Use Interims

Interim executives bring a unique blend of skills and perspectives to an organization. However, successfully integrating them is never guaranteed; and might not be wise in specific situations. One key scenario stands out: when there’s a lack of internal alignment regarding the value of an interim executive.

Internal alignment – the consensus among team members, other executives, and stakeholders – is paramount when considering an interim appointment. The engagement could fall short of expectations if your organization lacks a unified understanding of the interim’s role and value. It’s not only about the contributions an interim can make but also how these are perceived and supported within the organization.

By the nature of their role, interim executives interact with various levels within the organization, so alignment on their value is essential to avoid miscommunication and unmet expectations. Any discord can undermine the interim’s impact, impede them from maximizing their potential, and pose unwarranted challenges that set up both the interim and the organization for failure.

Developing an Effective Plan for Utilizing Interims

A well-structured utilization plan is essential to unlocking interim executives’ full potential. It entails recognizing the need, defining objectives, and creating a robust onboarding plan. While these steps require some thought about your goals for the engagement and internal processes, they can happen fast if you have the proper buy-in and alignment from stakeholders.

Effective planning starts with identifying the need. Whether you’re filling a leadership gap, spearheading a transformation project, or requiring specific expertise, recognizing where an interim executive can bring value is the first step.

Outlining specific objectives for an interim role is crucial once the need is recognized. This clarity sets expectations and aids in performance assessment. If a company hires an interim executive to lead a digital transformation, it can establish clear objectives, such as completing the project within a set timeline and achieving specific benchmarks.

Adopting a strategic approach to using interim executives instead of sporadic, isolated engagements is a best practice that amplifies value and improves outcomes. Even though not all companies have an approach outlined, the ones that do can reap substantial rewards. Incorporating interim executives into the broader talent strategy promotes forward-thinking while facilitating swift pivots in response to various business challenges and opportunities. Moreover, it’s a practice that can enhance internal alignment, foster a shared understanding of the interim’s role and value, and result in better value and outcomes.

A crucial factor for interim executives is efficient onboarding and aligning them with your organization’s most immediate priorities and culture. Clear timelines, responsibilities, and “rules of the road” for the engagement—outlining team management structures and decision-making authority—aid in this transition. Partnerships with advisors like Business Talent Group (BTG), who are proficient in engagement scoping, talent delivery, and knowledge transfer, can expedite this process and ensure a successful start for your interim executive.

Navigating the Transition: Integrating Interim Executives

The arrival of an interim executive heralds a phase of transition, one that needs careful handling to ensure successful integration and collaboration.

Companies must clearly explain the business and its objectives to interim executives to ensure they can hit the ground running. A solid induction plan is crucial to enable this. This type of plan allows interims to meet the team, better understand their duties, and adapt to the company’s culture.

Interim executives must form productive relationships with permanent staff. Encouraging open communication, setting clear expectations, and promoting collaboration can foster cohesion and a positive working environment.

A key part of this transition phase is knowledge transfer. Interim executives bring a wealth of industry insights and experience. Creating channels for sharing this expertise with permanent staff is a game-changer.

Post-Engagement Strategy: Beyond the Interim Role

Planning a post-engagement strategy is a crucial step in maximizing the potential of interim executives in business strategy. Let’s explore two primary aspects: preparing for succession or transitioning back to permanent leadership and rolling into projects to support permanent leaders.

First, preparing for succession or transitioning back to permanent leadership is crucial for any organization. For instance, if a CEO suddenly departs, an interim leader can stabilize the company and prepare for a smooth transition. Moreover, the interim executive can coach internal candidates who may step up into the permanent role and sets the groundwork for the incoming CEO—whether they are an internal or external hire—to take the reins.

Second, the talent can further enable a seamless transition by rolling into projects to support permanent leaders, bridging the gaps between strategic vision and execution. For example, a Fortune 500 company undergoing restructuring can benefit from an interim CFO’s extensive experience turning around struggling businesses. The interim CFO initiates projects to realign financial processes and controls, providing immediate relief. Once the firm hires a permanent CFO, the interim exec can transition to a supporting role informed by their prior experience in the CFO seat, ensuring the successful implementation of value-adding projects.

Pitfalls of Reallocating Internal Talent as a Substitute for Interims

Reallocating internal talent sounds like a cost-effective option when considering alternatives to hiring interim executives. However, this approach carries several pitfalls that businesses must weigh.

Adding more responsibilities to an existing employee’s workload can overburden them, leading to burnout. Let’s take a scenario where a current executive takes on an additional role in crisis management. Despite initial enthusiasm, the added workload reduces productivity, lowers morale, and leads to resignations.

Transferring an employee to fill a critical role can deplete resources in their original department, disrupt workflow, and create inefficiencies. Imagine a large manufacturing firm temporarily promoting an important engineer to a project management role. The resulting gap in the engineering team would negatively impact their productivity.

Asking an employee to assume unfamiliar roles can set an otherwise capable leader up for failure. For example, what happens if a company tasks an accounting leader to own investor communications? Even if the accounting leader has financial expertise, they don’t necessarily have the expertise or ability to effectively communicate to investors, resulting in diminished confidence.

Case Studies: Effective Use of Interims in Different Industries

To fully understand the potential of interim executives, we must look to various industries for concrete examples. Life sciences, private equity, and consumer/retail are just a few examples of sectors that showcase the vital role of these executives and how an experienced on-demand talent partner like BTG can help.

Life Sciences

A rapidly growing public biotech company faced an urgent gap in its Total Rewards department. At the same time, it desired a forward-thinking retention strategy. To address these dual tactical and strategic needs, they sought assistance from BTG.

BTG swiftly connected the company with an HR consultant with Big 4 consulting experience and skills in process design, compensation, and employee relations. This specialist simultaneously kept day-to-day operations running smoothly and developed a future-focused strategy, providing much-needed support and strategic relief for the CHRO.

Private Equity

A private-equity-backed consumer apparel firm contacted BTG to find an experienced interim CFO to manage critical financial operations. It needed visibility into the business and to drive key initiatives related to audit and tax filings, monthly close activities, a rolling CF model, and the setup of ABL. This situation reflects a broader trend where CFOs are the most in-demand for interim C-suite roles, and the finance function broadly is the greatest area of demand for interim executives at all levels. 

In this case, BTG effectively matched the company with a seasoned consultant, boasting two decades of experience at McKinsey and Kearney, specializing in reshaping finance functions and business strategies. This story underlines the crucial role of interim executives in creating value in portfolio companies for private equity firms and BTG’s unrivaled capacity to satisfy this escalating demand.

Consumer/Retail

A multi-billion-dollar grocer had a crucial e-commerce optimization project which faced difficulties due to the absence of a chief data officer. To avoid delays, the chief customer and digital officer contacted BTG for temporary assistance. 

BTG provided a former Apple data science manager specializing in digital transformation and creating business value through data analytics. The independent consultant created a plan, set a structure, and developed an analytical framework that fulfilled internal and external user requirements. As a result, the project moved forward successfully, allowing the executive team to concentrate on long-term hiring needs.

Partner with Business Talent Group

Interim executives can provide targeted expertise and deep operating experience that drives positive transformations in today’s rapidly changing business world. By partnering with BTG, companies can capitalize on this dynamic talent to enhance performance and seamlessly navigate critical transitions. The key to unlocking the potential of interim executives lies in knowing when to bring them on board. By working with a partner like BTG, businesses can strengthen their resilience and ensure a thriving future in a competitive marketplace.

This shift presents us with three distinct types of executives: acting, interim, and fractional. Acting executives, often hired internally, take on additional temporary positions while fulfilling their primary duties. On the other hand, interim executives are seasoned professionals stepping in during transition periods, filling leadership voids with proficiency. Lastly, fractional executives, often handling roles across multiple organizations, bring a part-time or project-focused approach.

This shift isn’t a mere trend but a reflection of a new business reality. Industries across the board acknowledge and accept this change, prompted by the need for agility, versatility, and innovation. Let’s take a detailed look at this transformation.

Acting Executives: The Stand-In Solution

Acting executives represent an organization’s adaptability, stepping up in times of need. These internal leaders temporarily assume additional roles, often juggling their existing responsibilities with new ones. For instance, there may be a company where the CEO has taken an unexpected leave. In such cases, a CFO with a deep understanding of the business can step up, taking on the acting CEO role while also carrying out their CFO duties. This dual role allows the company to maintain its course, with the acting executive effectively guiding the team through the sudden change.

Acting Executives: Navigating Temporary Vacancies

When a key role becomes temporarily vacant, companies can rely on acting executives to maintain their momentum. If a CIO departs and the company has yet to find a permanent replacement, an executive with ample knowledge of the digital landscape can step in and keep the company on track as an acting CIO.

Interim Executives: The Power of Temporary Leadership

During times of transition, crisis, or opportunity, interim executives provide invaluable assistance to organizations and offer deep operating experience in similar roles throughout their careers. They possess extensive knowledge and expertise, allowing them to easily step in, provide temporary leadership, fill gaps, and address specific challenges.

In the course of business, emergencies are bound to happen. For instance, a firm may unexpectedly lose a key executive, causing operational disruption. However, the firm can engage an interim executive to restore stability, minimize disruption, and ensure business continuity while seeking a permanent replacement.

Transition periods, such as mergers, acquisitions, or divestitures, are often complex. For example, take a private equity firm integrating a new acquisition. An interim executive adept at such transitions can steer the company effectively during this transformative phase.

Sometimes, a unique project requires niche, short-term expertise—particularly in constantly evolving consumer markets. For example, a retailer struggling to launch an e-commerce fulfillment division may benefit from an interim executive with digital transformation experience to spearhead this initiative.

To take a look at another industry, executive changes perpetually impact financial services companies. For instance, say a bank has to maneuver a period between an incumbent director’s departure and the replacement’s start date. Seeking an interim operations leader to steady the ship during this time is often the best action. 

Fractional Executives: The Project-Based Approach

Fractional executives personify the agility and adaptability of the modern business world. As independent talent, they assume leadership roles on a part-time basis, often serving multiple organizations simultaneously. A fractional CMO could work two days a week for one company and another day per week for another organization. They embody flexibility, guiding discrete projects such as digital transformations or technology implementations.

If you’re a business owner, have you ever faced challenges when dealing with limited resources or rapidly changing environments? If so, implementing project-based strategies can help address these challenges. This concept, called projectizing, aims to optimize resource allocation and adaptability. But how does it work exactly? By beginning with the desired outcome and reverse-engineering the skills needed, teams can effectively respond to dynamic conditions and inject new expertise. For example, imagine a company entering the Chinese market, where conventional approaches falter. The strategic incorporation of a fractional executive with expertise in Asian markets—possessing targeted experience in areas as varied as regulatory landscapes, logistics and supply chain, or consumer preferences—can offer the specific know-how for success, showcasing the value of a projectizing.

Fractional executives are not just efficient; they’re also cost-effective. Take an e-commerce startup, for instance. It may lack the resources for a full-time CISO or CIO but needs expert guidance on cybersecurity. A fractional executive offers the required expertise without the long-term financial commitment, making it an excellent solution for a growing company.

Different industries can also benefit from fractional executives. Imagine a manufacturing company looking to double its supply chain throughput. It could use a fractional executive with a strong operations background. Or how about a digital marketing company aiming to scale its user acquisition strategies? A fractional executive with solid experience in growth hacking and digital marketing can provide the proper guidance.

Comparing Each to Traditional Executives

As businesses evolve, alternatives to traditional executive leadership offer distinctive advantages, standing up on cost, flexibility, experience, specific expertise, and commitment.

Interim vs. Traditional

With specialized skills and cost savings, interim executives offer unique value. Companies often engage them on a time-bound basis, tailoring their roles to address specific challenges during critical periods. While not always replacing the need for long-term commitments, they afford the company valuable time to stabilize, experiment, and make informed decisions about a long-term hire.

In some situations, these roles are purposely temporary, nullifying the need for ongoing commitments. Although generally, the idea of “temporary-by-design” roles better fit the project-based framework, this idea still makes interim executives an economical choice compared to traditional executives.

Fractional vs. Traditional

Fractional executives, holding simultaneous roles in different organizations, deliver experienced leadership at reduced costs. Fractional executives deliver experienced leadership at reduced costs—as much as 60-70% less than traditional executives, due to the part-time nature of their engagement, according to a Reforge.com report. In temporary-by-design roles, they can lend extra muscle and particular focus to critical projects and free up leadership capacity to improve their focus on other priorities. An experienced fractional executive who can stretch up and down—completing critical tasks, providing meaningful bandwidth to the org, and thinking strategically—can enormously benefit growing organizations.

Acting vs. Traditional

Acting executives outshine their traditional counterparts in flexibility and commitment. They step into interim roles without the typical search and hiring costs associated with a new traditional executive. Moreover, acting positions can be outstanding stepping stones for elevated roles. For instance, a CFO assuming the acting CEO role can showcase cost-effectiveness, flexibility, and a culture of internal growth if all goes well. Yet, an acting executive will only work by exercising caution and balancing the immense workload with adequate support. Be wary that piling too many responsibilities on a single leader can lead to burnout and detract from their primary duties without the necessary support provided.

The Synergistic Approach: Interim and Fractional Executives Supporting Acting Leadership

In the dynamic business ecosystem, leveraging a mix of leadership types, such as interim and fractional executives, bolsters acting leaders and yields remarkable results.

Interim and fractional executives inject distinct expertise, offering vital support to acting leaders. Acting CEOs can rely on an interim CFO’s financial prowess or a fractional CMO’s marketing acumen to guide decision-making, thereby enhancing organizational performance.

Project-based talent integrates seamlessly into this model. With a fractional executive driving a crucial transformation or functional buildout, an acting leader can stay focused on overarching strategies without getting mired in project-specific challenges.

Synergistic approaches offer numerous benefits, such as cost-effectiveness and flexible expertise deployment. However, it also requires careful orchestration to ensure clear roles, seamless collaboration, and effective communication across all leadership levels.

Choosing the Right Executive Leadership Model for Your Business

Selecting the optimal executive leadership model can be a daunting task. Nonetheless, carefully analyzing your organization’s needs and the potential benefits of each model will guide your decision-making.

Assessing business needs is vital to selecting the right executive model. Sometimes, an interim executive best suits short-term leadership gaps and strategic initiatives. On the other hand, ongoing part-time needs or temporary-by-design project leadership may call for a fractional executive. Finally, acting leadership may be ideal for immediate vacancies requiring stability and an established reputation within the organization. Each scenario differs, underlining the importance of thoroughly evaluating business requirements.

Integrating these leaders requires a well-thought-out onboarding process and a clear communication strategy. Moreover, fostering a culture of inclusivity and collaboration optimizes their impact, enhancing the value they offer your organization.

The Future of Executive Leadership

As we gaze into the horizon of executive leadership, a seismic shift is taking place. Independent talent is steering the helm of leadership, introducing more dynamic and flexible models for the C-suite.

As independent talent revolutionizes executive leadership, it creates agile solutions to unique business challenges. Business Talent Group (BTG) exemplified the transformative power of independent talent in executive leadership when a UK healthcare firm needed tech leadership support. Providing an experienced interim CIO, BTG revitalized the team, spearheaded the development of a transformation strategy, and gave the CEO vital technology advice. 

Expect to see an increase in the use of interim, fractional, and acting executives. Businesses recognize these flexible models’ value, particularly in navigating uncertain economic conditions.  

Moreover, expect to see the rise of “portfolio careers,” where executives and independent consultants concurrently serve in multiple interim or fractional roles, enriching their expertise and bringing a broader perspective to each role. Ultimately, executive leadership will become more flexible, diverse, and adaptive than ever before.

The Key Takeaways

When it comes to leadership, companies have more options than ever before. Interim, fractional, and acting leadership roles offer unique advantages that traditional leadership roles may not have. These non-traditional roles prioritize agility and adaptability, allowing businesses to remain flexible and cost-effective while achieving their strategic goals.

Businesses must embrace these new leadership models and consider how to integrate them into their organizational structure. By doing so, they can unlock new potentials and ensure a more robust, versatile, and resilient future for their business. Thus, with thoughtful planning and implementation, companies can leverage these dynamic, on-demand executive roles as powerful tools in their strategic arsenal.

On-demand talent partners like Business Talent Group provide essential guidance in decision-making and integration, utilizing a depth of experience in matching organizations with the right leadership model. Their unique insights can equip you to navigate this complex landscape effectively.

Today’s workforce is roiled by constant change, competition, and uncertainty in the market. Leaders are looking for niche know-how, professional prowess, and innovation that excites to maintain momentum in the turbulent business landscape.

But even with the best leadership teams in place, there will always be open roles, new opportunities, and fast-moving transformations and transitions. According to this year’s High-End Independent Talent Report, there’s been a significant increase in demand (+116% YOY) for interim leadership at all levels. With their strategic expertise and operating experience at industry-leading organizations, these on-demand leaders enable organizations to align skills and leadership for the immediate future.

When it comes down to it, lingering skills gaps and indecisive leadership will cause businesses to lag behind the competition, or worse, cede the game completely. Let us walk you through the latest data and today’s top trends so you can better explore your options amid uncertainty.

The finance function is focusing on fluidity

The most significant demand for interim leadership is in the office of the CFO, with interim CFO requests increasing by 103% YOY, buoyed by the growing complexity of and turnover in the CFO role. Other key finance roles are also highly in demand with Controller taking the spot as the fastest-growing interim C-suite role (+233%), and 43% of interim requests at all levels originating from needs within finance (+71%). Today’s tumult is the aftershock of events earlier this year, and top companies are still fighting to figure out how to navigate their financial needs in this environment.

Above all else, there’s demand to fill C-suite seats

Amid widespread talent shortages, renewed focus on work-life balance, and ongoing market uncertainty, top levels of leadership are experiencing rapid change and transformation. Sourcing the skills needed can be difficult in a short period of time, which is why companies are turning to on-demand talent for experienced leadership at the C-suite level (+78%), with especially acute needs for CEOs (+220%), CHROs (+100%), and Chief Transformation Officers (+100%). These needs are commonly seen in the private equity space, as firms seek skilled interim leadership to help their portfolio companies drive significant transformation initiatives, build out business functions, and experiment with leadership profiles ahead of the long-term hire.

IT and tech talent are in demand

Amid skyrocketing interest in generative AI, 5G, cloud solutions, automation, and more, the competition for right-fit skills and expertise is fierce. If you are looking to augment areas such as software development, data analytics, and cybersecurity, an interim IT or tech leader can lend a hand. It’s no wonder demand for IT and tech transformation projects and tech and system implementation each rose about 20%. Top tech executives have a knack for knowing what’s what even as the trends ebb and flow, making them well-equipped to innovate and enhance your business.

Human resource heroes help you help others

HR is the backbone to every organization, and their critical place in the modern workforce can’t be glossed over. When there’s a lull in the market or threats of further uncertainty, having the right human capital in place can be a game-changing move. Interim HR executives have the capacity and skillset to hit the ground running on DE&I initiatives, improve organizational design and effectiveness, review and restructure compensation packages, and manage all things people amid layoffs, hiring freezes, and reorganizations or restructures while maintaining day-to-day employee operations and relations.

Operations leaders keep the ball moving org-wide

It’s no secret that even the smallest disruption can have lasting impacts on an organization, be that in terms of cost or in required recovery labor. At all levels through the role of the COO, interim operations leaders can come in, identify the problem, and strategize solutions on day one if need be. If there’s no problem to solve, they can support internal development efforts and focus on improving efficiency, sustainability, and resilience through process optimization or reprioritization.

Interim executives are outside-the-box solutions for today’s problems

What’s stopping you from investing in an interim executive? Conversations show that hesitancy stems from outdated myths such as the idea that interim leaders are only useful in crisis situations. That couldn’t be further from the truth, because these industry leaders are ideal for a wide variety of situations. Here are some of the many services an interim executive can provide:

• Fill a temporary leadership or skill gap
• Lead and manage a team during a merger or acquisition
• Overhaul operations and optimize for growth
• Provide stability, continuity, and an outside POV
• Provide a temporary-by-design solution for immediate priorities
• Stand in as effective leadership on day one
• Pilot and support new launches, initiatives, programs, and strategies
• Improve performance and maximize revenue
• Help you experiment with and shape the leadership profile needed for a permanent hire
• Get a newly hired permanent leader up to speed avoid disruption
• Seamlessly transition to project-based work to help the new-in-seat leader hit the ground running

If that doesn’t get the wheels turning, we offer complimentary consultations and have an extensive library of case studies and resources exploring the vast possibilities interim executives bring to the table.

Get started with an interim executive

On-demand interim executives bring the most in-demand skills and expertise to the table with extensive in-seat and on-the-ground experience. If you have a gap to fill or if you’ve simply been looking to try something new, join savvy business leaders at top companies who are innovating with on-demand talent in critical capacities. Loop in Business Talent Group so we can pair you with right-fit talent who can tackle your top initiatives with insight you won’t find anywhere else.

Book a free consultation today to explore how on-demand talent can support your team. There’s no upfront cost to explore a project or interim engagement.

Please note: This post is for informational purposes only and is not legal advice. If you need advice about entering into an NDA or any other contractual agreement, you should consult an attorney licensed in your jurisdiction.

Credibility, consistency, and quality of work are among the top fundamental needs for becoming and maintaining your status as a successful independent consultant. Another important requirement is the ability to manage client confidentiality with care and discretion.

One way businesses can ensure confidentiality is through a non-disclosure agreement (NDA) or confidentiality agreement. In this post, we’ll delve into the world of NDAs by providing an NDA definition, outlining the purpose these agreements serve, as well as providing you with essential insights on how to navigate client confidentiality needs effectively.

What is a Non-Disclosure Agreement (NDA)?

A non-disclosure agreement, also known as an NDA, is a legally binding contract established between two or more parties that outlines the information they wish to protect to ensure that it will remain confidential. This type of agreement may also be referred to by other names, such as a confidentiality agreement (CA), a confidential disclosure agreement (CDA), or a proprietary information agreement (PIA). Once an NDA is signed, the parties outlined within that agreement legally cannot disclose the specified information detailed to anyone unauthorized to do so.

Understanding the purposes of non-disclosure agreements

NDAs are most commonly used to help safeguard sensitive business, technical, or proprietary information from being disclosed to unauthorized individuals or entities. Their purpose is to:

• Establish expectations and obligations
  As an NDA clearly outlines which business information is protected, guidance on how to handle trade secrets, and the consequences for employees or consultants who violate the agreement.
  
• Protect intellectual property
  Businesses often rely on their intellectual property as a competitive advantage. NDAs ensure that proprietary information, including business plans, product designs, marketing strategies, or trade secrets, remains confidential and secure from potential competitors.
• Facilitate collaborative partnerships
  NDAs foster collaboration between parties involved in a project. By clearly defining the scope of confidential information and its permitted uses, consultants can work closely with clients, discuss sensitive matters freely, and propose innovative solutions without the fear of compromising proprietary knowledge.

Three types of NDAs

1. Unilateral – Also known as a one-way NDA, unilateral agreements only protect the confidential information of one party. This type of NDA is the most common and most often used when companies need to share confidential information such as trade secrets, business and development plans, pricing data, or technical information with employees, partners, clients, and other stakeholders.
2. Bilateral – Also known as mutual NDAs or two-way NDAs, these agreements require both parties to disclose confidential information. Each party can also limit how the other party will use and share the information. These agreements are most common when the parties involved need to exchange a lot of private business information during negotiations, such as during a corporate takeover, joint venture, merger, or acquisition.
3. Multilateral – These multiparty agreements are most often utilized in complex, negotiation-heavy deals involving three or more parties where at least one will disclose information to the other parties and require the prohibited information from further disclosure. This agreement can streamline confidentiality needs across multiple parties and avoid the need for separate bilateral or unilateral NDAs across parties.

An NDA, regardless of type, is a critical tool for establishing trust and enabling open and trusted lines of communication.

The DNA of an NDA

NDAs use very specific language to ensure the agreement can be enforceable in court. Before you sign, check to make sure that the non-disclosure agreement clearly defines:

• Proper identification of all parties in the agreement
  An NDA should identify the disclosing party (the entity sharing confidential information) and the receiving party (the entity receiving the information).
  
• What is considered confidential information
  An NDA should explicitly define the types of information considered confidential, such as proprietary technology, financial data, customer information, marketing plans, or any other information the disclosing party wishes to protect. It is also standard for an NDA to define what is not considered confidential information, such as information that has entered the public domain through a source other than the parties.
  
• Clarity regarding non-disclosure and non-use obligations
  An NDA should clearly outline the obligations of the receiving party to maintain confidentiality beyond the agreed-upon project or collaboration.
• The duration of the agreement
  The NDA should specify how long the receiving party must protect the disclosed information. Some NDAs have a fixed time frame, while others may extend indefinitely.
  
• Requests that are deemed unlawful
  An NDA should not request anything illegal from the parties involved. For example, it would be illegal to request for the recipient to engage in withholding information that would be considered a legal duty to report.
  

Navigating Client Confidentiality Needs

Understand the scope

As a legally binding contract, NDAs can carry serious consequences for employees and consultants who violate the agreement, resulting in a lawsuit. Before signing into an agreement, carefully review the NDA to grasp the breadth of information covered and request clarity on what can be shared, what can’t, and the permissible use of confidential information as needed. Also, sometimes companies include non-confidentiality obligations such as non-solicitation terms in an NDA. These may be appropriate depending on the context, but make sure you understand what you are agreeing to and can maintain those commitments.

Adhere to best practices

Familiarize yourself with best practices in information security, confidentiality, labor compliance, and contracting processes.

Safeguard the data

Take proactive measures to protect client data and confidential information throughout your engagement. Utilizing secure cloud storage and encrypted communication channels can demonstrate your commitment to maintaining the confidentiality of your clients. For BTG guidance on how to reinforce your tech security and find tech support as an independent consultant, visit here.

Share information on a need-to-know basis

Limit access to confidential information only to individuals who require it to help minimize the risk of inadvertent disclosure and ensure that all sensitive information remains within a trusted circle.

Maintain documentation

Keep an updated record of all NDAs signed, noting any instances where confidential information is shared or accessed and terms for the agreement. Maintaining clear documentation helps demonstrate your commitment to client confidentiality and serves as evidence of your adherence to contractual obligations.

The Bottom Line

Client confidentiality is more than a legal requirement; it is the cornerstone of your reputation as a trusted advisor and expert in your field. As an independent consultant, your ability to navigate non-disclosure agreements and confidently protect sensitive information reflects your professional reputation and standards. By protecting confidential information, you position yourself as a reliable and trustworthy consultant, ensuring long-term success and a steady stream of satisfied clients.

With Business Talent Group, talented independent consultants and businesses seeking talent can rest easy with best-in-class information security, confidentiality, labor compliance, and contracting processes that adhere to the strict requirements of leading organizations. Join or learn more about the BTG talent network here.

The role of interim executives in business is becoming increasingly prominent. Catalyzed by an evolving corporate world that values agility, adaptability, and short-term specialized expertise, many organizations are discovering the power of interim leaders.

However, as with many relatively new paradigms, several misconceptions paint a skewed picture of interim executives. Unfortunately, many of these myths have kept businesses from seeking the help they need during transition and growth. The fact is that many companies can benefit from the expertise and experience of interim executives in their organizations. Dispelling these myths is critical to ensure leaders understand the value of interim executives and why more organizations are taking advantage of their services.

Myth #1: Interim Executives Are All Retirees

Many assume interim executives are all retirees, suggesting they are older individuals seeking part-time or less demanding work after retiring from a full-time career. This myth likely arises because some choose such roles to continue contributing their skills and experience in defined, short-term engagements.

However, interim executives represent a diverse age group, including mid-career professionals and young executives. The average age of an interim executive is 52 years old, which means there are plenty of executives, both older and younger, working as independent talent. Some executives opt for temporary roles for more flexibility, allowing them to gain experience in different industries or balance other commitments. Interim roles can be highly demanding and require a diverse skill set, making them attractive to executives at all career stages who seek challenging opportunities.

Myth #2: Interim Executives Can’t Secure Permanent Jobs

The second myth posits that interim executives can’t secure permanent roles and settle for temporary assignments. Again, this idea stems from the perception that independent engagements are less desirable or prestigious than permanent roles.

In reality, many interim executives willingly choose such roles due to the unique advantages they provide. Research on interim management found that less than 9% planned on finding a permanent position, and almost 60% wanted to continue their career as interim talent for the foreseeable future. Interim executives choose their roles because of the variety of work, opportunities to drive significant change, and exposure to diverse industries and business models. Plus, they often require specialized skill sets that are highly valued in the job market, making these roles not merely fallback options but targeted career choices with possibly greater earning potential than permanent roles.

Myth #3: Interim Executives Don’t Want to Work Hard

This myth suggests that interim executives choose temporary roles to evade the demands and pressures associated with permanent executive positions. This misconception often arises from the temporary nature of interim roles, which causes some to believe it signals an executive’s lack of dedication.

Contrary to this myth, interim executives often work in highly demanding circumstances. They are typically brought in to navigate change or transition, which requires a strong work ethic, exceptional leadership abilities, and the capacity to make difficult decisions. Plus, the success of an interim executive depends on their ability to deliver results quickly in a limited timeframe, often necessitating a high degree of dedication and hard work.

Myth #4: Interim Executives Lack Commitment to the Company

Given the temporary nature of their tenure, it can be easy to assume interim executives lack a commitment to the company. This stems from a presumption that long-term commitment and a sense of ownership can only come from permanent roles.

However, interim executives can—and often do—demonstrate a high level of commitment and dedication to the companies they serve. Their success relies on rapidly integrating into a company and delivering measurable outcomes—especially when that success hinges on regularly sourcing new engagements through on-demand talent providers like Business Talent Group. This necessitates a deep understanding of the company’s culture, goals, and challenges, which can only be achieved through commitment and engagement.

Myth #5: They Only Manage Crisis Situations

Some companies assume interim executives are only beneficial for managing crises. This myth arises from some high-profile cases where interim executives were indeed hired to navigate companies through challenging situations, such as averting an impending bankruptcy.

Although interim executives may often be brought in during a crisis due to their specialized skills and experience, their roles are not limited to this scenario. They handle a variety of situations beyond crisis management. Some of these situations include:

• Strategic initiatives. These professionals frequently lead the charge on key initiatives, such as digital transformation projects, business expansion into new markets, or the launch of a new product line. These tasks require specialized skills and extensive experience.
• Leadership transition. Interim executives help during leadership transitions beyond crisis situations. When an executive departs suddenly, an interim executive can step in to ensure continuity and stability until a permanent replacement is found.
• Skills gap. An interim executive with the required expertise can fill the void if an organization identifies a temporary skills gap. For example, a business wanting to improve its supply chain efficiency might engage an interim executive with deep knowledge in this area.
• Business transformation. Organizations often tap interim executives to lead business transformation efforts. This could include organizational restructuring, mergers, acquisitions, or significant cultural shifts. These situations are not necessarily crises but strategic efforts to improve or change the business.
• Growth or expansion. Companies in the process of rapid growth or expansion often benefit from the expertise of interim executives. They provide the necessary leadership and experience to manage such a challenging and exciting phase, setting the groundwork for sustainable success.
• New role trial. Adding a new permanent executive position is a significant commitment. Organizations often choose to start with an interim executive to test out the position and its compatibility with their culture and goals first. Beyond roles, they also help companies test out organizational structures, skill sets, and leadership styles to see if they are a good fit.

While interim executives are well-suited for crisis management, they are not limited to it. They offer versatility and a wealth of experience instrumental in various business scenarios.

Myth #6: Interim Executives are Less Qualified Than Permanent Ones

This myth suggests that these independent consultants are less qualified than their permanent counterparts, perhaps arising from the perception that they’re a “stop-gap” solution.

Most interim executives have honed many of the critical skill sets needed at specific moments in time for organizations, such as functional build-outs, post-merger integrations, crisis management, situations requiring specific functional skills, and more. They are usually highly experienced professionals with various skills and expertise. They often possess a breadth of industry knowledge and leadership experience, allowing them to adapt quickly to new environments and effectively lead through change.

In short, they are not any less qualified than traditional permanent executives—on the contrary, they are likely even more qualified to hold the role due to their wealth of experience, ability to hit the ground running, and skills that are aligned with the company’s needs at that exact moment in time.

Myth #7: Interim Executives Are Only For C-Suite Roles

Understandably, some assume interim executives are only hired for C-suite interim executive positions because this gains the most publicity. From REI to Twitter, some CEOs and other executives secured their positions by starting out interim. It gives the impression that interim executives are limited to this echelon of the corporate hierarchy.

Contrary to this belief, interim executives are not confined to C-Suite roles. While it’s true that many serve in top-level positions, interim roles can exist at various levels of management, depending on the company’s pressing needs. For example, these professionals can fill roles like:

• Operations Director. This role manages the entire operations of a business unit, ensuring efficiency and effectiveness in delivering goods and services.
• PMO Leader. Companies undergoing significant projects, such as product launches or IT system overhauls, may benefit from an interim PMO leader.
• Finance Heads. If an organization is undergoing financial restructuring or in a period of economic instability, an interim finance executive—such as a Head of FP&A or Controller—brings valuable experience and stability.
• Human Resources Director. Interim HR executives are crucial in times of significant organizational change. They can help manage restructurings, mergers, large-scale recruitment initiatives, or key HR responsibilities like compensation and benefits.
• Marketing Director. Companies engage interims to lead brand refreshes and product launches or strategize and implement new marketing campaigns.
• IT Director. Interim IT executives can oversee digital transformation efforts, implement new technology systems, or manage cybersecurity incidents.

The versatility of interim executive models means professionals can fill virtually any leadership role temporarily. Their presence is especially valuable in times of transformation or when the organization needs specific expertise not currently available.

Dispelling Interim Executive Myths

Interim executives have become an increasingly important resource for organizations in today’s dynamic business landscape. As we explored, the interim space has evolved rapidly in recent history, and many of the myths surrounding interim executives stem from misconceptions, misunderstandings, and outdated notions. Interim executives aren’t just retirees or individuals who can’t secure permanent jobs. They aren’t less committed or qualified than their permanent counterparts. Nor are they confined to handling crises or exclusively to C-suite roles.

Interim executives offer specialized skills, broad experience, and adaptability that companies leverage across all levels of an organization. They serve various functions and industries, from leading strategic initiatives and driving business growth to managing transitions and filling sudden vacancies. Most importantly, they are driven by a passion for bridging crucial gaps and leveraging skills where they are most needed. This makes them a vital asset for businesses seeking short-term leadership or specialized expertise.

As the business world evolves and organizations grapple with unforeseen challenges and opportunities, the demand for these flexible, highly skilled professionals only increases. Debunking common myths and recognizing interim executives’ true value and potential allows organizations in various sectors to utilize the benefits they offer for sustained and increased success while in transition.

If your organization is facing a transitional period, needs to drive a strategic project, or requires specialized leadership temporarily, consider the benefits an interim executive provides.

Don’t let misconceptions deter you from leveraging this powerful resource. Instead, explore the potential of engaging an interim executive for your organization. Post your project to Business Talent Group today. The right talent could be the key to not just survive but thrive through your business’s next challenge or opportunity.

If you’re looking to build your agile workforce, access hard-to-find skills, reduce consulting spend, or simply get more done, you’ve come to the right place. Business Talent Group (BTG)’s marketplace of experts and problem solvers—backed by top-notch client service and proprietary technology—positions us to best support top companies on their projects and priorities. Whether you’re looking for strategic industry or functional knowledge, project execution, or interim C-suite leadership, BTG’s on-demand talent can fill your need seamlessly and on budget.

Carefully curated and expertly vetted, our consultants, subject matter experts, operators, and executives hail from top consulting firm and leading companies. In short, they possess cutting-edge skills and expertise to tackle your most demanding strategic, operational, and technological challenges, which is why Business Talent Group’s typical projects tend to involve filling critical skill and leadership gaps.

Today we’ll take a moment to explore a number of BTG’s typical projects to showcase our network of experts and capabilities.

Typical Project Overview

There are a few recurring themes for most BTG typical projects: strategy, operations, transformation, organization, and interim executive engagements.

Strategy

In today’s fast-paced and ever-changing business landscape, having a well-defined and adaptable strategy is a must for organizations looking to stay competitive. Strategy projects require specialized knowledge, keen problem-solving skills, and fresh perspectives. As such, strategy requests top the list of Business Talent Group’s typical projects.

One strategy project we see frequently are opportunity assessments. In a clinical trial technology opportunity assessment, BTG helped an F100 pharma company conduct a landscape analysis of technology trends in Phase 3 clinical trials in immunology. The consultant identified key players, areas of opportunity, and ways to achieve competitive advantage.

Large-scale strategy development is also a common use case for on-demand talent. For example, a strategic advisory firm was looking to develop a global communication strategy in the mining sector. Part of a global expansion program, the initiative consisted of creating communication and ESG strategies whilst building capacity and overseeing day-to-day communications—all relying on much-needed expert market insights. The firm needed transformation and operational support to conduct a landscape assessment, global stakeholder mapping, competitor benchmarking, and an internal review of current strategy.

BTG placed a senior strategy consultant and former mining executive, who conducted the assessment and devised a strategic plan to improve global positioning and better communicate to international audiences.

Similar projects might include: corporate and business unit growth strategy, digital strategy, innovation strategy, product and launch strategy, ESG strategy, staffing strategy, advanced analytics, project management, advanced analytics, and more.

Operations

Today’s challenges and opportunities have renewed business leaders’ focus on efficiency, sustainability, and resilience, making operations requests popular Business Talent Group’s typical projects.

Supply chain optimization and resilience has been mission-critical in recent years. For instance, a large footwear brand sought to harmonize and integrate its supply chain operations and practices. BTG provided a supply chain expert with 15+ years of experience to help the company develop a hypothesis, analysis, recommendations, and a roadmap for implementing the project.

Oftentimes operations projects are related to transformations or growth, but sometimes it’s simply a matter of filling a short-term leadership gap. One such need arose when a UK based financial services firm needed an interim operations director to fill the gap between the incumbent director’s departure and the start date for the full-time replacement. BTG placed an interim operations director with extensive experience in contact center operations to provide critical coverage during the leadership gap.

Similar projects might include: process and structural overhauls, resource upgrades, process optimization, performance improvements, integrated business planning initiatives, cost cutting, resilience, project management, and operational excellence.

Transformation

Another set of Business Talent Group’s typical projects revolve around transformation as leaders look to drive efficiencies in business processes, add new layers of security, deliver new offerings, and capitalize on innovation and change—all while catering to demands for worker flexibility and autonomy.

Process optimization and transformation came in at the #4 most in-demand skill in this year’s High-End Independent Talent Report, so it’s no surprise that leaders of one industrial holding company turned to BTG when they found themselves in need of a cybersecurity transformation leader for an IT infrastructure overhaul. BTG provided a cybersecurity transformation leader with 20+ years of experience to assess vulnerabilities, develop plans, and implement a secure IT infrastructure.

Large-scale transformations are no easy feat, but with the right people in seat, it’ll be smooth sailing ahead, like when a company-wide transformation project required specific data and analytics expertise. BTG supported the client, a multinational life science data and analytics company, by providing a data strategy and management executive who carried out a capability assessment, identified risks, and developed a roadmap for change.

Similar projects might include: IT and tech transformation, digital transformation, change management, ERP transformation, HR and culture transformation, organizational transformation, process optimization and transformation, tech and systems implementation, marketing and sales, innovation and R&D, and more.

Organization

In order to stay adaptable and resilient today, all industries are seeing an increasing need for valuable expertise, support, and guidance to enhance the effectiveness and success of organizational initiatives as they navigate challenges like change and uncertainty, cost-cutting mandates, risk mitigation, and restructuring.

Since M&A needs are among Business Talent Group’s typical projects, this post-merger integration HR project is of note. When an acquisition swelled an F500 hospitality giant’s headcount by 50%, the organization was committed to its unique culture, but the HR team was struggling to efficiently integrate the new employees. BTG placed an HR growth specialist, who developed a new talent acquisition and search process and supported a total organizational redesign without impacting morale or productivity of the two different company cultures.

Or, when an F500 consumer company was launching an initiative to improve organizational agility, BTG provided a senior organizational and operational strategist to help the VP of Transformation redesign everything from processes and systems to talent strategies and culture.

Similar projects might include: organizational design and workforce planning, organizational effectiveness, business processes, HR and culture transformation, compensation and benefits, organizational transformation, global HR, program management office (PMO), human capital, brand strategy, restructuring, post-merger integration, and more.

Interim

Increasingly, interim placements are among the top reasons companies reach out to Business Talent Group, as revealed in the 2023 High-End Independent Talent Report. Amid recent economic uncertainty, changing markets, and fierce competition, a leadership deficit is taking a toll on organizations large and small, contributing to a +116% YOY increase in demand for interim leadership at all levels.

Within interim leadership, the most significant demand is in the office of the CFO, with interim CFO requests increasing by 103% YOY. Other key finance roles are critical as well, with Controller taking the spot as the fastest-growing interim C-suite role with 223% growth.

Demand is also rising outside the finance department, with requests for interim CEOs up 220%, CHROs up 100%, and Chief Transformation Officers also up 100%.

Consider this first example of an interim CFO for a PE-backed consumer apparel company. BTG provided a seasoned interim CFO with 20+ years of experience as a management consultant to help a client with administrative priorities, including audit and tax filings, monthly close activities, a rolling CF model, and setup of ABL.

Interim leadership goes beyond the C-suite and is a frequent need for roles at the SVP, VP, and director levels as well. Take this case of an interim claims operations executive to support a benefits provider post-acquisition. BTG helped the dental benefits provider by providing a leader with 30+ years of experience in claims transformations to fill this short-term role. The executive seamlessly assimilated and worked entirely dedicated to post-merger data integration workstreams.

A Typical Project at Business Talent Group Swiftly Supports Your Unique To-Dos.

It’s easy to see how Business Talent Group fits the bill for these common project types, but the beauty of on-demand talent is that it enables quick access to the talent you need for your own priorities and pain points—whatever they may be. Whether you’re facing a situation like one above or in need of a unicorn talent, look no further than BTG’s network of highly skilled independent consultants, project managers, subject matter experts, and interim executives. Reach out today to discuss your talent needs.

In today’s fast-paced, always-on work environment, getting and staying organized is crucial to setting up and maintaining your success as an independent contractor. Unlike a traditional employee, operating as an independent contractor means being responsible for all facets of your business management, from billing and accounting to IT and online client collaboration. Thankfully, many free and paid organizational software solutions are available and designed to help you manage your business. From simplifying scheduling meetings and streamlining client communications and projects to note-taking and more, there are a seemingly endless number of new and established digital tools that can help stay productive and work more seamlessly.

As new organizational websites and apps for organizations emerge frequently, keeping up with the latest options, examining your workflows, and finding the most effective tools can take time. The upfront investment in your attention can pay off in the long run by improving your productivity, freeing up your time to tackle more billable tasks. In this post, we’ll share suggestions on organizational apps, outlining their pros and cons to help you get started in determining the best solutions to better your business.

What Are Organizational Tools and Why Do I Need Them?

An organizational tool is an app or software developed to help you enhance your daily tasks and performance. While there are many different types of solutions available to help meet different personal and professional needs, they all have one thing in common — the ability to help you find efficiencies in how you manage your day-to-day responsibilities.

Which Tools Should I Start With?

While every individual business need is different, improving the financial management of your business, automating how you track your time, securing cloud-based storage solutions, evaluating task management options, exploring note-taking apps, and establishing communications tools are just some of the more common organizational solutions that can help you stay organized.

Accounting Software Options

As an independent contractor, overseeing your accounting needs, including invoicing, expense tracking, and tax payments can be a time suck. Look for software solutions for self-employed employees and small businesses that offer customer invoicing, organize billable expenses, track time and mileage, and help you maintain the separation of your personal and business finances. Some popular options include:

FreshBooks

FreshBooks is a small-business accounting software product that is best suited for freelancers and independent contractors looking for a user-friendly platform to manage billing and accounting.

Pros: 

• User-friendly interface with intuitive navigation
• Efficient time-tracking and invoicing features
• Easy integration with popular payment gateways
• Offers financial reporting and expense tracking capabilities

Cons:

• Limited customization options for invoices and templates
• Higher pricing plans may be expensive for small-scale freelancers
• Lacks advanced accounting features compared to some other tools

QuickBooks Self-Employed

QuickBooks Self-Employed is an online accounting tool designed for freelancers, independent contractors, and sole proprietors who do not have oversight of other employees or inventory.

Pros:

• User-friendly interface with intuitive navigation
• Efficient time-tracking and invoicing features
• Easy integration with popular payment gateways
• Offers financial reporting and expense tracking capabilities

Cons:

• Limited customization options for invoices and templates
• Higher pricing plans may be expensive for small-scale freelancers
• Lacks advanced accounting features compared to some other tools

Wave

Wave is a financial management platform best suited for freelancers seeking free accounting and billing software with essential features as well as very small businesses with 10 or fewer employees.

Pros: 

• Unlimited income and expense tracking
• Unlimited invoicing with customizable templates and payment terms and automated payment reminders
• Provides basic financial reports for business insights

Cons:

• Lacks advanced features such as time tracking and project management
• Less scalable features and functionality as you grow your business
• Limited customer support options for free users

Time-Tracking Applications

Automating how you track your time can make it easier to gain valuable insights and make more informed decisions on how you estimate your time, pricing, and resource needs for projects.

Toggl

Toggl is a popular time-tracking tool that allows users to track and manage their time spent on various tasks and projects. It is best suited for those seeking an easy-to-use and flexible time-tracking solution.

Pros:

• Simple and intuitive interface for effortless time tracking
• Flexible tracking options, including manual entry, timer, and browser extensions
• Detailed reports and analytics for tracking productivity and billing clients
• Integration with other tools and apps for seamless workflow management

Cons:

• Limited features in the free version, with restrictions on team collaboration and project management
• Steeper learning curve for advanced reporting features and customization
• Lack of automatic idle time detection and reminders for tracking accuracy

Harvest

Harvest is a time tracking and invoicing tool designed to help independent consultants manage their time and billing efficiently. This tool is best suited for independent consultants who require more robust time tracking and invoicing capabilities.

Pros: 

• Easy time tracking with manual entry, timer, or integration with other tools
• Flexible project and task management for tracking time spent on different activities
• Advanced reporting and analytics for better insights into productivity and profitability
• Seamless integration with popular project management and accounting tools.

Cons:

• Higher priced option when compared to other time-tracking tools
• Invoicing features may not be as comprehensive as dedicated invoicing platforms
• Steeper learning curve for advanced features and customization

Clockify

Clockify is a free time tracking tool that offers basic time tracking features and project management capabilities for independent consultants. This tool is best suited for those seeking a free and simple time-tracking solution.

Pros:

• Free plan with basic time tracking features and unlimited users
• Easy-to-use interface for effortless time tracking and project management
• Basic reporting and export options for tracking and analyzing time data
• Integration with other popular productivity tools for seamless workflow

Cons:

• Limited features compared to more advanced time-tracking tools
• Lack of advanced reporting and analytics features
• Invoicing and billing capabilities are not included

Cloud Storage Solutions

Cloud storage solutions offer remote workers the ability to securely store important client files including business data, videos, and images. This type of storage also makes it easier to work from anywhere and collaborate more seamlessly with teams online. Options include:

Google Drive

Google Drive is a cloud-based storage solution that allows users to save files online and access them anywhere from an internet-connected device. This solution is best suited for independent consultants and freelancers who heavily rely on collaboration and real-time document editing with clients or team members.

Pros:

• Large free storage space offering (15GB)
• Affordable paid plans
• Seamless third-party integration
• Real-time collaboration in documents, spreadsheets, and presentations
• Strong search capabilities and advanced file organization options

Cons: 

• Limited offline access to files
• Sharing large files can be challenging due to storage limitations
• Security concerns have been raised regarding data privacy; lack of password-protection offering for shared files

Microsoft OneDrive

Microsoft OneDrive is a cloud-based service that connects to, stores, and protects your files while allowing you to share them with others as well as access them anywhere on all of your devices. This solution is best suited for independent consultants and freelancers who heavily use Microsoft Office applications and require seamless integration with their cloud storage.

Pros:

• Easy-to-use interface and intuitive file organization
• Seamless file syncing across multiple devices and fast upload speeds
• Advanced sharing features, including password-protected links and expiration dates
• Integrations with thousands of applications and popular productivity tools like Microsoft Office and Google Docs
  

Cons: 

• Limited storage space for free users compared to competitors (2GB)
• Higher pricing plans compared to some alternatives
• Collaboration features are more basic compared to some other tools
• Limited search functionality may make it harder to find specific folders and files

Task Management Tools

Organizational tools can help you stay ahead of deadlines and keep track of everyday business and at-home needs by making it easier to assign and organize tasks as part of a larger project. Most software solutions offer the ability to break larger tasks into subtasks as well as reporting tools so you can analyze the life cycles of tasks and improve your productivity. Check out these tools to find the right solution for your business needs:

ClickUp

ClickUp is a category leader in project management that combines task management, collaboration, and communication tools and offers a wide range of features. It is best suited for independent contractors seeking a scalable, all-in-one project management platform with strong collaboration offerings.

Pros: 

• Comprehensive, customizable, and feature-rich
• Provides customizable project views and templates
• Great for remote collaboration and offers internal chat messaging
• Offers a Forever Free plan for small teams who need basic project management capabilities and don’t require all the features of a premium plan

Cons:

• Can feel overwhelming due to the number of available features
• Most security features are limited to high-priced plan options
• Automations are limited per month on all plans

Trello

Trello is a popular visual project management tool that uses boards, lists, and cards to help you organize tasks and projects effectively. Trello is best suited for independent consultants seeking a highly visual and flexible task management system.

Pros: 

• Intuitive and user-friendly interface
• Supports collaboration with team members and clients, allowing for real-time updates and comments.
• Offers customizable boards, lists, and cards, providing flexibility to tailor the workflow to individual needs
• Integrates with various third-party apps and services for enhanced productivity

Cons: 

• Advanced features, including Gantt charts and time tracking, as well as security features, require paid subscriptions
• Lack of built-in time management features may require the use of additional tools
• More limited reporting and analytics capabilities compared to dedicated project management tools
• Managing multiple projects on low-tier plans may be difficult

Asana

Asana is a powerful work management tool designed to help teams organize, track, and manage their projects effectively. It is best suited for independent consultants and freelancers working on complex projects with multiple stakeholders.

Pros: 

• Easy to use and navigate
• Robust project management capabilities, including task dependencies, subtasks, and milestones
• Supports team collaboration with features like file sharing, commenting, and task assignment
• Integrates well with other tools, platforms, apps, and services, enabling seamless workflow management

Cons: 

• Some advanced features are only available with higher-tier plans
• Lacks a built-in time-tracking feature
• Steeper learning curve compared to simpler task management tools
• Limited customization options for task views and layouts
  24/7 customer support is limited to enterprise plan users

Todoist

Todoist is a task manager and to-do list organizational app that makes it easier to keep track of professional and personal tasks as well as collaborate. It is best suited for individuals who are seeking a simple and streamlined task management solution.

Pros: 

• Clean and minimalist interface, making it easy to create and organize tasks
• Offers features like due dates, labels, and priority levels for efficient task management
• Supports collaboration with up to five people per project, allowing task sharing and comments
• Integrates with popular tools like Google Calendar, Slack, and Dropbox for enhanced productivity

Cons:

• Lack of robust project management capabilities compared to other tools
• Limited reporting and analytics features for tracking project progress and productivity
• The free plan version does not offer automatic backups and reminders

Digital Notebook Applications

Utilizing a note-taking app can help improve your organization, better capture your creative ideas, facilitate stronger collaboration, ensure accurate documentation, and provide convenient access to information. These options can help get the job done:

Evernote

Evernote is a versatile note-taking and organization tool that allows independent consultants and freelancers to capture and manage notes, ideas, and creative content. This tool is best suited for independent consultants and freelancers who need a digital workspace to store and organize their notes and creative ideas.

Pros: 

• Easy note-taking and organization across multiple devices
• Flexible formatting options for rich text, images, and attachments
• Tagging and search capabilities for quick retrieval of information
• Integration with other apps and services for seamless workflow

Cons:

• Limited storage capacity for free users
• Some advanced features require a premium subscription
• Collaboration and real-time editing features are not as robust as dedicated project management tools

OneNote

OneNote is a digital note-taking and organization tool that allows independent consultants and freelancers to capture and organize notes, ideas, and other information. This solution is best suited for self-employed professionals who prefer a comprehensive note-taking solution with strong organizational capabilities.

Pros: 

• Multi-platform support for seamless note-taking across devices
• Rich formatting options for text, images, and multimedia content
• Integration with Microsoft Office suite for enhanced productivity

Cons:

• Some advanced features may be available only to Microsoft 365 subscribers
• Syncing issues and occasional performance problems
• Collaboration features are not as robust as dedicated collaboration tools

Google Keep

Google Keep is a simple and intuitive note-taking app that allows independent consultants and freelancers to capture and organize notes, reminders, and creative ideas. This app is best suited for those who prefer a lightweight and straightforward note-taking solution.

Pros: 

• Easy note-taking with a quick and intuitive interface
• Color-coding and labeling options for organization.
• Integration with other Google services for seamless workflow
• Cross-platform compatibility for accessibility on various devices

Cons: 

• Limited features compared to more advanced note-taking apps
• Lack of robust formatting options for complex content
• Collaboration features are limited and mainly focused on sharing notes

Online Communication Solutions

As a remote worker and independent contractor, you are less apt to see your clients, teams, and other key collaborators in person, making online communications technology an essential tool for your business. Here are some tools that can strengthen your communications:

Slack

Slack is a communication platform that enables real-time messaging, file sharing, and collaboration for teams and individuals. It is best suited for independent consultants and freelancers who require frequent, efficient, and instant communication with clients and team members.

Pros: 

• Real-time messaging and file sharing for quick and seamless collaboration
• Easy organization of channels, offers direct messaging
• Integration with various tools and apps for streamlined workflow management
• Customizable notifications and powerful search functionality enhance productivity

Cons: 

• Free plan limitations, including restricted message history and file storage
• Learning curve may be steeper compared to simpler messaging apps
• Occasional performance issues and outages can disrupt workflow

Microsoft Teams

Microsoft Teams is a comprehensive communication and collaboration platform that combines chat, video conferencing, and file sharing features. It is best suited for independent consultants and freelancers who prefer an all-in-one solution for communication and collaboration.

Pros: 

• Seamless integration with Microsoft Office suite for document collaboration and editing
• Robust video conferencing and screen-sharing capabilities
• Extensive third-party app integrations for enhanced productivity
• Customizable channels and workflows for effective team collaboration

Cons: 

• Learning curve for users unfamiliar with Microsoft products
• Limited functionality and features in the free version
• Can be resource-intensive and require a powerful device for optimal performance

Google Chat

Google Chat is a secure communications tool designed to provide easy business communications within the Google Workspace ecosystem. It is best suited for independent consultants who prefer a simple and widely accessible communication tool.

Pros: 

• Seamless integration with other Google services like Gmail and Google Calendar
• Easy-to-use interface for quick messaging, voice calls, and video meetings
• Supports group chats and screen sharing for collaboration
• Cross-platform compatibility for accessibility on various devices

Cons: 

• Limited features compared to more robust communication platforms
• Quality of video and audio may vary depending on the internet connection
• Lack of advanced collaboration and project management features

Other Helpful Organizational Tools

If there is a function of your business that you are looking to streamline, there is likely an organizational tool available to help solve it. Here are a few additional tools and how they can help:

Simplify scheduling meetings.

Calendly is a user-friendly scheduling tool that simplifies the process of setting up meetings and appointments by integrating with your calendar and allowing others to book time slots based on your availability. Basic features are available for free, with advanced features offered in paid plans. 

Clean up your copy.

Writing app Grammarly offers a free version that covers all of the basic spell-checking errors and a paid version to help you improve your sentence structure, tone, and more to check everything from emails to documents, social copy, and more.

Visually upgrade your presentations.

Canva is an online graphic design tool that simplifies the digital design process by offering royalty-free images and templates that help create more professional-looking presentations, social media assets, and other materials.

The Bottom Line

In the age of remote work, effective organization is essential for independent consultants, subject matter experts, and executives. Organizational software tools offer a range of features and options to suit different needs and preferences. Whether you’re looking for task management, scheduling, collaboration, or overall project organization, these tools can significantly enhance your productivity and streamline your workflow. By implementing best practices and utilizing the right tools, you can stay organized, and focused, and ultimately excel in your professional endeavors.

With Business Talent Group, talented independent consultants and businesses seeking talent can rest easy with best-in-class information security, confidentiality, labor compliance, and contracting processes that adhere to the strict requirements of leading organizations. Find more productivity and organization tips and learn more about the BTG talent network here.

Business Talent Group does not sponsor or endorse any of the tools or services listed above. These tools and services are provided only as potential solutions, with the recognition that what is best for your business will depend on the unique needs of your business. Business Talent Group encourages readers to research and compare multiple organizational software and product options against unique business needs before choosing a solution.

This is where interim executives are crucial in leadership and organizational management. Interim executives are highly skilled professionals with a wealth of industry knowledge and leadership expertise. They step into temporary roles to provide immediate impact and guidance.

Here are the basics about interim executives: what they are, how they benefit organizations, and situations to consider using their services.

What is an Interim Executive?

Interim executives are highly experienced and skilled professionals who assume temporary leadership roles within an organization. These individuals are appointed to bridge critical leadership gaps, address specific challenges, or provide strategic guidance during transition, crisis, or opportunity periods.

Benefits of an Interim Executive

Companies that leverage interim executives during key times of transition or crisis experience several benefits, including:

Stability

Interim executives bring stability to organizations during times of crisis or transition. For example, when an organization experiences sudden leadership departures due to resignations or unexpected circumstances, it often creates a sense of instability and disrupts normal business operations. Interim executives step in quickly to fill gaps, providing a sense of continuity and reassurance and ensuring operations continue smoothly. In addition, their presence helps maintain momentum and offers guidance to employees and stakeholders.

Support

Interim executives help overextended teams by offering expertise, experience, and an objective perspective. They mentor and guide existing leadership teams, helping them overcome challenges and develop new strategies. Their independent position allows them to offer unbiased advice, act as a sounding board, and provide the necessary support to drive organizational success.

Growth and Transformation

Interim executives are adept at driving growth and leading transformation initiatives. With their extensive knowledge and deep operating experience in similar roles, they can assess the organization’s current state, identify opportunities for improvement, and execute strategic plans to achieve growth objectives. These independent leadership-level professionals bring a fresh perspective and a results-oriented mindset, accelerating change and fostering a culture of innovation.

Specialization

If your organization has a temporary, unique project, an interim executive is perfect for driving one-off projects. They often possess specialized expertise in niche areas or industries that are relevant during crucial moments but not necessarily skills needed for a full-time executive.

This specialized knowledge enables interim executives to tackle complex challenges, implement industry-specific best practices, and provide targeted solutions for a specific moment in time. For example, they provide valuable assistance for a business pivot, spin-off, or functional buildout. Their deep understanding of specific sectors or functions allows organizations to benefit from their focused insights and leverage their specialized skill sets for optimal results.

Unbiased perspective

One notable benefit of interim executives is their ability to provide an unbiased perspective on organizational challenges and decision-making processes. They are uninfluenced by pre-existing alliances, internal politics, or personal biases that may exist within the organization. Because they are external to the company, they approach situations with fresh eyes and an objective mindset.

An interim executive’s impartiality allows them to analyze complex situations objectively, identify underlying issues, and propose unbiased solutions. It’s a perspective that makes them particularly valuable during critical decision-making processes. Additionally, they act as neutral parties when resolving conflicts or addressing sensitive issues within organizations. Their independent position allows them to mediate and facilitate discussions in an unbiased manner, helping stakeholders reach mutually beneficial resolutions. Their outside perspective enhances problem-solving capabilities and fosters a culture of openness where diverse viewpoints are considered, leading to more effective outcomes.

Immediate Expertise

One significant advantage of interim executives is their ability to provide immediate expertise. They are seasoned professionals who have successfully navigated similar roles and situations in the past. This wealth of experience allows them to assess organizational needs quickly, understand the nuances of the organization, and start making an impact from day one. Their ability to hit the ground running ensures organizations can address critical issues promptly and capitalize on opportunities without delay.

Smooth Transitions

Leadership transitions can be challenging to navigate. Interim executives excel at managing transitions seamlessly. Whether it’s filling a temporary gap or facilitating a succession plan, they possess the skills to ensure a smooth transition of power. They quickly understand the organization’s dynamics, build relationships with key stakeholders, and guide the incoming executive to ensure a successful handover.

Once permanent executives are in their role, the interim executive is in the perfect position to take on special project work to tackle any immediate priorities. With their established knowledge of the organization’s needs and culture, interim executives can provide valuable immediate assistance while the permanent one is learning their role and about the company. Interim executives’ focus on knowledge transfer and maintaining continuity ensures minimal disruption during the leadership transition.

Reasons Why You Might Need an Interim Executive

There are many situations where an interim executive might benefit an organization. Some of the most common reasons companies seek interim executives include:

Sudden departure

When a key executive unexpectedly leaves the organization, hiring an interim executive provides immediate stability and leadership. They can step in quickly, maintain operations, and ensure continuity until a permanent replacement is found.

During a search for a permanent executive

Recruiting a permanent executive is time-consuming and complex, leaving critical gaps. Interim executives fill the leadership gap during the search, keeping organizations on track and allowing for a thorough and thoughtful selection process.

In addition to temporarily filling the spot, interim executives provide valuable help during selection. They use their expertise and knowledge to advise organizations on what to look for to fill a permanent role. They can even assist by evaluating candidates based on their understanding of the company’s needs.

New role trial

Before committing to a permanent executive position, organizations may bring in an interim executive to test the waters. It allows them to assess the compatibility of the role with the organizational culture, challenges, and objectives, providing valuable insights for making informed long-term hiring decisions.

An interim executive also tests out more than just roles. Their unbiased leadership allows companies to objectively evaluate and draw insights before investing in a new way of doing business. They even help organizations test different leadership styles, skill sets, organizational structures, and whether the capability will be needed long-term or simply for immediate priorities.

Underperforming business

Interim executives are instrumental in turning around underperforming businesses. With their expertise and a fresh, unbiased perspective, they assess the situation, identify areas of improvement, implement necessary changes, and guide the organization toward recovery and growth. Disconnected from internal politics and unencumbered by prior assumptions, they take the burden of emotion off decision-making and provide logical, practical steps.

Market uncertainty

Hiring an interim executive provides valuable strategic guidance during market uncertainty or rapid industry shifts. These seasoned professionals navigate turbulent environments, adapt business strategies, and position the organization to seize opportunities or mitigate risks effectively.

Acquisition

Mergers and acquisitions often require significant integration efforts and leadership alignment. Interim executives are crucial to managing the transition, aligning teams, streamlining operations, and facilitating integration, ensuring a smooth and successful merger or acquisition.

New products and services

Introducing new products or services may require specialized expertise or dedicated leadership. Interim executives with relevant industry knowledge and experience can lead the development and launch phases, providing guidance and strategic direction to ensure successful market entry.

Developing internal talent

You can retain top talent by offering opportunities for advancement. However, training new executives can be labor-intensive as they learn their new roles. An interim executive is in a perfect position to provide valuable mentorship and feedback. They ensure the internal candidate is ready to step into their position and can spend three to six months helping them improve and sharpen their skills. An interim executive is also equipped to objectively assess whether the individual is qualified to take on a challenging role.

Divestitures and company split

During divestitures or company splits, interim executives can be instrumental in helping the newly independent company establish crucial roles such as HR, finance, and more. They design functional structures, develop policies and procedures, and recruit key personnel to build effective teams. Within the finance function—an area of especially high demand—interim executives can establish financial frameworks and ensure accurate reporting, financial controls, and compliance.

Interim leaders provide valuable change management expertise, facilitating a smooth transition for employees and integrating processes and systems. Additionally, interim executives support knowledge transfer and training, enabling the newly formed company to use existing knowledge while creating its own identity. Their specialized expertise and experience ensure the new company has the foundations and capabilities to operate successfully as an independent entity.

Preparing for an IPO

Preparing for an initial public offering (IPO) requires careful planning and strategic decision-making. Hiring an interim executive during this crucial phase provides valuable expertise and support. Organizations often find an interim CFO essential while preparing for an IPO. The CFO that successfully guides a company through the process is often neither the startup CFO that got the organization there nor the post-IPO public company CFO needed long term.

Interim executives assess the organization’s IPO readiness, ensure financial planning and reporting compliance, establish governance structures, and assist with investor relations. Interim executives also bring project management skills, help recruit top independent talent, and ensure timelines are met, minimizing risks and streamlining the IPO process. Their specialized knowledge and experience in navigating the complexities of going public can significantly enhance the organization’s chances of successfully transitioning to a publicly traded company.

Best Practices for Working with Interim Executives

While each company, executive, and situation differs, working effectively with interim executives requires implementing some basic best practices. Here are some keys to collaborating with interim executives:

Establish clear goals and expectations. Clearly define the interim executive’s role’s plans, objectives, and expectations. Ensure alignment between their responsibilities and the organization’s strategic priorities. Clear communication regarding deliverables, timelines, and performance indicators sets the foundation for a successful engagement.

Build effective communication channels. Foster open and transparent communication with interim executives. Encourage them to ask questions, seek clarification, and share insights. Regularly provide updates on organizational developments and relevant information to support their decision-making process.

Provide the necessary resources and support. Equip interim executives with the tools, resources, and support they need to operate effectively. This may include access to data, systems, technology, and the necessary personnel. Ensure they have the authority and autonomy to make informed decisions and drive desired outcomes.

Monitor progress and evaluate performance. Regularly monitor the progress of the interim executive’s work and assess their performance against defined goals and expectations. Offer constructive feedback and recognize their achievements. It will enable them to course correct if needed and ensure accountability for results.

Ensure a smooth transition or exit strategy. Plan for when the interim executive’s engagement comes to an end. Ensure knowledge transfer and documentation of processes, decisions, and key insights. Prepare the organization for a seamless transition by identifying a successor or outlining the next steps.

Recognizing and appreciating the interim executive’s experience, skills, and contributions is critical. Their insights and guidance are valuable assets, so create a healthy culture that fosters their perspective and contributions.

Meeting Organizational Transformation with Interim Executives

Organizations often face many challenges and opportunities that require specialized expertise and flexible leadership. Interim executives have emerged as invaluable, providing stability, strategic guidance, and immediate impact during transition, crisis, or growth. By leveraging interim executives’ unique skill sets and experience, organizations can navigate complex situations, drive results, and position themselves for long-term success.

In today’s fast-paced business environment, organizations need agile and skilled leaders who can adapt quickly and deliver results. Don’t miss the opportunity to access top-tier interim executive talent through Business Talent Group. Reach out today and set your organization up for success with the right interim executive.

However, just as a traditional full-time employee can run into tech problems in the workplace, you can and should expect to encounter common technical issues that may hamper your workflow. The question is, how do you overcome these challenges and get the support you need when there’s no IT department to call?

In this blog post, we’ll explore how independent consultants can overcome tech challenges. We’ll also identify how to get home technical support when you’re working as an independent consultant and where to find reliable answers to your tech-related inquiries.

Identifying common technical challenges

As an independent consultant, there are several common tech challenges that you may face while working at home and some practical strategies to help overcome them:

The problem: Hardware issues

Computers crash, printers fail, and when they do, it can create unexpected downtime, taking a significant toll on your productivity.

The solution: Equip yourself with reliable hardware

Having the right gear can make or break your in-home business set-up by reducing the likelihood that you’ll run into common hardware-related issues and providing a faster, smoother work experience. If your budget permits it, consider making an upfront investment to source the best reliable, high-quality tech hardware you can afford for your business needs. Key investments might include:

• A powerful computer with a large display monitor.
• Fast and stable internet connection. You may also consider securing a Wi-Fi hotspot for travel or Wi-Fi extenders throughout your home to strengthen connection points across your home depending on where and how you work.
• A printer and/or scanners.

The problem: Software glitches

While software plays a critical role in the operations of your business, occasional glitches and bugs can cause applications to freeze, software compatibility issues to arise, or updates to install.

The solution: Keep your software up-to-date

It might feel easier at the moment to continue ignoring the software update pop-up notifications on your computer or phone and avoid having to learn any new features, but staying on top of updating your software and operating system can play a critical role in helping you proactively avoid bigger tech challenges. Hackers are always looking for vulnerabilities to exploit, and staying on top of updates can help improve the security of your system. If you’ve been regularly ignoring these updates for a while, here are some immediate next steps you can start with:

• If a trusted software program shares a prompt to opt-in for automatic updates, approve it to help make your future software updates easier.
• Back up your data with a cloud-based service like Google or iCloud or via an external hard drive.
• Run a manual check for any missed updates on your phone or computer by checking for software updates. Turn on automated options as you go.
• If your software bugs out, opt to send crash reports to the software companies to help them find bugs in their system and help keep your applications less vulnerable to hackers.

The problem: Permissions and access

As a remote worker, you might encounter difficulties when accessing certain files, databases, or systems due to permission constraints. Managing and resolving access-related challenges is crucial for fostering efficient collaboration and project execution.

The solution: Utilize cloud-based tools and services and secure remote access.

Cloud-based tools and solutions for file storage, project management, and collaboration offer a great way to seamlessly facilitate collaboration with clients and team members while working remotely and circumvent permission issues. These types of service providers also generally provide users with the most up-to-date technology via automated updates, making it easy to stay on top of updates. Consider using these tools to avoid permission and accessibility issues.

In the event that you need to access client systems or databases remotely with an added layer of security, you may want to opt into utilizing virtual private networks (VPNs) or remote desktop software to establish secure connections and maintain data privacy. Here are some suggestions on where to start.

Setting yourself up with these solutions is a great way to get ahead of some of the more common tech problems you’re likely to face as an independent consultant, but what about those times when the issue is beyond your skillset to solve? As an independent consultant, it’s crucial to know where to find help when facing technical challenges. Here’s where to start when looking for remote tech support for freelancers: 

Contact your client’s IT team.

As a consultant or freelance employee, your first stop for tech support regarding a client system or equipment should always be the client’s IT team or helpdesk for assistance. Businesses take great care to set up their systems against a variety of vulnerabilities to maintain security across all company-owned devices, so before seeking a solution independently, be sure to start here.

Tap company support centers for help with paid products or services.

A great place to find help is by reaching out to the official support channels of the hardware or software vendors you use. For example, if you’re faced with an issue with a paid service, such as poor or frequently interrupted internet connectivity, your Internet Service Provider (ISP) is obligated to help you. If the issue is with a product and you’ve registered your equipment with the company you bought it from, check to see if there is a warranty, or visit the company website for a text-based chat window or call option to get the help you need. Many companies provide comprehensive online knowledge bases, tutorials, and user forums where you can find answers to your queries as well as technical support for more specific issues.

Connect with an online community or forum.

Connect with an online community or forum: Online internet forums and communities dedicated to technology-related discussions can be a great do-it-yourself resource when it comes to finding solutions for common technical issues. Platforms like Reddit, Quora, or Stack Exchange have technologically savvy communities where professionals often share their personal experiences and trade solutions, and they can be a great place to find the answer to your specific challenge. YouTube is another resource to mine for step-by-step tutorials from technical experts. For the best results, be as specific as you can when typing out your query, using keywords to help guide better results within the search engine or forum.

Call a friend.

If all online resources have failed you and you’re lucky enough to know someone within your inner friends or family circle who is tech savvy, consider reaching out to them for assistance. To make it easier for them to help, be sure to set aside enough time to try to troubleshoot the problem with their support, write down any instructions, and let them know what steps you’ve taken and any error responses you’ve received.

Seek professional tech support.

When you’re self-employed and working without an IT department to rely on, it’s essential to secure access to reliable tech support you can trust. Consider subscribing to a reputable tech support service provider specializing in remote assistance for independent professionals. These services provide reliable, on-demand assistance for various tech-related issues, ranging from software troubleshooting to network setup. With your permission, they can remotely access the computer in front of you using their preferred remote software.

Send out your equipment for servicing.

If you have time to go without your equipment or don’t have the patience for remote assistance online or by phone, you may consider dropping off your equipment at an electronics store or service center for expert repair. Be sure to get a quote on the estimated time and costs before committing to the service to know what to expect.

Consider in-person support.

Whether you’re phoning a friend, visiting a big box store, or working with a technical support team service, opting for in-person, on-site support is likely to create the least amount of friction and provide an opportunity for you to learn how to troubleshoot the problem in the future.

The Bottom Line:

As an independent consultant, subject matter expert, or executive working remotely, technology plays a vital role in your professional success. By taking the steps to identify and plan for common technical issues you can make sure you’re well equipped to handle any tech-related issue that comes your way so you can focus your time on what you do best.

Business Talent Group offers a wide array of resources for independent contractors. For tips on remote project collaboration tools, how to improve your remote work habits, how to avoid digital overload, and more, visit the BTG Business Resource Center here.

By centralizing and integrating business functions, ERP software aids transparency and communication, allowing organizations to switch gears quickly while remaining aligned. All data is stored and organized within a central database, allowing for rapid analysis and detailed reporting. As a result, companies can get a clearer look into the health of their organization and identify opportunities for improving efficiency, innovation, and cost savings.

Alternatives certainly exist—e.g. some organizations cobble together software solutions to meet specific business needs, while others outsource certain processes to third-party providers. But differences in data models can make it difficult to get a reliable, holistic view of the organization, and managing and updating multiple systems can be a drain on IT resources. Moreover, while discrete software solutions may seem more cost-effective at the outset, their total cost of ownership is likely to exceed the upfront costs of an ERP, and implementing individual solutions makes it exceedingly difficult to realize the savings that a fully optimized ERP system offers:

• Less wasted time spent searching and integrating data from fragmented systems
• Quicker decision-making, because users at every level have access to and are working off of the same information at all times
• Simplified, and frequently automated, reporting, granting executives a clear view of the organization’s operations on an up-to-the-minute basis.
• Valuable, timely insights on customer trends from integrated CRM systems, enabling the company to pivot, build, or deprecate initiatives as necessary
• Compliance management to ensure adherence to industry-specific regulations
• Forecasting tools to help with everything from planning production schedules and optimizing inventory levels to predicting future cash flow and assessing future hiring needs

So if the benefits are this clear—and justify a business case for the upfront costs—why are some companies failing to successfully implement an ERP software transformation?

Why so many ERP transformations fail

When ERP software transformations fail, it’s usually because they weren’t set up for success from the start. Too often, those leading the transformation fail to see that an ERP implementation is not an IT project: It’s a business-led project that requires active engagement with stakeholders across the organization. IT can assist with system selection, data migration, and user training, but before any of those activities can even begin, a robust, strategic framework for the transformation must be put in place.

A 2019 report from McKinsey found that “three-fourths of ERP transformation projects fail to stay on schedule or within budget, and two-thirds have a negative return on investment.” The factors behind these staggering statistics boiled down to a lack of adequate program management.

A successful ERP implementation is guided by strong program managers who secure the support of the C-suite and ensure alignment with the organization’s strategic objectives. In doing so, they’ll not only guarantee the initiative has sufficient resources and funding; they’ll also smooth the path for effective change management.

As a centralized, comprehensive system, ERP software has an impact on virtually every role in an organization. Users must be fully prepared for transformation and given effective training, or they could struggle to adapt. Even more likely, they might resist changes outright: Deloitte found that resistance to change is the top barrier to a successful ERP transformation journey. By making sure everyone is involved in the transformation, program managers can bolster support across the enterprise and speed ERP software adoption.

Alignment is also the key to preventing the new system from becoming over-complicated with extraneous customization. Given how flexible and precisely tailored ERP software can be, it’s easy to imagine how companies could get carried away. But every additional feature brings with it down-the-road updates and additional maintenance, so it’s important for program managers to earmark only those that are truly essential for implementation.

A unique challenge for SAP clients

For companies currently running on SAP software, the clock is ticking on ERP transformation especially loudly. Though SAP agreed to extend support for Business Suite 7 through 2030 (at the latest), some businesses are finding that timeline still too short.

One of the world’s largest pharmaceutical companies has already invested $2 billion into upgrading, but their program—like many—is taking four to five years to build out. They might make it in just under the wire, but many others won’t. There’s a distinct lack of qualified ERP implementation consultants in the market right now, leading some to contend that the extension doesn’t solve anything, it just delays the problem:

“There simply aren’t the skills or resources available to migrate everyone by that deadline,” Darren Roos, CEO of enterprise software specialist IFS says.

What’s more, when disruptive forces—from cyberattacks to natural disasters—loom large, those with outdated ERP systems risk potentially devastating downtime. “Downtime costs organizations around $300,000 per hour due to productivity losses and catch-up time,” Forbes Technology Council member Kevin Beasley reports. “While it can’t always be measured, the reputational damage following downtime can also be difficult to recover from.”

SAP is shy on specialists, and resources from the Big 4 consulting firms are already committed to ongoing transformations. Even Tier 2 suppliers are sold out. Between companies looking to move from point solutions to an ERP system, and SAP ERP-tied organizations that desperately need to migrate to next-gen software, there’s an overwhelming demand to get started immediately.

But how do you get started when there’s no one left to help?

ERP expertise, on demand

Traditional consultancies might be tight on ERP support, but fortunately for businesses looking to implement on-premise or cloud-based ERP, there’s plenty of high-quality independent talent out there. And much like the nimbleness and speed offered by cloud-based ERP software, BTG’s unique platform offers clients centralized access to these types of specialized resources.

When the talent market is tight, BTG’s experienced on-demand executives can “chalk the field” and/or “move the ball downfield” as EVP, Chief Innovation Officer at BTG Sandra Pinnavaia puts it. Here are just a few examples of how our expert ERP implementation consultants have helped major companies keep their ERP goals on track:

Getting back on Track with SAP Integration

As mentioned earlier, SAP integration is a particularly timely matter, so when a global healthcare company was running two weeks behind on its go-live, the client needed a plan for recovery—fast. BTG provided an executive with experience in ERP migrations, specifically SAP and Electronic Warehouse Management (EWM).

Drawing on their background in supply chain transformation, the talent was able to define the path to recovery, along with a system sustainability assessment to prevent workstream issues with future integrations.

Leading ERP Work from a Business Process Perspective

Sometimes, the plan is already in place, but the business lacks the resources to execute. This was the case when the VP of strategy at a food and beverage giant commissioned an ERP redesign to streamline the company’s heavily customized system and critical processes. With no one in-house to lead the work, the client turned to BTG for someone who could not just advise but execute.

BTG brought in a business process transformation expert who had led multiple ERP implementations at IBM’s SAP practice. He worked with the client’s technical lead to drive “as is” documentation and spearhead early “to be” design efforts. Throughout the process, he helped spot potential issues and developed plans to rectify them.

After he painstakingly standardized and integrated master data into his designs, he created a Center of Excellence for master data management. The results were so impressive, the company decided to roll his designs out to other business units across the enterprise.

Managing Multiple Global Transformations

When things become productively complicated—as they did for a Fortune 1000 retailer that had initiated a number of global transformations with multiple consulting firms—organization becomes a top priority.

The retailer’s CEO approached BTG for an Organizational Change expert who could quickly coordinate multiple vendors and complex workstreams while ensuring all of the transformations were completed smoothly. We connected him with a former Partner at Accenture who had decades of experience that gave him deep insight into the client’s issues.

Our talent helped harmonize external workflows while ensuring timely completion of deliverables. When it became clear that additional change management capabilities were needed in order to build on his success, he stayed on to help establish a permanent Project Management Office.

Whether you’re just getting started or you’re midway through a transformation and the ERP consultant shortage has stopped you in your tracks, BTG offers limitless access to the talent and skills you need. We carefully curate and vet our talent for the highest caliber qualifications, yielding tens of thousands of independent experts with resumes that include Big 4 consulting firms, boutique and specialty firms, and Fortune 50’s most admired companies.

Let us help you on your ERP journey—find the expertise you need today.

Professional services and consulting firms have long been known for their high workload and fast-paced environment. Current trends, however, may call for a significant shift in the way these firms operate.

From 2020 and into the first half of 2022, the professional services industry was booming. But while firms were flush with business, many found that their teams lacked resources to meet the demand. Finding themselves short-staffed, firms were forced to either turn away lucrative contracts or plow ahead at the risk of increasingly burning out their consultants. Today the industry finds itself in a much different place on the supply-and-demand curve. Amid economic uncertainty and belt-tightening across the business landscape, many firms are now struggling with finding work for their current teams and becoming seriously worried about very low utilization levels.

In the past, firms were forced to accept such cyclicality as a reality of the consulting business. Professional services staffing levels would balloon in good times, but in trickier conditions, firms were forced to diversify their offerings to drum up business or make difficult cuts to optimize costs—leading to a loss of valuable talent and institutional knowledge. These cycles are very disruptive for professional services firms and their employees. Moreover, the problem has gotten even harder over time as practice areas have grown more specialized—necessitating deeper industry or functional knowledge for top client work. Staffing and utilization have to be examined on a more granular basis, but moving people from one area to another can be difficult given the lack of expertise.

To avoid the hit to performance that these issues can result in, many top firms are now seeking a better way to manage their staffing levels through both boom and bust periods.

Thankfully, the rise of high-end, on-demand talent offers professional services leaders a better way to think about controlling their staffing levels of mid-pyramid talent (e.g post-MBA to engagement manager). Rather than endlessly tweaking staffing to meet current conditions, firms can set their “all full” level lower (around 90% per practice area) and then strategically supplement teams with on-demand talent—including management consultants, executives, project managers, and experts who have chosen to work independently on a project-by-project or interim basis—to fill in the roles, gaps, and expertise needed for specific client engagements. With training from traditional consulting firms, hands-on operating experience at top companies, and deep expertise in their respective fields, these independent, on-demand professionals can bring fresh perspectives and in-demand skills across a wide array of consulting engagements.

Using on-demand talent in this way has several benefits for professional services firms:

• The firm can reduce its fixed costs by supplementing teams with extra skills and capacity only when necessary, rather than keeping those resources on hand in a permanent position. This can help the firm maintain or even boost profitability at all stages of the cycle.
• Teams can tap into a broader pool of expertise by leveraging on-demand talent, enabling them to deliver better results to their clients and win new business.
• Industry and practice areas can have ready access to the right people with the right skills to execute specific client projects, rather than tapping somebody without deep experience “on loan” from another area.
• Staff can focus on their work and be more productive without having to worry about layoffs during downtimes. And when business is booming, consultants are no longer stretched thin trying to keep up with demand.

These decisions are strategic and have to be taken at the highest levels of a firm—i.e. the CEO, CFO, CHRO all have to be in alignment—and the executive team has to be open to new ways of working and be willing to experiment with new staffing models. They also have to be willing to invest in on-demand talent and develop the necessary processes to successfully deploy them. But most of all, they need an experienced, on-demand talent partner like Business Talent Group (BTG) who can ensure that the right talent are found for client projects, quickly brought up to speed, and seamlessly integrated into the firm’s teams.

With BTG, professional services firms can tap into a deep network of highly skilled professionals who can help firms with various projects. BTG carefully and compliantly curates, vets, and deploys these professionals to ensure they fit in with a firm’s culture and can work hand-in-hand with existing teams. BTG also provides ongoing oversight to ensure that projects are delivered on time and expectations are met for both the professional services firm and its clients.

Regardless of market conditions, rethinking professional services staffing strategies will be crucial to ensuring the sustainability and profitability of these firms over the long term. By embracing new ways of working with on-demand talent and partnering with providers like BTG, consulting firms can reduce fixed costs, tap into a broader pool of expertise, and deliver better results to their clients. As the consulting industry continues to evolve, firms that can adapt to the changing talent landscape will be the ones that thrive in the years to come.

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Integrated business planning (IBP) initiatives have accelerated in the wake of COVID-19 as senior executives cross-sector come to recognize that heightened economic and geopolitical volatility is here to stay. While not a new concept or trend, IBP is quickly becoming mission critical among savvy leaders who are coming to recognize IBP as the compass in the storm.

Why?

IBP at its core is a choreographing engine – tying together the right people, information, and insights at precisely the right time, in service of more adaptive, intelligent response to cross-functional risk and opportunity.

To get the latest insights on IBP—with a particular focus on the consumer and retail industries—we’ve turned to Steve Hochman, a former Bain & Company and Abt Associates consultant who also held senior leadership roles including CEO, COO, and VP at several highly successful startups and Nike Corporation, where he led global supply chain strategy and oversaw two major global planning transformations. Hochman advises clients cross-sector in supply chain strategy, end-to-end planning, and supply chain transformation.

MEET THE TALENT

Steve Hochman

Steve Hochman is the VP of Research & Advisory at Zero100, Inc. a boutique supply chain think tank that helps Fortune 500 C-level executives accelerate operations innovation and transformation at scale.

What is the main goal of an integrated business plan? How does a successful IBP strategy help align high-level goals with day-to-day operations?

Integrated business planning is a process that continuously aligns targets, assumptions, and plans across all key players in a company to assure more reliable achievement of business plans and brand objectives. In plain English, it’s a way to get everyone on the same page, fast, and execute.

IBP emerged in the early 2000s because of a very practical problem: The more they grow, the more companies become functionally specialized. Particularly when the competition for talent heats up, specialization is necessary to achieve high degrees of competence and pool scarce skills. The problem is that specialization leads to silos. Over time, processes, information systems, incentives, and even team subcultures grow apart, as do their operating plans. Supply chain may see a factory constraint or an inventory risk, but sales teams are told to just keep on selling. Or, operations and sales are aligned, but neither is aligned to the budgets created by finance. And so on.

Fast forward to 2020, and you now have the added challenge of what statisticians called “randomness:” The idea that all plans to some extent are wrong because unforeseeable game-changing world events are now part of the fabric of everyone’s global operating environment. Anyone experiencing the effects of a pandemic, a post-pandemic business rebound, 50% fuel price hikes due to a war in Ukraine, an escalating US-China cold war, intensifying consumer expectations around greenhouse gas transparency, inflation that outlived every economist’s forecast, persistent labor shortages, and now revolutions in artificial intelligence that may change the nature of work itself will know what I’m talking about.
So, having every executive on the same page is no longer a nice-to-have, it’s survival. Enter IBP.

How does IBP differ from traditional planning processes, such as Sales and Operations Planning (S&OP) or Demand Planning? What does the timeline look like for a company who decides to move from S&OP to IBP?

IBP is a natural evolution from earlier versions of planning. Way back in the 1990s, “planning” often just meant getting the orders entered properly ahead of a factory production run. All you needed was a smart analyst to key in the forecast, plus or minus maybe 20% to allow for an order cancellation or two.

S&OP emerged because, as companies grew in scale and complexity, increasingly specialized Operations and Sales functions started to feed factories different demand signals, and chaos ensued. Conversely, S&OP pioneers like Honeywell, Procter & Gamble, and Intel realized that bringing teams together with a more choreographed plan alignment process could be a source of competitive advantage. And it was. Tens of billions of dollars in shareholder value accrued to companies who brought in the top-down, cross-functional plan choreography that we now call S&OP.

The gap that remained was Finance. Particularly amongst larger companies with high degrees of business complexity, it made no sense to align sales and operations plans (often stated in units) if those plans didn’t also connect back to budgets (i.e. dollars). CFOs and divisional GMs at companies like Samsung and Nike recognized that so-called “unit-dollar translation,” while hard, was mission critical. And in many cases, those same companies invested millions of dollars in multi-year integrated planning transformations to ensure it. And thus IBP was born. No longer a supply chain process, among leaders IBP had become part of the business and systems core.

Learn more: Supply Chain Planning Gets a Post-Pandemic Makeover  – Zero Percent Carbon, 100% Digital (zero100.com)

What are the key components of integrated business planning? What are the benefits of having a separate IBP division?

Integrated business planning takes existing supply, demand, commercial, product, and financial planning processes within a company and connects them. When done well, IBP is connective tissue rather than its own separate thing.

The only add-on is 1) the executive meeting that assures cross-functional alignment, and 2) the “pre-IBP” coordination that assure C-level executives are equipped to act on the hard tradeoffs of the hour.

When done right, IBP meetings are exception-based, meaning they are proactive escalations of the vital few risks and opportunities facing the business at that moment in time. And they are, crucially, decision-based. They are not about reporting the news. They are about confronting risk and opportunity, surfacing real bets and options, and making decisions that stick.

I was advising one global fashion brand recently who said culture change is actually what’s most challenging: In many companies, executive reviews are performative – focused on showcasing excellence. IBP is different. While certainly making room for celebration, the express goal is to put the ugly (or sometimes beautiful) truth on the table and confront it so that the company can move with more agility and confidence through the inevitable turbulence ahead.

The masters of IBP understand the value of this pre-IBP meta-capability and do a ton of legwork prior to the meeting itself to assure that one hour spent with all C-suite executives is set up for action.

What IBP practices are easiest for a supply chain leader to implement when beginning to take steps towards IBP excellence?

We often say the best thing to do when taking on an IBP transformation is to just get started. Bring C-level executives into the process and make them part of it. Put executive review meeting #1 on the calendar 60 days out and work towards it. Don’t overanalyze your plan alignment process. Identify the gaps by doing. Then improve.

For that first meeting: What are the big risks you face next quarter? What questions are crucial to answer to align plans against those risks? Is it a demand-side risk? A question on product assortment or pricing strategy? An emerging inventory bubble? Chances are, you know what the big issues are facing the business. The only thing missing is putting it on the table.

Behind the scenes, you can define the longer timeframe, more architectural work of systems, process, and cultural transformation. But get started. Add value now with the information and processes you have. Most IBP leaders get immense value from the associated momentum.

How can IBP help identify opportunities and risk amidst uncertainty? How can supply chain leaders properly assess their processes and determine pain points?

IBP is tailor-made to identify risk and opportunity. By establishing a cadence by which we proactively bring plans together and see where assumptions are misaligned, IBP leaders develop a magical capability to surface business gaps sooner. Sometimes those gaps represent upside—untapped revenue, margin, or brand goodwill. Other times gaps really do equal risk. Either way, the continuous nature of plan alignment itself allows companies to move months faster.

The IBP lead at a $50B global diversified technology brand told me her company saves at least 6-12 months on key plan tradeoffs vs. conventional serial planning processes. And that time savings in turn is worth billions of dollars in recaptured growth and margin each year.

Knowing that IBP is not simply a supply chain planning process upgrade, how can leaders get stakeholders across the org aligned and involved?

Great question. It’s a bit of cliché to say large scale transformations require active executive sponsorship. But they really do. The more cross-functional the nature of the initiative, the greater that maxim holds true.

The first step in many IBP transformation initiatives is a Board of Directors’ presentation to educate on the “what and why” of IBP, with specific asks for help. Those presentations are often followed with carefully scripted roadshows to assure all C-level executives and their teams are clear.

IBP leaders will even go so far as to script out role descriptions for C-level executives ahead of that first experimental IBP meeting, training “upwards” to help each executive understand what they need to do to be successful. Beyond explaining “what’s in it for the boss,” IBP leaders need to explain what behaviors are required to deliver IBP value.

Another maxim is to say, “we’re all in sales.” With IBP, that’s absolutely the case. Supply chain or finance leaders who take on the IBP mantle need to develop a core competency not just in operational excellence, but in storytelling. At Zero100, we spend a lot of our energy helping executives with the latter. And it is always time well spent.

And of course, it helps if the storyteller themselves already has trust with the C-level stakeholders involved. Pick leadership talent wisely in this regard. Whether through finance, operations, or other prior experience, having a track record of adding business value is essential to opening the door to any uncertain change.

How can leaders ensure successful and effective integrated business plans? What are the best ways to measure and track related metrics, and how can they best be integrated into existing business processes?

The best way to know an IBP process is successful is if it delivers better decisions faster. Per the IBP leader at the technology company mentioned earlier, “time to decision” is the ultimate metric. The meta-metric flows from that initial indicator. For example, if I decided to liquidate excess inventory 6 months faster, how did that benefit the firm? Chances are, it led to a cleaner marketplace, more cash, and higher margins.

Companies that implement IBP wisely will often instrument their process with a logging mechanism, asking simply: “What would have happened if I had waited 6 months on this decision? How would the financials or the health of the brand have been different? What was the opportunity cost that we avoided by bringing the gap and the debate to a head sooner?” Usually that rough cut analysis is enough to prove to ourselves the huge IBP-led value accrued to the bottom line.

How can leaders ensure these plans and processes are sustainable and able to be maintained?

There are different ways to sustain momentum and operate IBP at progressively greater scale. The most important is generally organizational: IBP leaders will often create a planning “Center of Excellence (CoE)” or equivalent hub to drive continuous improvement and scale-up. Applying dedicated resources ensures organizational focus and signals to the organization that you are putting your money where your mouth is. In short, you want the horsepower in place to drive focus and trust.

Per above, the other signaling device is picking your strongest leaders to drive the change. If IBP is genuinely important to you, you’ll put your A-team on the case. Not only will that A-team have the necessary street cred at the top of the org chart, they’ll also be talent magnets for any long term change you want to drive at scale.

The other scale-driver of course is information systems. While quick process experiments are a great way to generate quick early wins, it’s pivotal to embed a technology swim lane in your transformation roadmap. Much can be achieved with spreadsheets in the first 90 days. After six months, you’ll want to have a robust plan for how you’ll integrate data to automate your IBP plan alignment processes. And you’ll want to have a forward-looking view of the technology landscape to harness fast-evolving capabilities like artificial intelligence, machine learning, and simulation through digital twins. Having a strong digital visionary embedded in your IBP initiative will be paramount.

How can consumer goods companies create sustainable success and properly create a roadmap of actionable items?

Whether consumer goods or otherwise, the principles are the same.

The only additional item to consider is non-competitive peer conversations to learn from the wins and mistakes of others. A great way to accelerate learning is to plug into communities of practice that are cross-sector, e.g. a consumer goods company may learn more from a consumer electronics company than one of its direct competitors.

It’s partly why we complement our research with a lot of peer events for C-level supply chain practitioners. It’s about advancing the collective.

Where should IBP leaders be focusing for 2023? What advice do you have for them?

If I could give just one piece of advice, it would be to work back from 5 years out. Deliver rapid value because you need it for momentum. But technology is advancing too fast to leave your long-term technology and associated talent roadmap to chance. And it’s not just the fancy stuff like artificial intelligence you should track. It’s also newer cloud-based data architectures and master data management services that will fundamentally streamline and accelerate the way an IBP process will function. If you limit yourself to a 1- to 3-year vision, you may lock yourself into legacy architectures that block you from real step-function IBP advantage. You want to be the nimble one. That means careful tracking of digital trends. You may not implement all the cutting-edge tools all at once, but you want an architecture that allows you to pivot as new tools emerge. And equally important, you want to build internal skillsets to be able to digest and capitalize on the exceptional technical capabilities that are just around the corner. Deliver value now but be ready for what’s to come.

To learn more on emerging IBP trends such as advanced scenario analysis, see: Digital Twins Break Into the Boardroom – Zero Percent Carbon, 100% Digital (zero100.com)

Get the IBP expertise you need to succeed.

There are a lot of ways IBP experts can support your goals this year. Among them, identifying and building upon existing processes, identifying opportunities for improvement and growth, creating roadmaps for success, and providing insight on relevant current events and models. Independent talent are essential assets for companies looking to optimize and standardize supply chain and business processes in all industries thanks to their in-demand skills and niche expertise.

Reach out today to secure insights from Steve Hochman or start a project with another highly skilled independent consultant from Business Talent Group.

The rise of the gig economy has brought about a shift in the way people work, as many U.S. professionals are opting to pursue independent consulting opportunities versus following the more traditional career path.

According to the April 4, 2023 release of the latest Job Openings and Labor Turnover Survey (JOLTS) report by the U.S. Department of Labor’s Bureau of Labor Statistics, 4 million US workers quit their jobs during February of this year, a slight increase from January. The report also found 1.7 jobs open for every unemployed worker in February, representing only a slight decline from 1.9 in January as The Federal Reserve continues to look to slow job growth as part of its effort to contain inflation.

Amid these changes to the macroeconomic environment, highly skilled talent continue to seek greater control and flexibility in their schedules. The total number of independent workers has surged—rising 69% from 38.2 million in 2020 to 64.6 million in 2022. Among the rise, the number of full-time independent workers, defined as those regularly working more than 15 hours a week, also grew from 13.6 million in 2020 to 21.6 million in 2022.

According to our 2022 Talent Lens report, which surveyed more than 1,900 high-end independent talent, 88% of respondents reported already working independently for more than one year with the number of new independents doubling since our 2020 survey.

In this blog post, we will explore the benefits of independent consulting that are driving highly-skilled and successful subject matter experts, executives, and others to freelance consulting.

Ability to Pick Your Projects

One of the biggest benefits of consulting is the ability to choose the projects you work on and the types of clients you work with. This means that you can pursue projects that align with your interests and strengths, and avoid those that don’t.

This level of autonomy is particularly appealing to those who value a sense of control over their work. In fact. Among those surveyed in the Talent Lens report, control was the top reason for workers to become independent consultants, with 70% seeking the ability to pick their own projects, 60% looking to be their boss, and 57% interested in the ability to select their own clients.

By being able to choose the projects you work on, you can build a portfolio of work that reflects your skills and interests, and positions you as an expert in your field.

Work When and Where You Want

The ability to work from anywhere is another major benefit of being independent. According to the Talent Lens report, 63% of independent consultants report the freedom to work from anywhere as one of the top benefits of their job with 57% seeking the independence to work when they want to. When asked what they liked most about being an independent consultant, 45% of respondents cited working from anywhere as the top benefit.

By being able to work from home, or from anywhere in the world, you can save time and money on costs associated with commuting and have more control over your schedule. This can be especially valuable for those balancing family responsibilities or those seeking work that offers the flexibility to travel.

Variety of Project Work

Another benefit of being an independent consultant is the variety of project work available. According to the Talent Lens report, 62% of skilled workers were compelled to become independent consultants by the variety of projects made available to them, which keeps the work interesting and challenging. This translates to better value for clients, with workers more invested in the work they are doing.

Additionally, this variety of work can also help you develop new skills and expertise. By working on different projects with different clients, you can expand your knowledge and experience in your field. This can be particularly valuable for those who are looking to transition into a new career or explore working in industry.

Greater Earnings Potential

Another benefit of being independent is the potential for greater earnings. According to a report from MBO Partners on the State of Independence in America, the number of independents who reported high incomes grew from 16% last year, following a 27% increase in 2021, with nearly 20% of Full-Time independents reporting earnings of more than $100,000 annually.

This increased earning potential can be attributed to several factors, as independent consultants often have a higher hourly rate than their full-time counterparts, and can also bill for more hours since they are not limited to a 40-hour workweek. Additionally, independent consultants can take on multiple projects at once, which can increase their overall earnings.

Whether you’re driven by the idea of having more control of the projects you take on, inspired by the idea of working from anywhere, seeking more variety in your project work, or desiring higher rates of compensation, choosing to become an independent consultant offers many benefits and can be a rewarding and fulfilling career path.

For tips and resources to help you kickstart your career transition to consultancy, visit the Business Talent Group Business Resource Center here.

This post is for informational purposes only and is not legal or financial advice. You should always consult a qualified attorney, accountant, and/or tax advisor before making these kinds of business decisions.

Being an independent business consultant means being your own boss, selecting the projects you’re the most passionate about, and setting your own schedule. But being a smart independent business owner also requires understanding how to set up a consulting business for success.

As the sole owner and operator of your independent consulting business, it’s up to you to figure out how to grow a consulting business by finding your next new project and marketing your capabilities to the appropriate audiences. You’re also responsible for juggling the day-to-day operational needs of your existing clients and carving out the time to do the work you’ve been hired to do—and do it well.

In this blog post, we’ll explore how to set up a consultancy, covering key topics like how to navigate networking, insurance, and how independent consultant taxes are influenced by the structure of your business.

What is an Independent Consultant?

Before we dive into the details, it’s important to define what an independent consultant is. By definition, an independent consultant is an individual with extensive specialized expertise who works for themselves or executes work as part of a small team and is not directly employed by a company. Consultants may work in an advisory role or a more hands-on capacity with work in a wide range of industries, from marketing to technology to healthcare. They may offer services such as strategy development, project management, or technical expertise.

As such, when you are an independent consultant you are essentially operating your own consulting business. This can be both exciting and overwhelming, so it’s important to go into this career path with a clear understanding of what you’re getting into as you set up your business consulting services.

Now that we’ve defined our terms, let’s get into the logistics of starting a consulting business. Here’s your checklist:

1. Define your business structure

The first thing you’ll need to do when starting your own business is to decide on what the legal entity for your business structure will be. It’s important because the choice you make here will determine how you manage your taxes and how much personal liability you could assume in the event of the failure of your business. Each comes with its own pros and cons so it’s important to weigh out the advantages and disadvantages. Ultimately, this decision will be guided by the nature of your business and your vision for how it will grow. Depending on your industry and location, you may need to obtain certain licenses or permits to operate your business legally and so it’s important to consult with an attorney or accountant to determine the best plan forward.

In general, there are four main types of business structures:

• Sole proprietorship – For those just learning how to form a consulting company, this set-up offers the lowest maintenance but with more personal risk. As a single-owner or member, you become responsible for withholding any necessary income taxes, including self-employment taxes, to pay for Social Security and Medicare. The assets and the liabilities of the business are synonymous with your own personal assets and liabilities, so taxes derived from your business pass through your personal tax return when you submit your business income and expenses with your individual Form 1040, Schedule C. An advantage of a sole proprietorship is that it requires very little work to set up as you generally don’t have to register it with the state, but the disadvantage is that your personal assets jeopardized in the event that your work as an independent business owner leads to a lawsuit.
• Limited Liability Companies (LLCs) – Similarly to a sole proprietorship, LLCs are unincorporated business entities with one or more owners. However, an LLC is more costly to establish and offers a more formal business structure, requiring more paperwork and a fee to register formation papers with your state. Profits and losses are managed again here through an owner’s individual tax returns and require withholding self-employment and personal income tax. The main reason someone may elect to set up as an LLC is to avoid personal liability for business debts. However, it’s worth noting that a single-member LLC can be recognized as a disregarded entity which may impact your personal liability and asset protection, so it’s worth taking steps to actualize a separation between the business and the owner(s).
• C Corporation – This type of business structure is typically reserved for big, for-profit business entities with shareholders. In this structure, corporations are treated as separate from the owners of the corporation and must pay corporate taxes on all profits and earned employee income (a practice also known as double taxation). Generally, C Corporation shareholders are exempt from personal liability with this structure as a C Corporation is a completely separate taxpayer from its owners.
• S Corporation – This structure is typically reserved for larger consultancies operating with several employees and shareholders. This setup avoids the double taxation seen with C Corporations, with profits or losses reported on personal tax only once, and shareholders taxed at an individual rate. This requires a separation of stock shares to be distributed among the appointed S Corporation owners who can pay shareholders dividends that aren’t subject to self-employment tax. This can translate to financial savings, but if a shareholder provides a service to the business, the S Corporation is required to pay a reasonable, taxable salary. This structure protects personal assets and avoids personal liability but requires more responsibility from the shareholders. To set up this structure, articles of incorporation forms must be submitted to your Secretary of State along with a fee.

2. Register your business

Now that you’ve committed to your business structure, you’ll need to register your business with your state or local government. This involves filing the necessary paperwork (where applicable), as well as obtaining any required licenses and permits, and paying any associated fees.

3. Set up your business finances

As an independent business owner, you’ll need to keep careful track of your finances, by setting up a separate business bank account, tracking all work-related expenses, and paying taxes in accordance with your business structure. It’s important to create a detailed budget before starting your business, so you can accurately forecast your expenses and determine your pricing strategy.

Determining how much to charge for your services can be challenging, so you’ll want to consider the scope of your expenses, your experience and expertise, and the value you provide to your clients. Researching what other consultants in your field are charging can be helpful in developing a pricing strategy.

There are also consulting business startup costs to consider, whether you’re investing in professional licenses or certifications, subscribing to accounting software or hiring a lawyer, or simply stocking up on office equipment. Making a plan will ensure that you’re staying on top of your financial obligations and avoiding any legal or financial issues down the line. You may also want to earmark funds for required software tools and a small budget for marketing or networking opportunities that could help grow your business. Regardless, it’s important to take steps to avoid confusion and delays come tax time. Here are some potential expenses to consider when setting up your consulting business:

4. Purchase insurance

When working independently there’s no safety net in the form of an employer-provided insurance plan, which means you’ll need to purchase your own insurance to protect yourself and your business. The nature of your work and industry will inform the specific insurance policies you’ll need to get, but some common policies include general liability insurance, professional liability insurance, and property insurance. Take time to research your options and purchase the policies that make the most sense for your business.

5. Make yourself discoverable

Today, having a professional website or social channel is essential for helping your target clients find you. Your website and/or social channels should include information about your services, your background and experience, and most importantly, offer your contact information so you can acquire new prospective clients.

You may also want to consider attending industry events, conferences, and trade shows, as well as joining professional organizations relevant to your field to help identify potential clients and expand your network.

Whether you’re just getting started in setting up your independent consultancy or well-established within your niche, Business Talent Group offers a wide array of resources to help you kickstart your career transition. To learn more, visit the Business Talent Group Business Resource Center here.

(Skip to 21:30)

Business Talent Group’s 2023 High-End Independent Talent Report explores how business leaders are leveraging on-demand talent to stay nimble amid uncertainty—as companies strive to attain more flexibility and bring in new skills to navigate rapidly changing markets. Among the findings: a 116% increase year over year in the need for interim leadership at all levels throughout organizations, with demand in the C-suite rising 78%.

BTG CEO Amelia Warren Tyagi joined Carol Massar and Madison Mills of Bloomberg Businessweek to take a closer look at the research, which is based on analysis of thousands of project inquiries across industries and functions. Tyagi noted that demand for flexible talent solutions is on the rise.

“We’re actually seeing that as the economy gets choppier and there’s more uncertainty out there, that folks are really turning to on-demand solutions because they want that flexibility,” Tyagi said. “They still need to get things done and they need it fast, but they don’t want to necessarily make long-term commitments.”

The report highlights an acute need for on-demand talent in the finance office: Interim CFO requests were up 103% year over year, while the demand for interim controllers skyrocketed 233%. For interim finance talent across the board, demand was up 71%, and requests for talent skilled in financial controls, accounting, and audit increased 76%.

“Some of what we’re seeing is some skill realignment,” Tyagi said. “The CFO is increasingly being asked to wear a number of additional hats, especially in this kind of environment. In some situations they’re being asked to raise money. In others, they’re asked to manage cash in a whole different way. They’re asked to help with restructuring; they may even be asked to assist with big IT projects.”

Listen in as they further explore how highly skilled independent talent have become a key source of skills and expertise for business leaders, whether they need to grow fast, seize opportunities, or pivot adeptly in today’s increasingly competitive business environment. Skip to 21:30 to jump right into the interview.

Or see the data for yourself in the 2023 High-End Independent Talent Report.

You’ve done your homework on how to start a career in independent consulting, outweighed the pros and cons for your career change, and feel ready to make the leap from full-time employment to striking out on your own—but does your family feel as prepared as you do?

The transition from a full-time employee to an independent consultant can be an exciting and daunting experience for everyone in your household. The same freedom and flexibility that comes with being your own boss and setting your own schedule will require you and your family to undergo a period of adjustment together as you work to establish your new schedule and routine, manage income fluctuations, and ultimately, grow your business.

As anyone who has ever navigated how to work from home with kids can tell you, it is essential to establish new routines and get the full support of your family as you enter this new chapter in your career. Whether you’re working fully remote or need to spend time on-site with your clients, figuring out how to balance work and family starts with setting the right expectations for everyone, and a little planning and communication can go a long way to avoid work-family conflict as you navigate managing family and consulting work.

Here are ten tips to help you establish work and family balance as you begin consulting:

1. Communicate openly and honestly

If you’ve already defined your business goals and objectives, make sure you take the time to communicate openly about what they are with your family. Share how you plan to balance your work from home consulting and on-site commitments. Schedule a designated time to sit down with your family and discuss why you’re interested in making this change, what the transition entails for you and for them, and the level of support you feel you’ll need to maintain a balance between your consulting and family life.

The age of your children will help set the tone for this discussion. For younger kids, focus on taking time to get them comfortable with how their time with you or away from you might shift. If you’re introducing a new caregiving situation, consider having them meet with your kids in advance of any major changes to your current schedule to help them feel secure. Elementary and middle-school kids may benefit from having a conversation to express why you’re electing to make these changes in your career and how it’s important to the whole family. If your children living at home are in high school or older, help them understand where they can step up to take more ownership by helping with younger siblings or taking on new responsibilities to pitch in at home. Be honest about the potential risks and rewards and encourage your family to ask questions. Listen attentively and be ready to address their concerns.

2. Establish personal and professional boundaries

If your family is used to reaching you more frequently, it’s especially important to help them understand when and how to reach you during your set working hours. Being upfront about what your availability will look like and the best methods for contacting you. Establishing visual cues—like posting a sign on your in-home office door while in meetings or wearing noise-canceling headphones—can help to further reinforce your boundaries when working at home.

3. Create a routine and set clear expectations

While freelancing brings independence to your schedule, it’s important to take a realistic view of your current schedule and establish what your daily routine for consulting work will be. Talk your partner through what your vision is for how your day-to-day routine could work. Share what you expect to earn and discuss what that means for the current dynamic of your household. Talk openly about what you might look to deprioritize or look to outsource in order to help ensure that this can work for everyone. Discuss how responsibilities at home may need to shift in order to manage work and family priorities. Making sure everyone is on the same page will go a long way in helping you feel supported and avoiding potential pitfalls down the road.

4. Establish a dedicated workspace

To maintain a healthy work-life balance consulting, it’s important to create a dedicated workspace to allow you to go into work mode with minimal distractions. Whether you are planning to dedicate a separate room in your home, investing in a membership to a co-working space, or plan to frequent your library or local coffee shop to work remotely, make sure your family understands what to expect and the importance of having uninterrupted time to complete your work.

5. Budget for income fluctuations

As an independent consultant, it’s common to have an income that will fluctuate from month to month. It’s also important to plan for these fluctuations by setting aside a portion of your income for savings and other unexpected expenses. Communicate early and often with your family about any shifts in income and how you’ll budget accordingly to avoid putting pressure on your partner.

6. Create a contingency plan

As with any career change, unexpected circumstances can arise when consulting. Take time to create an action plan for where you’ll work in case of a power issue or internet outage. Discuss your plans for how to navigate a significant downturn in your business to get ahead of any potential pitfalls.

7. Utilize a shared calendar or app

Establish a family calendar to track and manage your professional and personal commitments to keep everyone on the same page about your schedule as it shifts. This is especially important if you expect you may need to travel for work.

8. Manage your workload

Setting realistic goals and deadlines for yourself and your clients is key to maintaining work and family balance and avoiding burnout. Communicate honestly with your clients about your availability and how to reach you in case of emergency, be transparent about your workload with your family, and avoid taking on more work than you can handle. It’s also a great idea to establish a coverage plan to help prepare yourself for how you’ll manage the ebb and flow of your workload without putting additional strain on your family.

9. Set aside time for self-care

When first diving into consulting work, life balance can sometimes take a backseat, but setting aside time each day for exercise and establishing a self-care routine can help you recharge and stay ahead of the demands of your work and family life. Talk to your family about when you hope to prioritize self-care in your schedule and discuss how you can support each other.

10. Celebrate your wins

Your family will be there with you through the thick of it, so it’s important to take time to pause and celebrate your successes with them. Whether your latest win is securing a new client, achieving a major milestone in your business, or completing a training that will take your work to the next level, be sure to take time to acknowledge your accomplishments and share your successes with your loved ones.

Figuring out how to manage family and work life and find balance can take some trial and error but the more open, honest, and clear you are in setting expectations for yourself, your family, and your clients, the better off you and your business will be in the long run.

Business Talent Group also offers a wide array of resources to help you kickstart your career transition to consultancy. Learn more by visiting the BTG Business Resource Center here.

JOIN THE TALENT REVOLUTION

Skilled professionals are becoming independent consultants to capitalize on their strengths, gain ownership over how they work, and select projects that interest and excite them. You can too! Become an independent consultant today!

Apply Today

Are you currently considering making a career transition from full-time employee to independent consultant? If so, you’re not alone.

MBO Partners’ 2022 State of Independence report found that the total number of independent professionals in the U.S. grew to 64.6 million independent workers in 2022—a 69% increase from 2020 levels—and the number of full-time independents grew an equally impressive 59%, from 13.6 million in 2020 to 21.6 million in 2022. As the demand for independent talent rises, an increasing number of full-time workers have reported feeling more secure with the idea of working independently, citing flexibility, the pursuit of a better work/life balance, and the opportunity for increased earning potential as reasons to make the transition.

As an experienced professional with skills that are in demand for both traditional roles and independent projects, how do you decide which arrangement is better for you?

Traditional employment offers a steady source of reliable income, on-the-job networking and training, and employer-provided benefits. On the other hand, independent consultants are awarded the freedom to choose the types of projects they take on, flexibility to set their own schedules, and opportunities to increase their income.

Before we dive into the career questions to ask yourself when considering this transition, it’s important to get clarity on what an independent consultant is and how it differs from the role of an independent contractor.

What is consulting?

By definition, independent consulting work is work executed by an individual or team that holds extensive experience or subject matter expertise. Businesses contract with this individual or team to help identify what the business is doing well and identify any areas for improvement in order to help solve their biggest business problems. Independent consultants may work in advisory capacity or operate more hands-on to support shaping and executing a business’s strategies, processes, and decisions—whether they were the ones who originally developed them or are just acting in a post-strategy support role to add experience and capacity.

If the independent route sounds intriguing, here are a few career path questions to ask yourself before you make the transition from employee to consultant:

1. What is my goal or motivation for becoming an independent consultant?

Before you send in your resignation and make the switch to become a consultant, it’s important to identify your key motivation and consider how this transition can support your long-term career goals. Is there something specific you are hoping to achieve as an independent consultant that you cannot achieve within your current role? Are you looking to gain more control over your work schedule? Is earning more money a driving factor for considering this career pivot or are you more interested in looking for opportunities to vary your client projects and industry experience?

Taking time to identify your goals will help you make better informed decisions about your career path and help you later identify the types of projects you take on and clients you work with. Reading about the experiences of other professionals who have made the professional plunge to go independent can also be a great source of inspiration.

2. What types of skills and areas of expertise can I offer?

Consulting requires a high level of expertise in a specific area. For you and your clients to be successful, it’s critical to assess whether you have the necessary skills and experience you need right now to provide value to clients. Make a list of your current skills and qualifications and consider your professional experience. Determine your value proposition as a consultant to help specify the type of services you can offer. Consider what you’re passionate about and where you want to focus your energy.

It’s also important to be honest with yourself. If you find that you’re lacking knowledge or skills in certain areas that you feel would be important to being successful, you may need to focus on gaining additional experience or education before making a full career transition.

3. What is the demand for my skills in the consulting market?

Consulting is a highly competitive industry that spans a wide variety of industries and sectors. It’s important to research the demand for your skills in the consulting market. Take the time to do your research. Are there a lot of consultants with similar skills? Is there a high demand for your specific expertise?

It’s important to note that as you start off in consulting, it can be more difficult to choose one particular niche, but over time, honing in on your specialization will help you identify yourself more distinctly as a thought leader and allow you to consider the best potential target clients for your services. As you look to determine your specialty area, consider the geography, industry type, and nature of the services you can offer and how your expertise could stand out against the competition.

4. Do I have a strong personal and professional network?

Having a strong network of mentors, friends, former colleagues, and family members can help make a career transition smoother and offer a sounding board for future guidance and support when you need it most. Consider your current network and how you can strengthen or build upon your existing connections or create new ones.

5. How will I market myself as a consultant?

Growth is often the primary challenge for new consultants, with consulting often reliant upon word-of-mouth referrals. This makes having a strong professional network even more vital to helping you secure new projects and clients.

In order to market yourself, it is essential to have a clear value proposition and a marketing plan for your consultancy. This can include activities like developing a dedicated website, establishing a LinkedIn presence, attending networking events, participating in speaking engagement, and dedicating time to build relationships with potential clients. As you consider the channels to promote your services, consider what resources you have available to you now and where you are willing to invest your time to help your business grow.

If you’re not sure where to start, Business Talent Group offers resources, with suggestions on marketing tactics that can help you grow your business as an independent consultant by engaging your audience, increasing your online presence, building your network, becoming a thought leader, and building your brand.

6. Am I prepared to handle the uncertainty and financial implications that come with independent consultancy?

One of the benefits of becoming an independent consultant is the potential to earn a higher, but less predictable, compensation. As you’re weighing out the financial implications of making the switch from full time employment, you’ll need to factor in what the costs are to manage your healthcare, retirement savings, and taxes—as well as your marketing and other business expenses.

There is a level of uncertainty that comes with the territory of being an independent consultant and the reality is that you may not always have a steady stream of projects. Evaluate if you’re in a position to weather financial downturns. Are there steps you can take now to get your financial structure in a better place to manage the ebb and flows of being an independent consultant? Be strategic in your pricing to consider how hourly, results- or value-based pricing, retainer, or transactional pricing could work best for your business.

7. Does my current work style align with my personal values and what is required of me to be successful as an independent consultant?

Consulting can have a unique culture and way of working and transitioning can feel like a major adjustment for people who have spent their careers in a traditional working environment. As a consultant, you’ll need strong communications and problem-solving skills. The ability to manage your time and work independently and deliver results on deadline will be critical to your business. Unlike traditional employment, this may mean moving at a fast and unpredictable pace to meet your client’s needs. Before you make the leap, consider how the requirements for the working environment align with your current values and work style.

The Bottom Line:

Traditional employment may be the best fit for you if you are someone who requires a steady source of income, set hours, employer-provided benefits, or access to mentorship or training opportunities.

Becoming an independent consultant may be a better fit for you if you’re more interested in taking control of your professional destiny—from the types of projects and creative challenges you take on to establishing a more flexible work environment to suit your lifestyle needs.

If you’re interested in making a change, Business Talent Group offers a wide array of resources to help you kickstart your career transition to consultancy.

JOIN THE TALENT REVOLUTION

Skilled professionals are becoming independent consultants to capitalize on their strengths, gain ownership over how they work, and select projects that interest and excite them. You can too! Become an independent consultant today!

Apply Today

The independent workforce in the U.K and EU is growing quickly and becoming stronger than ever with high-end talent flocking to fluid work with the desire for autonomy, flexibility, and control. We’ve seen those reasons and more reflected in the responses to our annual Talent Lens survey—the most comprehensive study of workers at the top end of the on-demand talent economy.

Demand trends demonstrate that executives are beginning to understand the benefits that on-demand talent can offer given the attractive economics for project-based work. According to recent Heidrick & Struggles market research, more than 60% of executives surveyed in Europe have used some form of on-demand talent in the past, and 85% believe they will start to use on-demand talent services more in the future.

To provide a lens into the growing population of independent talent, we’ve profiled three highly skilled, successful professionals in the BTG network to talk about their background and experience with independent consulting.

Meet the talent

Angel Arbizu

Process improvement and digital transformation consultant based in Madrid, Spain

Angel Arbizu gained a global perspective early on when he obtained a scholarship to study abroad in the United States during his undergrad in Spain, then again in Paris, France, for his MBA, and later China with a scholarship to study Business Chinese where he earned his PhD in international marketing. Amidst his educational pursuits, Arbizu was a senior consultant at PwC for six years with extensive project management, change management, systems implementation, and corporate launch experience in the healthcare industry.

Over the course of his career, he has worked with several clients in Western Europe and China to manage data flow requirements, master data management (MDM) initiatives, change management and governance, and system roll-outs. He specializes in global PMO establishment and operations, process design and implementation, and ongoing systems support, and excels at coordinating cross-functionally between end users, business leaders, vendors, and IT.

All these experiences and projects that took place all over the world quenched his thirst for variety, learning, and development, and each choice queued him up to be a perfect fit for independent consultancy. The true catalyst for the official shift to working independently came from a colleague from PwC who started a boutique and saw Arbizu as “the link or the bridge” for European clients. He did this for two years before going totally solo and finding BTG.

Arbizu notes that he chose to become an independent consultant so he could choose projects and clients himself rather than being locked into a traditional full-time role. He emphasizes the importance of adding value. Project-based work is wholly based on deliverables and priorities so independents like Arbizu know their efforts are adding value to the client and company because they can see the results.

“At the end of the day, we’re definitely going to deliver… [which is why] they should just try us,” Arbizu said.

Frederick Bagnall

Strategy consultant with a focus on strategic transformations through organic and inorganic growth based in Madrid, Spain

Fred Bagnall is a former Ernst & Young consultant with over eight years of PMO, project, and program management experience with a focus on strategic transformations through organic and inorganic growth in various industries including pharma, financial services, PE, and the public sector.

While he’s relatively new to independent consulting (having started in April 2022), Bagnall feels that this path allows for limitless growth. “Working as an independent consultant your circle, or the people that you choose to interactive with, can be as small or as large as you like,” he said. “As an independent consultant you directly benefit from expanding your network and can influence the type of clients and people you work with.”

Additional to that, Bagnall cites flexibility as a key reason he chose to become an independent consultant, both in scheduling flexibility and how and where he works. He said that the ability to meet with different people, build their trust and gain their confidence while working on valuable projects is a win-win, coupled with the limitless networking and professional growth opportunities.

He also theorized that his experience working in niche areas like post-merger integrations, separations, and large-scale transformations gives him a unique insight into the challenges his clients are likely to face, since a typical client will only go through a few transformations in their lifespan, if any. That background gives him the ability to anticipate challenges and act accordingly when they arise—having likely experienced them on projects prior.

On-demand talent like Bagnall are well equipped to work in positions that require impartiality and confidentiality, such as on transactions and transformation projects. “[It’s] the perfect use case for independent consultants as they are exactly that, independent,” he said. Independents provide unique perspectives untainted by internal politics or individual career ambitions. According to Bagnall, if a client actively pursues those perspectives, it can also bring interesting and challenging work to the consultant.

And compared to traditional hires, consultants can gain unique insights into the minds of clients, their business, their problems. “I often find myself acting as a sounding board for my clients on topics they may not feel comfortable discussing with internal employees,” Bagnall said.

Incorporating independent consultant support with talent like Fred Bagnall can enable organizations to benefit from an outside point of view.

Romano Kroemer

Accomplished leader in Pharma R&D with experience in research and development projects, strategy and operations, as well as data and digitalization programs based in Paris, France

Romano Kroemer is motivated by fast-paced, challenging environments, as well as the flexibility and diversity in projects. For Kroemer, going independent wasn’t so much a “start” of a new endeavor as it was a continuation of what he was doing before – pursuing projects, transforming the sector he has been working in, and innovating to drive results and growth.

As the former Head of Structure, Design & Informatics at a global healthcare company as well as an accomplished leader in the pharmaceutical space, Kroemer has extensive experience in digitalization, data science, scientific computing, data management, operations and business performance, and strategy implementation. Earning his PhD in chemistry led him to the pharmaceutical industry with focus on research, strategic operations, and data science. After touching so many areas of interest and enjoying the inherent variety of work, the natural progression was for Kroemer to transition to independent consulting full-time.

Project-based professionals are goal oriented and driven – “You have a very concrete, a very well-defined mission, and you are really dedicated to that mission,” Kroemer said, vouching for the “hit the ground running through thorough preparation” mentality of independent consultants as a salve for any client hesitancy. “On that mission, then you have this opportunity to make key contributions when it really counts. In many cases these consultancy projects are time bound; there are very stringent objectives associated with them … you are focused on that. You are not sidetracked by administrative tasks or supervising people on your team.”

Highly learned professionals like Romano Kroemer–who possess the ability to go deep across a variety of fields and make the connections between them–have the insights necessary to be a driving force for change amidst uncertainty.

Advice from the inside

For clients looking to get ahead in the competitive landscape or those contemplating joining the indie ranks, sometimes the best advice comes from people in the field. Here are some best practices from these experts in addition to a few tried and true tips from BTG.

For clients:

• Try ODT and see – you’ll likely find that they’re exactly what you’re looking for in terms of skills, expertise, and cost.
• Evaluate how willing the team or the manager is to accept outside input as you determine how to best tackle your initiatives.
• Ask yourself how realistic the scale or the timeframe is of the change you’re trying to facilitate.
• Define the mission. Identify opportunities and explore where a consultant’s skills can support your initiatives as you better understand when to engage on-demand talent.
• Maintain a collaborative environment where new perspectives are valued rather than excluded, dismissed, or feared.
• Recognize that a majority of independent workers are independent by choice, especially when talking about high-end talent.
• Don’t write off candidates as “too senior” for your consideration. These professionals are motivated and emboldened by the nitty-gritty, hands-on nature of independent work and are more than able to hit the ground running to get the work done.

For talent:

• Really think about the differences between the corporate world and independent consulting. Not only can you choose projects, but you can choose clients and managers that you click with as you’re prospecting.
• Remember that it’s up to you to decide where you want to go and what your professional progression looks like.
• Be open and honest about what you look for in your work. Being an independent consultant requires skills, expertise, and experience, but it also requires self-motivation to drive projects to successful completion.
• If you’re deliberating whether independent consulting is the right path for you, do some market research to find out if there’s a good market for your experience and expertise and whether clients in that space have a culture of engaging with external support or not.
• Be mindful and prepared for fluctuations in workload and income.
• Be prepared to ask informed questions to show that you’ve done your research, you’re paying attention, and you’re a good listener.
• Be humble.

The European labor market is evolving and expanding

Be among the innovative leaders and top companies that have a leg up on the competition thanks to on-demand talent in Europe; engage right-fit, highly skilled independent consultants on your latest initiatives and pressing priorities.

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One of the most effective ways to make yourself stand out is by adorning your social and talent platform profiles with certifications and skills badges. If you’re looking to round out your resume and showcase your latest skills, upskilling with microcredentials—certifications that recognize the completion of a short-term course or training session—could be an interesting avenue to pursue this year.

Courses that feature microcredentials offer flexible, targeted ways to develop the knowledge, skills, and competencies you need for your personal and professional development. While the concept is relatively adolescent and still developing, it’s growing quickly in the wake of the COVID-19 pandemic. They’re designed for professionals to show that they’re up to date amidst an ever-changing and evolving landscape, especially in areas of high growth, such as IT, data analytics, project management, UI/UX, digital marketing, communications, and cybersecurity, to name a few.

Companies are finding microcredentials to be one key source of the skills they need most at this critical moment. That’s why Barrons identifies them as “an area of tangible promise for the nation’s workforce-development and economic problems.” And while the affordability varies based on what you’re looking for and what industry you’re in, they all bridge the gap between jobs and skills. These certifications can be sourced in several ways, through colleges and universities, platforms like LinkedIn, and other local or online institutions. There are even free tutorials out there via LinkedIn Learning and similar platforms that you can take for broader and expanded technical knowledge.

Let’s explore some professional development opportunities related to upskilling and microcredentials to help give you an edge up on the competition in 2023.  

An argument for upskilling and reskilling

Upskilling means teaching or learning additional skills generally whereas reskilling refers to learning new skills so you can do a new job, or to teach someone new skills so they can do a new job. Which of the two you’re looking to do depends on your interests and desires related to independent consulting.

You might choose to upskill if you discover an interest in a new area or niche that you want to dive deeper into, or perhaps you’re looking to learn more about an area you already have experience in. Reskilling might be more top of mind for those looking to pivot to a new industry or specialty. Either way, these courses can be well worth your while as they enable and emphasize your professional growth while giving you a new perspective to bring to your clients’ projects.

After the near-constant uncertainty we’ve faced since 2020, businesses are looking to future-proof themselves against disturbances, and they’re increasingly turning to the independent talent market for critical skills they may lack today. Upskilling enables professionals to become more effective workers and stay competitive in their industry by developing today’s most in-demand skills—bettering their position for opportunities down the road.

In fact, according to a 2023 Wiley survey, 69% of U.S. human resource professionals said their organization has a skills gap, up from 55% in a similar 2021 survey. And Mckinsey found that the need to address skill gaps is more urgent than ever with 58% of leaders saying that closing skill gaps in their companies’ workforces has become a higher priority since the pandemic began. No wonder then that 69% respondents say that their organizations do more skill building now than they did before the COVID-19 crisis.

Doubling-down on the trends, Mercer reported in 2022 that “66% of executives say they face a labor shortage crisis.” As such, right-fit, highly skilled talent are clearly hard to come by in some industries, which is reason enough to pursue knowledge wherever it makes sense.

How to get started

If you’re truly starting from scratch, map out areas that interest you or areas that you know you could develop further. These could be technical certifications or something more theoretical, industry depending. For those in HR, it might look like a focused course on employee relations, DE&I, or KPIs. For marketing leaders, it could look like SEO skills trainings, digital marketing certifications, or a deep dive into specific platforms like Google or LinkedIn. Tech and digital talent might look to focus on artificial intelligence, machine learning, or education on the metaverse. All it takes is a quick search to send you down the rabbit hole of opportunity.

Traditional certifications are valuable if they’re viable

Don’t neglect traditional certifications if they make sense for your independent career path! Among BTG clients, some of the most commonly sought-after certifications—which you can note on your BTG talent profile—include:

• Certified Public Accountant (CPA)
• Project Management Professional (PMP)
• Six Sigma – Black Belt
• Six Sigma – Yellow Belt
• Six Sigma – Green Belt
• Certified Associate in Project Management (CAPM)
• Certified Information Privacy Manager (CIPM)
• Certified Professional in Supply Management (CPSM)
• Master Project Manager (MPM)
• Organizational Project Management Maturity Model (OPM3)
• Program Management Professional (PgMP)
• Portfolio Management Professional (PfMP)
• Project Management Essentials (PME)
• Project Management Institute Risk Management Professional (PMI-RMP)
• Project Management Institute Project Scheduling Professional (PMI-SP)
• Project Management Institute Agile Certified Practitioner (PMI-ACP)
• Chartered Accountant (CA)
• International Project Management Association (IPMA)

Interested? Learn more about the highly skilled professionals in BTG’s talent community, or find out what makes them tick in our annual survey of talent, Talent Lens.

Now’s the perfect time to work on yourself

If a specialized certification isn’t on your roadmap, perhaps some broad self-improvement priorities are in order. How’s your relationship with productivity? Are you ticking items off your to-do list, or are there areas that you could work on? How about organization—how’s your calendar looking? Your desk? Get a head start on spring cleaning with our tips and tricks. Finally, do you feel like you have a hold on your focus and motivation? Remote work has its pros and cons, so be sure to find balance between your personal life and your projects.

Put your skills and experience to work on interesting, high-priority projects with BTG.

Upskilling and reskilling can just as easily be done on the job, on projects with top clients, and alongside insightful teams. If you’re planning a professional pivot, the independent workforce has infinite opportunities for learning and development. And, if you’re already a part of our network, be sure to update your profile with your latest skills and certifications so you can be paired with projects that are in your wheelhouse.

JOIN THE TALENT REVOLUTION

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Entering 2023, many companies are holding back. We see clients slowing hiring, tightening budgets, and reprioritizing strategic initiatives. At the same time, they’re continuing to strive for growth and watching carefully for moments to spring into action as the economy turns. Trying to do all of this, in a somewhat unfamiliar and unsettled economic context, and with tighter resources, sounds like a really tough act. It is. And, it turns out, it’s a perfect moment to use high-end on-demand talent to help.

BTG has seen a version of this movie before. In 2008, when we were a brand-new company, we prepared for the worst as our clients began to freeze headcount, undertake RIFs, and slow down or hold back on planned investments. We expected that we, too, would be forced to retract and retrench. Surprisingly, our business grew extremely quickly during the Great Recession and the period immediately following.

We are seeing a similar set of phenomena now—although certainly less dramatically than in 2008—as our clients gird themselves for what may become a recession. Over the past 3-6 months, we’ve seen many clients, large and small, slow down hiring processes, trim operating costs, scale back their use of traditional consultancies, and take a rigorous fresh look at how to pivot or rebalance workflows. Increasingly, clients value optionality and nimbleness as they play out economic and competitive scenarios.

And, they’re using on-demand talent to help them do so. Here are three common—and we think smart—scenarios in which clients have recently put on-demand talent to work:

1. Quickly improve bottom-line performance

Of course, in-house management is consistently looking for these opportunities. Yet the day-to-day demands of running the business—coupled with the ever-present challenge for internal leaders of true objectivity—can make it difficult to quickly identify, confirm, and act upon smart, short-term performance improvement measures in any given function or business line. That’s where the infusion of experienced on-demand talent can make the difference. Two quick examples:

Modest but real and quick cost reduction

The US CEO of a midcap industrial client recently needed to find 5% savings quickly. To help, he brought in an experienced former COO for a special project. This “freelance executive” had, as an independent consultant, helped several previous clients tighten up operations. He was brought into a specially designed short-term “Chief Transformation Officer” role and, over an intensely focused four-month period, helped the leadership team find ways not only to cut costs but also to streamline and improve operations.

Pricing improvement during inflation

The CEO of a B2B services company saw the necessity to abruptly tweak annual contracts as she headed into their fiscal year beginning in June given the sudden emergence of inflation. The company brought in a top-flight independent pricing consultant, formerly of Bain & Co, to quickly assess and propose modifications that enabled the company to deliver against profitability objectives despite rising costs and without losing customers.

2. Protect and grow pockets of innovation

Perhaps counter-intuitively, we’re seeing clients not letting a good crisis go to waste, if I may borrow a phrase from Churchill. Instead they’re using this economic moment to stoke innovation by pulling up to take a fresh look at how customer needs and pain points are changing in substantial and sudden ways. Others are recognizing and working to capitalize on discontinuities in their markets and readying themselves for fairly dramatic strategic pivots. And some have even made opportunistic acquisitions, taking advantage of depressed prices.

The judicious and highly targeted use of on-demand talent helps leaders make the most of these moments even when resources are limited. How? By injecting skilled people and deep expertise exactly where and only when needed, rather than building out all-purpose teams for innovation or business model transformation teams. For example, we have a client in the food and beverage industry that is exploring entry into wildly new business categories by using skilled executives from these “new” areas to get smart quickly and to pilot concepts. Another example: We have a client in the recreation and entertainment sector staffing a newly-in-seat Chief Innovation Officer with on-demand analysts and innovation consultants until he decides what type of team and processes are needed to drive the innovation muscle throughout the company.

We’ve been impressed with how many of our clients are explicitly attempting to simultaneously batten down the hatches in their core businesses while quietly and selectively upping investment in innovation. On-demand talent becomes a “strike force alpha”-type talent strategy for these critical innovations.

3. Align skills and leadership with the immediate future—and buy time for longer-term talent decisions

Here’s a very common client need we’re hearing these days: “We had planned to build out a [fill in the blank] leader/team…but we’ve decided to wait. Yet, we have a) work building up or b) a number of questions still to answer.”

Woah, tough, but here’s the good news.

There is an in-between solution, one that simultaneously honors the imperative of the moment to hold off on permanent commitments while not putting everything on ice. On-demand talent can be used in any number of ways in short bursts on projects.

If you’ll allow a sports analogy or two here, we are seeing clients use on-demand talent to:

1. “Chalk the field.” I.e., prepare the way and get things set up in advance of “the big game.” Recent clients have, for example, brought in skilled analytical leaders to complete phase-zero analysis. Others have used on-demand executives to set up underlying systems (e.g., HR information systems, ERPs) that will be necessary regardless of who is brought in as the permanent leader or when.
2. “Move the ball downfield.” Similarly, we’ve watched clients rapidly switch strategies, from one BIG permanent hire (aka, the long, high-stakes perfect pass on a football field) to a more incremental one involving a series of shorter plays. What do we mean? Clients will take a phased approach, bringing in a temporary leader for one phase of work, often the initial build. This way, they over-index on the skills needed for the immediate work and moment and just get that done. Then, they can either pause or reflect and deploy the best team for the next phase of work. We’ve seen this happen very successfully as one of our top clients in healthcare stood up and spun out a new business, taking this approach with several key leadership roles including the CIO and the CISO roles.

In short, as the purse strings tighten while both opportunity and challenge for the business abounds, we encourage clients to explore how high-end, on-demand talent can be put to use in creative and powerful ways. Preserve your options, stay nimble, prevent work from piling up or burying your permanent leadership team—and get exactly the skill and experience you need for the moments immediately ahead.

Business leaders have a lot on their minds right now. Facing unfilled positions, under-resourced priorities, over-burdened workers, and a backlog of projects, they are increasingly seeing a chasm between the skills they have and the skills they need to move forward in this tenuous environment. Because of the current climate, those that tap into the independent workforce solidify their competitive advantage by quickly and efficiently procuring the skills and expertise they need.

Rapid growth and rising satisfaction

The size of independent workforce grew significantly over the past year, according to MBO Partners’ “2022 State of Independence” report, as well as their satisfaction, earnings, and overall success. With more and more professionals choosing to pivot to project-based independent work and finding that it is viable as a full-time endeavor—no longer relegated to simply a “side hustle.” —it’s clear that the segment is booming.

MBO found that there have never been more people working independently, with 64.6 million independent workers in 2022, up 26% over 2021. While that number includes those who are part-time or “occasional” independents, the research shows that full-time independents in particular grew 59%, from 13.6 million in 2020 to 21.6 million in 2022 and what’s more, nearly 20% of independents are high earning—meaning they make more than $100,000 annually. It’s clear that top talent are flocking to the independent market, and business leaders would do well to consider how to make the best use of them to address their biggest pain points and opportunities. 

Leading corporations have received the message and are ready to hit the ground running with these independent workers. In fact, two-thirds of companies say they plan to substantially increase their utilization of independents within the next 18 months. say they plan to substantially increase their utilization of independents within the next 18 months.

According to the report, “The Great Realization is a dual-sided trend. Enterprises now recognize independents as an imperative part of their strategic growth agenda and a competitive workforce edge, and independents see greater benefits than ever before in having the control to do the work they love, the way they want.” That echoes findings from Business Talent Group’s 2022 Talent Lens survey of high-end independent talent, who reported that their top reasons to go and stay independent include control, flexibility, and variety.

A workforce-wide shift toward skills-based organizations

Organizations are trying to combat widespread burnout—but that goal is often at odds with the need to do more with less in a time of labor shortages and market-influenced hiring freezes. Those competing priorities aren’t likely to dissipate any time soon, with 73% of executives reporting that they expect talent shortages to continue over the next three years, according to Deloitte. In response, 70% of surveyed business leaders say they’re getting creative about sourcing for skills. Independent, on-demand talent—a fast, flexible, and cost-effective source of in-demand skills and experience—may just be the solution such leaders are seeking.

Deloitte argues that skills are overtaking traditional jobs as the fundamental building block of work. Many organizations are applying skills-based models to meet the demand for agility, agency, and equity. Now more than ever, organizations are moving toward a whole new operating model for work and the workforce that places skills, more than jobs, at the center. This new model can help organizations focus their attention on the outputs and skills needed to accomplish their top priorities.

Among other benefits, organizations that adopt a skills-based approach have shown significant gains in their ability to operate with efficiency, boost resilience, and innovate. For instance, skills-based organizations are:

• 49% more likely to improve processes to maximize efficiency
• 57% more likely to anticipate change and respond effectively and efficiently
• 52% more likely to innovate

This emphasis on skills may be exactly what’s needed in this era of accelerating, often unpredictable change. And business leaders agree—with 85% of executives saying that organizations should create more agile ways of organizing work to swiftly adapt to market changes.

Companies increase their competitive advantage by utilizing on-demand talent

In another recent report, 60% of buyers of consulting services described their organizations as being very short-staffed, with 68% citing capacity as the number one reason for using outside consulting help—as opposed to 27% indicating the need for increased capabilities. Source Global attributes capacity shortages as a major reason why demand for external help, stating that “workloads [on internal teams] and the pace of activity remain problematically high, with staff even more exhausted and stressed.” Furthermore, recruitment remains difficult despite the slowing pace of employee resignation, increasing the need for external support.

The data shows that the independent workforce is increasingly in demand

Other recent research confirms that highly skilled independent professionals are quickly becoming an essential and ubiquitous source of skills and capacity. MBO found that 67% of HR managers expect their use of contingent labor to increase substantially over the next 18 months to meet temporary workload needs, increase productivity, get tasks done more quickly, and access specialized skills and hard-to-hire talent. Furthermore, Upwork revealed that nearly 60% of hiring managers who engage independent talent say they plan to increasingly rely on freelancers over the next six months (58%) and over the next two years (66%). Finally, Mercer discovered that 60% of executives expect that gig workers will substantially replace full-time employees at their company in the next three years, showing yet again that the fluid workforce is here to stay.

Fill skill and leadership gaps with top talent from Business Talent Group

On-demand talent is proving to be a key pillar of a holistic talent strategy for forward-thinking businesses. On a recent investor call, Krishnan Rajagopalen, president and CEO of Heidrick & Struggles, noted “We believe on-demand talent will continue to grow in relevance and demand, particularly as the labor markets are so very tight, and companies are operating in an environment where variable versus fixed costs are a priority. … Clients in need of executive search also often have near-term capacity challenges that can be solved by interim or project-based on-demand talent.”

BTG’s clients have likewise discovered the possibilities for resourcing better, faster, and more flexibly. We can confidently report that we are trusted by more than 50% of the F100 with 91% of clients exploring a new project need within 12 months. Our clients not only recognize the value of skills, but they have personally experienced how fast, easy, and cost effective it can be to utilize high-end independent talent.

From broad industry knowledge to niche expertise, our talent network has what you need to keep moving and improving amidst uncertainty. There’s no reason to put off your priorities, stretch your capacity, or extend your workday any longer. Harness the skills and experience of on-demand talent to tackle your most pressing projects today.

The life sciences industry occupies a unique position, in that it must be both highly competitive and highly collaborative. As a result, its challenges are also unique. Though supply chain fragility, cost pressures, and talent shortages are global pain points at the moment, a historic deprioritization of technological infrastructure has put life science operations at a significant disadvantage when it comes to agility and resilience initiatives.

Nothing illustrated this better than the beginning of the pandemic, when technology became the fulcrum upon which slow adopters teetered precariously. Some life science orgs embraced the sudden need to go deeper with tech, yielding improved product traceability and thrusting previously marginalized services (such as telemedicine) into the mainstream. Others, however, continue to struggle with the abundance of available technologies and how best to tap the opportunities that automation and digitization offer.

Sustainability is a similarly outsized concern due to the industry’s inherent focus on the betterment of life. This makes life science supply chain challenges all the more acute, as sustainability initiatives must be considered from both angles: operational and environmental. Without one, manufacturing resilience suffers; without the other, ESG resilience does.

Ultimately, all of these challenges unique to life science operations are further exacerbated by the global talent shortage. The speed at which the industry has evolved has left broad skills gaps, and while some larger companies have accelerated upskilling, the fact remains that life, physical, and social science occupations have the second-lowest unemployment rate of all US occupations. Talent is hard to find everywhere, but especially so in this sector.

Upskilling vs. Right-Sizing Talent

Upskilling has its advantages, but it takes time—something that’s a bit of a luxury in a rapidly expanding industry. Another issue is that upskilling requires both infrastructure and an existing skills base from which to draw. Though a select few of the largest life science companies may have the resources to support the former, it would be a quantum leap for most organizations. The latter is the bigger concern, as the intersection between technology and life science operations is where most growth needs to happen right now in order to strengthen resilience.

Where upskilling doesn’t apply, life science leaders are augmenting internal teams by bringing in independent talent. Though the larger talent market is tight, the availability of highly skilled independent talent has grown. Unfettered by geographic restrictions and armed with CVs rich in operational and consulting experience, these on-demand experts are stepping in to support strategic growth across the life sciences.

How Highly Skilled Independents Are Helping to Close the Gap

With more than 4,600 highly skilled life science talent in its cohort—half of whom also possess operational experience—Business Talent Group (BTG) has gotten a first-hand look at the tactical ways in which independent experts are currently being deployed. Five areas, in particular, jump out when assessing the life science operational landscape:

1. Tech enablement and organizational effectiveness, such as strategic and operational change management for developing an integrated digital ecosystem

Once the industry’s Achilles’ heel, digital integration has become a foundational priority for life science companies. “By modernizing their core technology,” a recent report from McKinsey asserts, “life-science companies have a distinct opportunity to gain true competitive advantage over peers.”

This assertion is further bolstered by McKinsey’s findings that “digital maturity is associated with better business outcomes (for example, five times the revenue compound annual growth rate and better delivery of products).” Yet knowing the benefits and having the resources in place to reap them are two different things. Enter: on-demand expertise.

By nature, digital transformations are complex, and both planning and execution are equally critical. Independent life science consultants not only have applicable expertise; many also have project management and systems implementation expertise.

In one case, a global healthcare company needed support on a multinational master data management transformation. The former PwC consultant whom BTG engaged for the project provided the company with process maps and Fit Gap analyses for 21 markets across all functions, and also prepared, arranged, and coordinated change impact assessments as well as implementation and track mitigation plans. When he was finished, the company was able to move forward confidently, and the consultant was free to move on to the next project.

2. Tactical and strategic expertise to guide initiatives including supply chain market assessment, planning, and optimization; supply process transformation; and operations readiness

Life science supply chain challenges carry risks beyond the bottom line. Bottlenecks can be truly dangerous, as delays can prevent life-saving medicine and devices from reaching vulnerable individuals. BTG supply chain operations expert Marcos Buelvas says the supply-side constraints experienced early in the pandemic revealed additional underlying risks that warranted direct, and swift attention:

“Structurally, it is clear that risk is (and should have always been) a major driver of decision making. Decisions around dual supply, near-shoring, and localized capacity have become part of everyone’s language and should stay there so that we are better prepared to manage known and unknown risks, and appropriate plans should always be detailed and understood within and across organizations.”

Again, however, knowing and doing are two different things. Supply chain fragility was laid bare for all to see, but without next steps in place, those weaknesses—and risks—remain. That’s why this is another area where we are seeing on-demand consultants brought in to think through supply chain design and create a cost-effective, sustainable plan for implementation.

“Independent supply chain experts like myself bring a wealth of diverse experiences that can supplement those of our clients,” Buelvas says. “It starts with how the organization sources and who it partners with in that space to reduce risk. It then extends to our manufacturing strategy, both internally and with external partners. And it ends with distribution and how we ensure we can meet customer and patient expectations.”

3. Pre-commercial planning and development activities, including market research and competitive analysis, product and portfolio development, and ESG/sustainability and disaster planning

While supply chain transformation leans more heavily on cooperative relationships, pre-commercial planning and development in the life science sector veer hard into competitive territory. With the introduction of innovative new treatments increasing rapidly across the life sciences, it’s no wonder that companies are trying to ensure that promising products are ready to hit the ground running as soon as they are approved for patients’ use.

From the patient’s journey and the payer’s perspective to the therapeutic and regulatory landscapes, traditional consulting firms have the ability to help identify obstacles throughout the product development process. Yet independent consultants possess the ability to both advise and execute, and many are also former life science executives, giving them functional insight into what works and what doesn’t.

For example, when a clinical stage biotech company was developing an innovative product with wide-ranging medical applications, the Chief Medical Officer needed help moving the product from phase 2 to phase 3.

BTG paired the client with a manufacturing expert who was able to provide recommendations on process improvements and commercial manufacturing. They assessed the supply chain situation and existing limitations and created a method qualification/validation plan, reviewed current final release assays, and made recommendations on how to prepare for the next phase.

4. Product and process development / design, such as design controls, new product and lifecycle management planning, cost matrix analysis, QMS decisions, and digitization and automation of quality processes

In talking about the growing role of AI in life science operations, Marcos Buelvas says, “I am not overreaching when I say that it is everywhere. AI is about evaluating multiple data sources and providing options or recommendations on the decisions to be made.”

AI can be applied to great effect in supply chain strategy as well as product and lifecycle management planning—but only if it has sufficient, reliable data to work with. What’s more, executing on AI-generated recommendations and automating quality processes still requires implementation planning and process design consideration. Internal teams may lack the expertise to effectively identify—let alone clean—the necessary data, and they might also lack the tech-savviness to design an effective automation process.

Independent consultants at the intersection of data analysis and digitization bring the ideal blend of talent to these types of life science product and process development projects. For example, when an F500 medical device company needed to automate its scenario analysis and data visualization processes, BTG paired the client with a former McKinsey consultant. The consultant brought their experience from past analytics-focused engagements to create an Excel model that would feed a digital optimization tool and create data visualizations. The final deliverable also included a deck with next steps for the overall initiative workflow and project plan.

5. Launch, management, and support activities such as product and tech transfer planning and execution, manufacturing excellence, risk reduction, and manufacturing network resilience

The combination of a tight labor market and soaring costs has put additional strain on teams, leading many to be stretched whisper-thin. Given the myriad risks already involved in a life science product launch, falling behind schedule is a threat that looms large. Fortunately, on-demand experts can integrate quickly and easily into internal teams, whether providing support for ramp-ups or removing roadblocks along the way.

This was precisely the case when the Senior Value Stream Project Manager of a global healthcare company needed critical project management support while ramping up capability for worldwide production of a COVID-19 vaccine. Their primary concern was staying on schedule while simultaneously pushing development forward.

BTG was able to provide a former Accenture consultant with extensive project management, change management, supply chain, and logistics expertise across the pharmaceutical and medical device industries. By participating in team meetings, the consultant was able to keep things on track. He stepped in to support several technical transfers, facility ramp ups, and expansions, and also provided dashboard design automation, communications presentations, meeting oversight, and risk register maintenance.

Challenges abound in the global market landscape, but perhaps none appear more frequently than in the life science industry. At the same time, challenges often give way to unprecedented opportunities, and it’s the life science leaders that make the most of this critical moment that will come out ahead. The key lies in securing the necessary expertise without relying on a geographically constrained and talent-scarce labor market.

BTG’s marketplace features thousands of independent life science talent with broad operations expertise and specific in-demand skills that can help assist with the opportunities and challenges of both pre-commercial and commercial activities. If you could use support with product development, clinical supply, quality automation, regulatory compliance, supply chain resilience, and/or manufacturing excellence, reach out today.

Across the life sciences, one of the biggest pain points plaguing companies and business leaders today is cost pressures stemming from the turbulent economy and an uncertain outlook ahead. While costs are a hot topic for everyone, life science leaders are seeing circumstances unique to their industry and laser focusing on cost reduction strategies to help keep things moving amid disruptions. No surprise then that, in these conditions, Business Talent Group (BTG) has seen an influx of demand for operations leaders experienced with all things cost related as leaders navigate needs that can quite literally be life altering for the patients they serve.

In order to provide on-the-ground insights to help life science leaders think about how they can optimize costs and operations in this moment, we’ve turned to Patrick Groody, an experienced senior Abbot leader with broad expertise in the medical diagnostics industry who is skilled at accelerating business performance improvement organization-wide.

Meet the Expert

Patrick Groody

A goal-oriented senior executive with a proven track record of success delivering new products and driving cultural change, leadership development, and business performance improvement.

While cost pressures are a cross-industry pain point right now, what are some pressures that are specific to the life sciences?

General inflationary pressures are causing pain points across industries right know. In the life sciences, companies often need highly skilled workers for product development, manufacturing, and technical product support roles. Current labor shortages are making it increasingly difficult to fill these positions, and labor costs are therefore significantly higher.

Life science products also frequently have unique and challenging storage requirements or limited stability dating, and this often results in complex shipping and storage costs. As transportation, fuel, and energy costs have increased, this had a significant cost impact on these areas.

Finally, since many raw materials are sourced globally, the general lack of supply resulting from the lingering effects of the COVD pandemic continues to put pressure on key raw material costs for life science products.

How have concerns like those you mentioned changed in the past few years? What impact are they having on operations in life science organizations today?

Many of the challenges began during the COVID pandemic, and while there has been some relief, many of those challenges remain. Demand for healthcare products remains high even as demand for discretionary consumer products has started to decrease. Raw material shortages, especially for materials sourced from China and countries where COVID lockdowns remain, continue to cause supply disruptions.

Supplies that used to have reliable lead times are now often on back order for weeks or months. As a result, companies are having to readjust manufacturing schedules more frequently, thereby leading to an increase in plant inefficiencies. Additionally, many companies have had to reconsider and increase raw material inventories in order to sustain a reliable production plan. Finally, sustained high fuel prices and labor shortages in the transportation sector continue to drive significant increases in distribution costs.

What are the biggest opportunities for life science leaders to take cost out of the business right now? How can leaders go about prioritizing them?

Companies need to take a more comprehensive approach to cost reduction. Often, cost reduction efforts focus on finding less expensive alternatives for raw materials or packaging. While this can lead to substantial savings, raw material suppliers now have more leverage, and that “low-hanging fruit” is more difficult to harvest.

It’s now increasingly important to comprehensively examine all aspects of the value chain. This includes identifying areas of process inefficiency, reducing process variability, reducing costs associated with poor product quality, and reallocating resources to drive sustainable efficiencies in both the direct labor and indirect labor parts of the organization.

These are also times of significant market uncertainty. Companies need to nimble. They need to ensure they have processes and plans in place to deal with market changes and disruptions so they can adapt quickly and avoid both inventory excesses and inventory shortages that may otherwise occur.

What are some of the most important things for companies to keep in mind as they move from strategically planning cost reduction initiatives into implementation?

It’s important to stay focused on the long-term objectives and make sure the actions being taken will achieve sustainable reductions in cost. Too often companies look for quick fixes. Although this can produce short-term savings, the results are often not sustainable because the real drivers of cost inefficiency have not been adequately addressed. It’s critical to make sure progress is measured on an ongoing basis. Failure to do so can often result in cost savings creeping right back into the organization.

How can companies ensure that their cost reduction efforts don’t negatively impact product quality and organizational effectiveness?

Maintaining product quality is essential in today’s market. Customers simply won’t stay with a firm that doesn’t produce quality products, as there are often plenty of good alternatives available. Changes in raw materials, suppliers, and manufacturing processes need to be thoroughly tested and validated prior to market in order to ensure product quality and performance are not compromised. Once the changes are implemented, regular review of complaints and other customer feedback data needs to be carefully monitored to ensure changes have not yielded any adverse consequences.

Looking forward, how can organizations effectively forecast and prepare for operational cost variables in the uncertain economic environment?

Forecasting is always difficult since no one knows for sure what the future looks like. The best companies have good processes in place for assumption management. Their plans and strategies are built upon both controllable and uncontrollable assumptions, which are monitored frequently and on a regular basis. By monitoring changes in assumptions continuously, companies have better opportunities to proactively adjust plans when things they assumed don’t materialize.

What makes experts like you an effective solution for companies seeking to strategically approach cost reduction?

Sometimes an outside expert can provide a different perspective and can challenge the assumptions and plans which have been generated internally. Also, many external consultants have the advantage of having had experiences working with many different companies. As a result, they have often seen the differences between plans that work and lead to sustainable savings and those that do not.

How can organizations ensure that transformations related to cost reduction create meaningful, sustainable change?

The key is to be strategic in formulating plans that will have long-term impact. Too often companies are focused on short-term, tactical actions that don’t produce long-term results. Sustainable change requires solving for the key driver of the cost inefficiency and ongoing due diligence to ensure it has a lasting impact.

Find the answers to your cost pressures questions with experts like Patrick.

Business Talent Group’s network includes 4,600+ independent life science consultants, subject matter experts, boutique firms, project managers, and executives. Our talent have advanced degrees, specialized expertise, traditional consulting training, and hands-on experience. We serve:

• 13 of the top 15 largest pharmaceutical companies
• 6 of the top 10 biotech companies
• 8 of the top 10 medical device companies

See why more than 50% of the Fortune 100 and hundreds of other leading companies trust BTG to curate, vet, and compliantly deliver talent who fuel growth, innovation, and performance improvement.

Today’s post is brought to us by Steve Wunker, a member of the BTG talent network and Managing Director of New Markets Advisors, a boutique consulting firm that provides actionable recommendations to help companies drive growth and innovation.

With both inflation and recession fears high, many BTG clients are embarking on cost reduction initiatives. We are teaming with them to find those opportunities.

But this is also a time to look further. Many companies have already gone through rounds of cost-cutting, and they risk hollowing out core capabilities. Moreover, the dislocations of the pandemic have changed many customer needs and buying patterns, creating opportunity for firms to alter business models in ways that both reduce expenses and keep customers delighted.

It’s clear that new approaches are needed. In fact, we have observed that many executives are now recognizing—in this unique moment in time—that there is a real opportunity to pull up and take a fresh look at what, why, and how they do business. The pressure-cooker of the pandemic era yielding to one of economic turmoil has executives searching for ways to focus how they are spending resources and adjust where they are taking the company.

This is where Costovation comes in. Costovation, as detailed in the award-winning book by that name, is a proven approach that deploys the tools and methods of innovation to the cost side of a business. It deploys design thinking, radical reconfigurations of approaches, and rapid prototyping to find step-change opportunities in costs that continue to excel on customer needs.

Consider how Capitec upended assumptions about retail banking. The company removed all cash from branches, and so could do away with security. It configured branches so that tellers could sit alongside customers and look at screens together, in a collaborative manner that enabled cross-sell. It did away with promoting separate accounts, and instead offered a single account for savings, checking, and credit. In so doing, it could charge fees roughly half that of its rivals, and still earn an astonishing 20%+ Return on Equity. Low fees went hand-in-hand with delighted customers and high profits.

Signs That a Market is Ripe for Costovation

Costovation opportunities abound when companies see some of these seven signals:

1. Expensive features: If a significant amount of cost is driven by a handful of features, isolate the features that drive up costs. Cut back or find ways to improve their return on investment.
2. Expensive customers: If a significant amount of expense is driven by a handful of customers, adjust your approach to more efficiently serve the “expensive” customers or make the strategic decision to focus on other populations.
3. Expensive sales: If a significant amount of expense is in sales, not in the product itself, find daring new ways to circumvent traditional sales channels and costovate the way the offering is sold.
4. Over-standardized products: If output is standardized despite very specialized customer needs, zoom in on the customer subsets that are dissatisfied or under-satisfied with current solutions. They are your foothold to disruptive innovation.
5. Over-standardized sales: If the offering is sold the same way to all customers, identify customer segments whose needs are being underserved or overserved by the traditional sales mechanism. Design a new approach that is tailored to meet their core needs (and does not overshoot them).
6. Cost imbalance: If the revenue for certain activities is not proportional to their costs, stand out in the industry by adjusting pricing to accurately reflect the value being delivered.
7. Contingency creep: If the system is built to cover all conceivable use cases, even those that are rare, pick your battles and focus on what is the most impactful.

A Costovation initiative often runs in parallel with other, more typical ways of cost-cutting. They are not inconsistent. Oftentimes, the sponsor is a general manager who can look across the various functions of a business and find ways to blur traditional boundaries to significant effect, as Capitec did with branch operations, marketing, and product development.

Discover Promising Costovation Opportunities in Six Weeks

How do you get started? We’ve found that a rapid, six-week effort can determine what opportunities exist. This fast-moving program has four parts:

1. Understand both apparent and hidden cost drivers: If big cost-reduction opportunities are obvious on the income statement, they are often being targeted in other ways. While these line items matter, it pays to look beyond at some of the potential hidden cost drivers such as serving diverse customer segments in overly-standardized ways, downtime in the usage of personnel or assets, and distributor margins taken for activities that could be brought in-house.
2. Gain internal perspectives: The best experts on Costovation opportunities lie inside your own business. Targeted questioning based on patterns of Costovation elsewhere can elicit significant insights, as well as key hypotheses, uncertainties, and divergences to resolve. Critically, this questioning leverages cross-functional thinking in delving into function-specific activities, looking at the overall business system and the underlying cost drivers within it.
3. Leverage relevant external case studies: Appropriate examples from outside the company, and often even outside the company’s industry, can get people to look at old issues in radically new ways. The case studies get people to think about parallels, what is and isn’t unique to their situation, and a playbook of opportunities that can be applied to their situation.
4. Convene a cross-functional workshop to align on opportunities: The six-week effort concludes with a cross-functional workshop to talk through cost drivers, take-aways from external examples, and playbook opportunities. It also leverages innovation and design thinking techniques to generate new ideas, and it narrows down the set of opportunities to the most promising ones for building out.

Cost-cutting is on many strategic agendas for 2023. As you proceed down that road, we advocate reserving a bit of energy to find the big moves. Costovation can unlock transformative potential for a business to operate with significantly lower expenses while continuing to keep customer-focus right in the bullseye.

Explore a Costovation Sprint

Learn how a six-week Costovation effort can help you find cost-effective ways to meet, and even exceed, customers’ expectations.

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Regardless of where you work, be it in an office, in a coffee shop, or at home, maintaining focus and motivation can prove difficult at times.

Different than organization or productivity, focus, attentiveness, and motivation require self-discipline, mindfulness, and regularity in order to maximize effectiveness, or else you’ll be right back to square one.

Focus and motivation don’t come easy to everyone, but they can be cultivated, and once they flourish, yield increased performance and professional satisfaction. Check out the following best practices to level up your focus and motivation as the new year approaches.

Start by getting organized

If asked, we could all come up with an area for improvement—personally or professionally—and often it starts with organization. With remote work, an organized workspace and desktop are key. If you find yourself chasing around to look for documents, details, dates, and deadlines, you might be prone to getting frustrated or sidetracked (AKA losing motivation and/or focus), perhaps leaving loose ends here and there.

For example, let’s focus on your inbox for a second. It can seem onerous to get your rules, alerts, calendar, and filtering just the way you like it, but think of how overwhelming your inbox can get without any organization in place. Often when starting a new job, the constant bombardment of blasts, notifications, and network noise is a massive distraction. By taking some time to focus on making your inbox work for you rather than the other way around, you can save yourself from future digital headaches with just a few clicks.

Start by:

• Setting up rules and alerts to automatically sort, forward, and notify you of important emails
• Using labels and folders to categorize emails according to their subject matter or the project they relate to
• Applying flags and stars to mark emails for follow-up or to easily find them again later
• Using snooze to remind you of important emails when you have the time to dedicate to them
• Archiving and deleting within reason, and unsubscribe from senders when their blasts lose value

For more tips worth trying in 2023, check out our recent post on organization best practices.

Prioritize productivity

Productivity, focus, and motivation all go hand in hand (in hand). By incorporating a few tried and true productivity hacks into your routine, you can start to get more out of your workday.

How about starting with the daily highlight?

Instead of filling your to-do list with countless tasks every day, focus on a single must-do that you can consider your daily highlight. Start each day by asking yourself, “What do I want to get done today?” Adjusting your mindset from need to want can help facilitate a feeling of accomplishment where previously you may have felt defeated if you were unable to complete a lofty to-do list. Additionally, this practice will in turn help you better understand your priorities and consider the process it will take you to complete your daily must-do.

A daily highlight anchors where your focus needs to be for the day to ensure that you complete the essentials and also eliminates the endless task list that was probably detrimental to your motivation. The more daily highlights you complete with ease, the more motivated you’ll be to tackle loftier projects and problems.

For more, check out our recent post on productivity tips for 2023.

Utilize Focus mode (AKA Do Not Disturb)

Wondering how to stay focused? Manufacture focus with software programmed into your devices. The whole point of these different modes is to promote better focus, whether that be when you’re winding down for the day, or when you’re trying to get your remote work done. By using these features, you can minimize digital distractions. This isn’t a foolproof practice, but it’s a starting place if you find yourself easily distracted by things like email, push notifications, texts, calls, social media, or the news. Whatever your mindless vice, focus mode can help you start to break your habits.

Or, try other focus-oriented software

There’s an app for everything nowadays. From mindfulness apps like Calm and Headspace to organizational software like Notion and ClickUp to apps like Cold Turkey and Chrome extension Clockwork Tomato – there are infinite resources available for you to be able to take control of your workday in 2023 however you see fit.

The thing to remember when turning to software is that it’s only as effective as you allow for it to be.

Get to know your “flow”

Prior to the new normal, your hours were more rigidly enforced by the need to be present in an office. Now, in many remote/hybrid workplaces, there’s room for more flexibility. And, if you’ve decided to go independent, you have even more freedom to figure out when and where you work best. After all, one of the top reasons people are choosing to become independent consultants is to pick their hours. That way you can work when you feel focused and motivated and take breaks when you don’t.

Perhaps you work better in short sprints rather than marathons, or, maybe you like to power through and get things done all at once. Maybe you knock the most off your to-do list during quiet morning hours, or perhaps your creative juices start flowing at 6 p.m. You can optimize your workday by scheduling tasks around your peak times for focus and motivation. Try out a few different schedules and see what works best for you. Your schedule may vary day by day, but that’s the beauty of flexible work, especially when it comes to being independent talent.

Know when to call it

This tip goes hand-in-hand with figuring out your flow. There’s a clear turning point in either the workday or with a given set of tasks where productivity wanes and work becomes work. Tasks take longer to complete, you’re seeking any excuse to get away from your desk, and Focus Mode fails to stop you from starting to scroll. In these cases, it can be best to recognize that your productive time has ended and call it a day. In turn, you’ll waste less time trying to force productivity and your bursts of work will become more effective.

Refresh and recharge

When you’re offline, stay offline. Remote work and working independently can make it easy for the lines to become blurred between the workday and your off-hours. Emergencies come up, sure, but if possible, use your workspace, computer, and accounts just while you’re working, and allow yourself the time to unplug and unwind. You’ll be more likely to feel fulfilled in the work that you’re doing if it doesn’t drag you away from family or free time.

Hold onto your progress by building good habits

Like all the professional development tips we’ve shared recently, you have to make these into habits yourself for them to become effective. Otherwise, you’re adding to the already mind-numbing noise that exists everywhere, every day.

One study published in the European Journal of Social Psychology revealed that it takes 18 to 254 days for a person to change a habit, and on average, it takes 66 days for a new behavior to become automatic. That goes both ways—forming a habit and breaking one. So, when figuring out how to stay focused, or when trying to get motivated, keep that in mind as a frame of reference for success.

How to Facilitate More Motivation

Motivation inherently varies from person to person in the same way as it varies day to day. Here are some ideas to help you stay excited about your work:

• Regularly set goals and review progress
• Keep challenging yourself and stay interested in learning
• Listen to uplifting, motivating audio (music, podcasts, etc.)
• Use failure as motivation rather than as a detriment
• Build anticipation – try to find things to look forward to and get excited about
• Look for benefits rather than potential difficulties with your goals and your work
• Try to think differently about anything and everything
• Stay up to date on the latest news
• Explore what drives and motivates you on and off the clock and pursue it
• Find balance – whatever that looks like to you

Understanding your Locus of Control

The locus of control theory refers to an individual’s perception about the underlying main causes of events in their life. Simply put, do you believe that your destiny is controlled by yourself or by external forces?

If you have five minutes, this video explains the correlation between the locus rule and motivation well. The takeaway is that when you believe that you’re in control, you are more likely to be motivated to take action to change your situation.

Whether you’re already an active independent consultant or you’re considering making the switch, you likely are driven by an internal locus of control, motivated by increased flexibility, independence, and control over your workday, your workplace, and what you’re working on. Professionals like you are changing the future of work.

Make 2023 your best year yet by working with BTG.

When you are a part of our network of high-end, on-demand talent, you’ll have the flexibility to focus on the work, motivated by projects that interest and excite you. Join our network of independent professionals that are paving the way for a reimagined workforce.

What will you do with increased control?

JOIN THE TALENT REVOLUTION

Skilled professionals are becoming independent consultants to capitalize on their strengths, gain ownership over how they work, and select projects that interest and excite them. You can too! Become an independent consultant today!

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While today’s supply chain challenges remain a pressing issue for companies of all types, perhaps no other industry feels them more acutely than the life sciences—where bottlenecks and disruption could literally mean life or death for patients. From disruptions dating back to the start of the COVID-19 pandemic to ongoing quandaries regarding the sustainability and scalability of existing processes, Business Talent Group has seen growing demand from organizations to address issues at every step of the supply chain.

To help life science leaders address this particularly troublesome issue, we’ve turned to supply chain operations expert Marcos Buelvas. Read on for a closer look at what’s going on at the ground level—as well as Marcos’s recommendations on how organizations can create more agile and resilient operations that keep the production of life-improving treatments on track.

MEET THE EXPERT

Marcos Buelvas

Marcos is a hands-on leader with experience designing and implementing manufacturing and supply chain transformation efforts and leading cross-functional manufacturing and supply chain programs for well-known global brands.

How has supply and demand in the life sciences been impacted in the last few years?

Similar to every other industry, COVID and other disruptions have had a significant impact. On the demand side, demand for many pharmaceutical products—specifically vaccines, of course—went up a great deal. But the demand for other common over-the-counter products, such as cold medicines, also went up. New and repurposed therapies went into the market and found new therapeutic applications. The distribution of super low temperature products like the new vaccines meant an increase in that particular cold chain, and more importantly, its reach to end consumers and patients around the world.

On the supply side, we experienced constraints in all sorts of products, from saline solution to life saving drugs. It was quite widespread to find constraints not just in production capacity but also in distribution capacity. The benefit of this has been tighter coordination across the supply chain and finding new ways of working together across functions, geographies, and companies (e.g. suppliers).

Structurally, it is clear that risk is (and should have always been) a major driver of decision making. Decisions around dual supply, near-shoring, and localized capacity have become part of everyone’s language and should stay there so that we are better prepared to manage known and unknown risks, and appropriate plans should always be detailed and understood within and across organizations.

Which supply chain and manufacturing model makes the most sense for life science companies in today’s environment (e.g. minimum cost, maximum throughput, highest yield, zero environmental impact, or one based on a combination of multiple factors)?

Supply chain is always a combination of several factors. It is becoming increasingly clear that none of those variables will sustain us in the long term if we don’t account for de-risking the supply chain, so a lot of emphasis is going toward supply chain models that incorporate risk, business continuity, resilience, and flexibility.

There is no question that the market remains competitive and will remain so because we have to continue to reach increasing consumer and patient populations. Hence, it is imperative that the cost and asset focus also remain; but it is clearer than ever that multi-dimensional optimization is a must.

Where are the biggest challenges and bottlenecks in life science supply chains at present and how are the most effective organizations addressing them?

It is clear that resilient supply chains will win, and we are not there yet. So, the challenge is to fight fires (they have increased) and build your future supply chain simultaneously. The future supply chain is necessary because, for example, low cost is not good enough anymore. That has to be supplemented with de-risked, etc.

For a long time, we have been pushing organizations to build more connected or integrated supply chains (pick your term) and this is the only vehicle to achieve fighting fires and build the future at the same time. The reason is simple, connected supply chains achieve the essence of supply chain which is to really understand how the links across the chain are working together and not independently so that teams are not spending all of their time inefficiently collaborating.

How can companies monitor and anticipate changes in demand to adapt supply chains and manufacturing in advance?

There are two critical connections for supply chain organizations, and they are the connections to Commercial organizations and to R&D in the context of product launches and future platforms. Strong linkages with these two organizations empower Supply Chain leaders to attain a better picture of demand as well as the attributes and assumptions of that demand forecast and its likely change or volatility. These linkages cover the three dimensions of robust people, processes, and technology to yield solid connectivity to demand and changes in it.

Perhaps most important to highlight is that the linkages cannot be taken for granted. Often, we say, “oh yes, we have a demand review process,” or “we have an S&OP process.” Unfortunately, we are not challenging the process, assumptions, and how real-time the information is connected for action across the organization to really stay ahead of demand—and that is the only way to do so.

What effect will cost pressures have on how organizations approach their supply chain and manufacturing operations?

For this area, I would primarily highlight the impact on the Sourcing and Procurement groups within Supply Chain organizations. Inflation has driven costs up anywhere from 10 to 50% across many items, and spikes could be even worse. Managing this volatility has been really hard for supply chain teams. The emphasis on agile procurement practices will increase and teams will be forced to integrate these practices along with shorter cycles on supplier contracts and off-contract purchasing. We have seen many suppliers directly advising their customers that they can’t honor existing contracts. In these circumstances, buyers are constantly engaging the market to understand supply constraints, substitution, and any opportunity they can get to control cost.

Until things stabilize more, there is no substitute for agile, active management of the sourcing and procurement environment, and more broadly across the end-to-end supply chain

What are some of the most effective digital tools to help optimize supply chain processes? How should companies think about the implementation of these tools?

Every digital innovation is being applied or studied in some form across supply chains; e.g., block chain is getting a lot of attention in Smart Contracts (Sourcing), Artificial Intelligence (AI) is changing Planning by offering more informed scenarios that incorporate learning and real time information, The Internet of Things (IoT) is enabling detailed tracking across manufacturing and supply chain nodes. The list goes on, but none of it can be belittled. It is all quite transformational, accretive, and can enhance some aspects of supply chain.

Beyond these technology applications, the idea of Control Towers is perhaps the most compelling. A supply chain requires a connected nerve-center with clear visibility across nodes, partners, manufacturing, etc. Creating this distributed, yet integrated visibility is no small task and requires robust processes and technology to connect diverse information. The value proposition is visible in top and bottom-line results given remarkable enhancements to supply chain responsiveness.

Implementation requires proven methodology and experienced teams. Above all, teams have to be dynamic and adaptable to engage and recognize that they will have to solve problems along the way to design and run the implementation program.

What role is AI playing in supply chain today and how do you see that evolving in years to come?

I am not overreaching when I say that it is everywhere. AI is about evaluating multiple data sources and providing options or recommendations on the decisions to be made. The role of AI is hence quite applicable to all aspects of the supply chain. For example, in Procurement, teams are using AI to evaluate supplier performance and recommend the best supplier based on location, performance, and/or cost adherence. These evaluations can take too long to be performed at scale without AI.

Another good example is Planning. Teams must plan production and inventory levels to support demand and are now incorporating new variables through AI to inform the decisions. There are great examples of incorporating weather, economic changes, inflation—among other variables—into models that provide options and recommendation on what we call Planning Targets.

We will continue to see increasing levels of investment year-on-year because the examples are more clearly demonstrating ROI.

What are the most important things for companies to keep in mind as they shift from strategic supply chain initiatives into implementation?

There is a lot to be said here, but in the interest of time and readability, I’ll just pick a few highlights:

• Keep it specific and practical and not general and conceptual. Think through the details. It’s not enough to say that you want to employ global sourcing strategy; for implementation, one must specify the components, the countries, and the suppliers, etc.
• Ensure top executive sponsorship for the strategy execution to ensure it yields good results. Multiple studies by top management consulting firms have shown an increase in results to the tune of 50% to 60% higher when the CEO is involved in implementing a supply chain strategy.
• Ensure that key stakeholders communicate and act like a team, despite the business function conflicts that may arise due to conflicting KPIs. Discussion among business units to support the strategy and to benefit the organization as a whole is the key.
• Understand the value of technology. Technology enabled tools could significantly enhance the performance of the supply chain by enabling decision making. But these technology-enabled tools can’t replace broken processes. So, while implementing the strategy for deployment of a technology, process improvement should be considered first to realize the expected benefits.

What makes independent supply chain experts like you an effective solution for companies seeking to strategically improve supply chain resilience and avert disruptions?

Independent supply chain experts like myself bring a wealth of diverse experiences that can supplement those of our clients. It is critical that experts not only bring knowledge, but a great deal of respect and appreciation for how to integrate and work as part of the client team. Beyond that, your expectation of any consultant is that they will value you, the client, and be committed to working hard to achieve the vision of success and enhance it however possible.

In the context of supply chain resilience this translates into carefully thought-through design principles that can be implemented and cost effectively sustained. It starts with how the organization sources and who it partners with in that space to reduce risk. For example, where are our sources of supply and are we monitoring this rigorously? It then extends to our manufacturing strategy, both internally and with external partners. And it ends with distribution and how we ensure we can meet customer and patient expectations. Inventory strategies are critical in this respect also and can make all the difference to ensure patients get their most needed medicines.

Explore your options to fine-tune your life science operations practices with Business Talent Group.

Whether you’re looking to recover from recent supply chain disruptions, prevent them from happening in the future, or improve your existing processes, you can find highly-skilled life science operations talent at Business Talent Group.

Business Talent Group’s network includes 4,600+ independent life science consultants, subject matter experts, boutique firms, project managers, and executives. Our talent have advanced degrees, specialized expertise, traditional consulting training, and hands-on experience. We serve:

• 13 of the top 15 largest pharmaceutical companies
• 6 of the top 10 biotech companies
• 8 of the top 10 medical device companies

See why more than 50% of the Fortune 100 and hundreds of other leading companies trust BTG to curate, vet, and compliantly deliver talent who fuel growth, innovation, and performance improvement.

Employee wellbeing is a growing focus for companies as they strive to create positive and supportive cultures for hybrid and remote workers. And for good reason—a recent Gallup survey found that teams that are most likely to feel the organization cares about their wellbeing achieve higher customer engagement, profitability, and productivity, as well as lower turnover and fewer safety incidents.

A robust culture of wellness has long been integral to our team at Business Talent Group. Every year throughout the month of September, BTG celebrates and explores employee wellness—centering conversation around important topics like mental and physical wellbeing, stress management, and creating healthy routines.

Our guiding principles for wellness month 2022:

In 2022, we’re taking a holistic approach to wellness that looks at elevating ourselves both inside and out. In planning our wellness month activities, we used three guiding principles:

Be intentional about how to prioritize taking care of our physical bodies, our emotional and spiritual health, and the way we nourish and fuel ourselves.

This meant setting up intentional times and activities geared around specific aspects of our total wellness. For the team, that came in the form of 30- to 45-minute Friday sessions together that ranged from guided meditation to a live cooking workshop. Doing it together as a team added team bonding time as well as a nice break in the daily routine.

Make it something to look forward to. Nobody likes chores, so orient around something that brings joy and is easy to adopt into a day-to-day schedule.

We brainstormed about the wellness activities our colleagues find energizing and inspiring, as well as those that calm and center the mind.

Stay the course. Wellness is not a task that can be accomplished in one fell swoop but rather a journey of prioritizing yourself time and time again. Because people are 65% more likely to reach their goals when they’ve shared them with someone else, we engaged the team throughout the month, making wellness part of our conversations and sharing each other’s favorite tips and tricks.

Wellness month 2022 activities at BTG

Our goal in planning BTG’s wellness month was to support all kinds of health and wellbeing for our team—social, emotional, physical, and mental. As such, we discovered a wide variety of resources and activities:

• We brought in a former Michelin chef turned farmer and cooking teacher to show us how to make a nutritious, restaurant-worthy lunch bowl that would fuel our bodies for the day and could be repurposed into countless meals across the week.
• Ergonomics expert Tammy Wise helped us reconsider how we breathe and sit while at our computers—learning to work in positions that foster energy and focus.
• Guided meditation specialists Giselle Littleton and Jameelah Carver taught the team how to practice Nadi Shodhana, or Alternate Nostril Breathing, to relieve stress and reenergize.
• A core power yoga instructor led the team in yoga sculpt, a mix of Vinyasa flow with weights and exercises for a full body workout.
• BTG’s Adrianna Egan hosts a podcast that focuses on inspiring and empowering others. Her episode on Burning Out and Filling Your Cup discusses preventing and recognizing signs of burnout, as well as coping and breathing life back into your soul.
• Our employees enjoy access to wellness apps and activities through our company portal. Apps like Calm can help with sleep, focus, meditation, relaxation, and breathing.

Try these tips for wellness month 2022

On an individual level, here are our team’s favorite go-to tips and tricks that might help you kickstart your own wellness initiative:

1. Start your day on the right foot:
   • A daily gratitude, first thing after waking up—consider writing it in a journal or your phone notes if you’re traveling
   • The Miracle Morning—a 6-step routine to take time for yourself before the work day: silence, daily affirmations, visualization, exercise, reading, and writing
2. Insert bite-sized activities throughout the day when you just need that reboot:
   • Quick two-minute box breathing exercises before any big meetings to calm your nerves
   • Walking meetings, walking dogs, walking by the water—we’re a team of walkers!
   • Keep an email folder of “positive work stuff”—funny emails, kudos from colleagues, etc. When you’re feeling stressed, scroll through them for a little boost.
   • EFT Tapping for stress relief
   • Take lunch away from your desk and save a favorite podcast to listen to during lunch for motivation
3. For a refresh after work, consider these activities:
   • Stroll around the block and catch up with a friend on a quick phone call. Or take one of your furry friends for a walk—the fresh air will do you both good!
   • Try a fitness session, such as hot yoga, spin rides (biking indoors or outdoors), pilates (online or in-person), or a game of tennis or pickleball with friends.
   • Play the piano, put a puzzle together, or cook a healthy meal.
   • Take yourself out on a date to a coffee shop or enjoy a meal alone for some people watching
4. Are you looking for more holistic approach to motivation and inspiration? Consider a career or life coach, or a therapist—for example, a coach who specializes in helping female executives build support systems and recharge effectively.

Whether you’re considering how to compile resources and ideas into an employee wellness program for your team like we have done at BTG, or you’re just looking to boost your own workplace wellness, we hope you’ll find this helpful.

There’s a general sense of a lack of control that accompanies inflationary pressures and looming threats of recession. As costs rise and consumers become increasingly price-sensitive, budgets shrink and financial strategies narrow, thus fostering the ideal conditions for reactive decision-making—all at a time when measured responses are most needed.

If there’s one thing we’ve learned from the pandemic, however, it’s that information can be a tremendous asset in identifying both risks and opportunities for a business. In fact, data-driven insights have become a key differentiator between flourishing and floundering in a post-pandemic economy, but it can be a significant challenge to find the right resources to harness those insights effectively.

Better data informs better decisions

By leveraging critical information in times of flux, organizations are able to make better decisions quickly. This enhanced agility helps them mitigate the effects of economic factors that lie beyond their control. As Source Global Research reports in its recent Market Update, “With rising fuel and other costs threatening individuals’ discretionary purchases, [businesses] are investing to ensure they have better, more up-to-date information on consumer behaviour and on being able to forecast demand more accurately, both at the overall level and for specific products and services.”

The fact that automating processes increases efficiency and reduces cost—the few areas an organization can attempt to control amidst economic uncertainty—isn’t news for most. Neither is leveraging technology to anticipate and respond to rising consumer needs. These realizations happened long before the pandemic, and many organizations were already shoring up in-house resources to support a tech-forward strategy when the first stay-at-home mandates rolled out.

During the pandemic, investment in technology surged in response to the sudden acceleration of consumer demand for digital everything. Early pivots were almost certainly reactionary, and in the absence of solid data analytics, many were a gamble. Now, as consumer behavior shifts in response to the downstream ripples of supply chain fragility, global conflict, and wage inflation, there’s even less margin for error.

That’s likely why Source found that, “54 percent of [respondents] say that their data & analytics functions will be one of the three areas within their organisations where they’ll be making the greatest investment over the course of the next 18 months.” Technology alone can’t steady the ship if there isn’t solid data anchoring the strategy behind it.

Higher and higher hiring challenges

Though data science is a critical function that organizations clearly need, in-house skills gaps and the broader talent shortage are making it tough to establish data and analytics teams within their own walls. Making matters worse: Organizations still struggle to articulate what they want or expect to achieve with their data.

This is largely because data science is a relatively new discipline for many organizations—with nearly three quarters (74%) of data, analytics, and artificial intelligence leaders saying that their role has existed in their company for fewer than five years, according to Heidrick & Struggles. This unfamiliarity, coupled with sizable data and analytics salaries, can create a speed bump that’s difficult to overcome.

Then, of course, there’s the dearth of full-time talent to contend with. These types of skills are already in short supply, and the competition to access them is expected to grow fiercer. Job postings in the data science domain are expected to grow by 71% over the next five years, according to IT Career Finder. No surprise then that the US Bureau of Labor Statistics now ranks data scientists and statisticians as two of the top 10 fastest growing occupations.

Fortunately, there’s more than one way to build a data science team. As Lu Wang—co-founder and CEO of boutique data science consultancy Komodo Tech—writes, there are three primary options for “investing in the path to data science”:

• “Hire an analytics lead, a data analyst, and a data engineer, in that order.
• Contract an independent data scientist with the experience to assume multiple roles, then hire employees to fill in the rest of the team.
• Outsource the work to a boutique data science firm that can supply all the roles at once.”

The first approach might not seem to address the aforementioned issues of labor shortages and payroll budgets, and the third might seem to be so hands-off that it gives CEOs pause. But not everything is what it seems. Any of these can be made viable under current circumstances by applying the central tenet of the second: securing support from freelance data scientists.

Working from the outside in

Indeed, demand for independent data and analytics consultants and AI consulting is growing daily. As Wang points out, “Though [data science’s] promise spans many industries, it’s not yet so core to most businesses that the early phases can’t be outsourced.”

BTG’s 2022 Skills Index found that, “requests for artificial intelligence and machine learning skills are up 500% as companies seek to tap big data for more informed decision-making, automate processes for efficiency and cost reduction, and leverage technology to anticipate and respond to rising consumer needs.”

BTG also noted a 120% increase in requests for Data Visualization experts who can implement dashboards in platforms such as Power BI and Tableau and offer real-time insights to executive leadership on everything from sales and performance indicators to workforce headcount, costs, capabilities, and energy usage across facilities.

Whether bringing in full teams of data science consultants or supplementing internal teams with a freelance data analyst (or three), there are both immediate and long-term benefits to be had. Headcount remains flat while the outsourced team provides support until ROI can justify building an internal team. Meanwhile, the business is gaining experience with how a properly structured and managed data science team functions.

The smart way to deploy freelance data scientists

Independent talent are especially well-suited to meet leading companies’ needs for data and analytics experts. Their ability to ramp up or down as needed also offers greater flexibility—in a far more cost-effective manner—than hiring permanent employees or a big firm for a temporary need.

“Independent consultants can often cut through politics and red tape more rapidly than people on the inside of an organization,” said Mohammad Ghassemi, an independent data science expert with over a decade of experience. “Another advantage of coming into an organization as a contractor is that it forces the organization to clearly articulate both their expectations and an associated timeline under which those expectations are to be met. ”

By providing on-demand access to high-end independent data scientists, analytics consultants, and AI consultants, BTG has helped industry leaders—ranging from a multi-billion dollar grocer to an F500 biotech company—build and maintain governance structures and analytical frameworks to ensure their data platforms serve the current and future needs of all users.

Examples include:

AI and Machine Learning: Leading Internal Teams on Proof of Concept

In addition to offering a wealth of expertise, BTG independent consultants are also skilled leaders who can jump in to support internal teams. When the CIO of a global insurance company needed a data science expert to conduct a proof-of-concept for several initiatives, BTG provided a seasoned data science and AI expert with both executive leadership and big firm consulting experience.

The consultant led the cross-functional internal team in building out a sustainable data science capability within the organization, leveraging data and AI and machine learning to identify risk, develop an Agile Scrum team model, and improve efficiency efforts for acquisition marketing programs.

See more AI and machine learning case studies

Data Science: Executing a More Realistic Roadmap

It’s not uncommon for organizations to bring in big consulting firms to create strategic roadmaps; once the firm exits, however, reality sets in. This was the case with a Bay Area tech company that had engaged a consulting firm to develop a big data strategy roadmap. Soon after, the SVP of Strategy realized his budget was not sufficient to cover all recommendations—but internal politics made it difficult to determine what to cut.

Business Talent Group delivered a single, senior independent consultant who knew the industry and could offer a swift, neutral translation and coordinate with the Program Management Office to manage, lead, organize, and monitor the implementation. The client avoided an additional seven-figure consulting spend—and kept the execution on track and on time.

See more data science case studies

Analytics: Refining data operations to serve new needs

Even organizations that specialize in data and analytics can find themselves in need of independent consultant expertise. When a multinational life science data and analytics company needed an experienced, hands-on data and analytics consultant to work with its UK-based team, BTG provided a data strategy and management executive and former Big 3 consultant who could provide high-level strategy insight as well as on-the-ground execution support.

Working directly with the COO and CEO, the consultant carried out a capability assessment of the current team’s strengths and weaknesses, identified risks, and developed a roadmap to support the new strategy. He then reviewed ongoing data governance for further improvement, conducted competitive benchmarking, and identified and recommended opportunities for automation and optimization—ultimately ensuring the company’s data operations were qualitative, robust, and scalable.

See more analytics case studies

Business Intelligence: Interim support for critical roles

One of the most valuable advantages of independent talent is that they can be brought in on an as-needed basis. In one case, the Global Portfolio Management team of an F100 consumer healthcare company was in the midst of developing a portfolio reporting framework when a key team member stepped away on parental leave. Needing continued analytical support for the project, the director reached out to BTG for an interim, six-month engagement.

BTG deployed a former director of IT Shared Services and Business Intelligence, who was able to build and maintain actionable and insightful analysis, reports, and dashboards to enable transparent prioritization and optimization of the end-to-end project portfolio—including innovation, life cycle management, cost improvement, and compliance projects.

Immediate support for immediate needs

As the global economy struggles to regain its balance, companies need to be prepared to weather continued headwinds. Data science and analytics have proven to be an organization’s most valuable tools in this regard. As Source puts it, “The data & analytics market is likely to remain strong while economic uncertainty remains high and consumer behaviour remains unpredictable—which probably means for quite a long time.”

Whether augmenting teams or providing support for from-scratch data strategies, BTG offers on-demand access to high-end independent data scientists, data translators, and data analysts with cutting-edge skills in a wide range of specialties—from data strategy, visualization, and monetization to AI and machine learning, advanced analytics, and business intelligence. There’s more than one way to build a data science team, and by bringing in independent, experienced talent, you can ensure you’re building it sustainably and cost-effectively, too.

Ready to do more with your data? Explore a project today.

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A classic resolution as a new year approaches is to get organized, to reset and refresh, and to mark a new beginning both personally and professionally. Clients also typically look at the new calendar year with fresh eyes and a fresh budget to take on initiatives they want to tackle. As such, it can be an especially in-demand time for independent talent, which makes now a perfect time to get organized and ready for the incoming workload.

To help you be more productive and start 2023 on the right foot, here are some of our favorite organizational tips worth trying in 2023—from digital organization to decluttering your physical space to structuring your day.

Digital Organization Tips

A cluttered screen can make for a more difficult workday regardless how strategically you lay it out or how methodical you are at naming your documents. So don’t sleep on digital organization when you’re looking toward the new year.

Take ownership of your inbox

Email is an easy thing to disregard until it becomes overwhelming. Here are a few steps to take control of your inbox instead of letting it take control of you.

• Set up rules and alerts to automatically sort, forward, and notify you of important emails
• Use labels and folders to categorize emails according to their subject matter or the project they relate to
• Apply flags and stars to mark emails for follow-up or to easily find them again later
• Use snooze to remind you of important emails when you have the time to dedicate to them
• Archive and delete within reason, and unsubscribe from senders when their blasts lose value

Prioritize notifications—what gets a push?

Everyone feels entitled to our immediate attention on our devices. Beyond texts, phone calls, and emails, now websites and apps nudge you to enable notifications, even for something as arbitrary as a recipe site you might visit once and never return to. Only you can determine what is an automatic action item, but by being ruthless in only allowing the most important notifications, you’ll experience fewer disruptions throughout the day.

Spatial Organization Tips

A disorganized workspace has been proven to have negative effects on your productivity, which is why organizing your physical space should be a top priority.

Cut the clutter

Start by getting rid of any trash, miscellaneous dishes, or anything else that has an obvious home elsewhere. Once you see what’s left, sort between what’s essential and what’s sentimental. Sentimental trinkets are a key contributor to clutter, so be selective on which photos, memorabilia, and other odds and ends you allow into your workspace. For essential supplies, ensure that you discard or find another home for any duplicates to save on space. Only keep what you need and use on an almost daily basis and get everything else out of your way.

One tip to help you start implementing spatial organization is to spend 15 minutes at the end of each day clearing your desk and 15 minutes the next morning getting everything you need for your day’s activities. That way you’ll ensure that you start each day with a workspace that’s set up and ready for you to get the work done.

Give yourself some room

Just like whitespace in a design or a simple email, less is more when it comes to your physical desktop. Empty space on your desk or in your office isn’t a bad thing at all. In fact, having space to work is helpful, allowing you to write notes, outline to-dos, build makeshift models, or whatever it is that helps you visualize or move forward with your work. A low-stress, low-mess workspace will yield improved performance over time compared to those that let everything build up.

Remote Work Organization Tips

Remote and hybrid work arrangements have become increasingly commonplace, requiring a unique approach to organization, productivity, and the projects themselves. Some professionals have been slow to adapt some of these best practices, expecting a post-pandemic bounce back rather than a new normal. But with hybrid work looking like it’s here to stay, now is the perfect time to refresh your approach to work.

Set a schedule and structure your day

One of the best things about being an independent consultant is setting your own schedule. While every day can look different, having a weekly check-in to set expectations with yourself, the client, or other members of your household on when you’ll be working can help provide structure to your workweek.

Have you tried making a daily/weekly to-do list to anchor your priorities and enhance productivity? It can be a very beneficial practice for professionals to maintain, especially while working remotely.

Write it out

Writing things on paper is better than typing things out in more ways than one. According to Psychology Today’s review of a recent study that investigated the merits of physical vs. digital notetaking, handwritten notes top the digital alternative in four ways:

• Jotting things down on paper is faster.
• Handwritten notes tend to be more accurate and have personalized flairs.
• Handwriting in a notebook triggers more robust brain activity.
• Writing by hand is associated with stronger neural encoding and memory retrieval.

In the study, researchers found that participants who used a paper datebook filled in the calendar within about 11 minutes, compared to 14 minutes for tablet users and 16 minutes for smartphone users. The authors also noted that accuracy was higher in the handwritten group—so keep a pad of paper or a stack of sticky notes and your preferred writing utensil handy and see how writing things down works for you.

Consultancy Organization Best Practices

One final area to focus on for organization best practices is with regard to your independent consultancy. Whether you’re just getting started, thinking of making the switch, or are well established in the practice, here are some organizational tips worth considering.

Focus on quality over quantity.

By nature, project-based work relies on organization, or else details, dates, and deliverables can fall through the cracks. With the ebb and flow of independent consultancy, it’s important to stay aware of your bandwidth so that you can maintain high-quality deliverables. Utilize planners, calendars, reminders, and take diligent, detailed notes to ensure optimal organization.

Create a system.

This may look different for everybody, and again, blurs some lines with productivity best practices. Perhaps you get caught up in the constant stream of emails; switch to dedicating blocks of time to email, whether it be at the start and end of a day or other scheduled times. Maybe the system is for communicating with colleagues, clients, and those around you—communicating when you’re available, busy, in meetings, on calls. Take what stands out to you from all these organization ideas and create your system from that. The great thing about a system is that you created it, which usually means you’re more likely to uphold it.

Let BTG take on some of the load.

More and more, skilled professionals are going independent to capitalize on their strengths, gain ownership over how they work, and select projects that interest and excite them. But just because you’re independent doesn’t mean you have to go it alone! From project scoping to invoicing, BTG will support both you and the client for success. Plus, you’ll receive benefits like professional development opportunities and supporting resources for research, graphic design, and more.

Let us help you elevate your independent consultancy practice.

JOIN THE TALENT REVOLUTION

Skilled professionals are becoming independent consultants to capitalize on their strengths, gain ownership over how they work, and select projects that interest and excite them. You can too! Become an independent consultant today!

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Banking is getting phygital as industry leaders transform their offerings to deliver exceptional customer experiences that cross the online/offline divide. In case you haven’t encountered this particularly buzzy phrase yet, phygital, a portmanteau of “physical” and “digital”, was coined more than a decade ago by advertising executive Chris Weil to describe what he called the “immense possibilities for brands” to engage consumers in both worlds.

Top companies in consumer goods and retail—industries where the wall between the online and offline customer experience was already crumbling well before the pandemic—have been tinkering with phygital experiences for years. Today, banking leaders are taking up those learnings and adapting the phygital philosophy to meet both the unique needs of their customers and the rapidly increasing array of banking and investment services they offer.

To learn more about the phygital future of banking and other trends to watch, we turned to business and financial services savant Angela Paulk for her take on the trends she’s seeing today and where the industry is heading next.

Meet the Expert

Angela Paulk

Seasoned manager and business intelligence analyst skilled at developing strategic business insights and managing large-scale change initiatives across global financial services sectors.

What changes and trends are shaping the banking industry this year and beyond?

The common themes currently affecting the banking industry include an uncertain macro environment, pandemic re-positioning, and the increased focus on data capture, management, governance, and monetization—as well as ongoing automation and digitalization across the market. But, within the industry, the changes and trends affecting the competitors are a bit more nuanced given a company’s size, business mix, and regional footprint. We can think about the ‘banking industry’ in three buckets:

1. Diversified banks with a global footprint and large institutional client base

The largest and most established banks are thinking about the broader implications of de-coupled markets and protectionism, opportunities around climate regulation, end-to-end (E2E) efficiencies and opportunities to benefit from scale across their business lines. They’re also weighing continued investments into technology (and staff) and more strategically embedding a culture of principles, organizational frameworks, and management accountability. For banks which have grown from acquisitions, I expect heightened focus on how well the talent, tools (e.g., AI), and insights (e.g., ESG analytics) have been integrated—and how well they were valued.

2. Regional banks and Consumer banks with large retail and/or SME (Small/medium sized enterprises) corporates client base

This group is hyper focused on the macro, client sentiment, and consumer activity. Like what we saw post the Great Financial Crisis of 2007-09, there will continue to be more consolidation in the market to benefit from economies of scale and/or rightsizing—of operations, product mix and clients. Aside from a concentration on digital and customization capabilities, I think product and service differentiation at a target market level will continue to intensify.

3. Challenger ‘banks’

These banks—most of which are around a decade old and offer services via web/mobile—have embedded digital processes, were founded with a focus on client experience, and have benefitted from lower cost bases than more traditional banks, which have multiple legacy issues such as dated infrastructure. However, these challengers have not had the benefit of managing through multiple economic cycles nor of the regulatory enforced scenario planning and stress testing that other banks have now operationalized—both of which help inform client resiliency. So, there is hyper focus on client profitability and cost. Public or private, I also expect increased M&A activity for this group. Management teams should plan for enhanced levels of due diligence and regulatory scrutiny, particularly with regard to how they have operationalized governance and risk management.

How are banks transforming to accommodate changing consumer behavior and demand?

I think the past few years have been a consumer-driven market. Given the breadth of financial products, lower barriers to entry, and an evolving range of competitors (and pricing), banks have had to evolve and modernize to remain viable. Some banks have even broadened their consumer base to include the historically underserved/underbanked.

Bank strategies to address consumer demand and changing behaviors range from internal initiatives such as employee digital trainings to externally facing activities like enhanced marketing and increasing input from clients via Net Promotor Score (NPS) and sentiment surveys. Banks have also enhanced their product offerings (e.g., crypto), range of partnerships (e.g., Goldman and JUST Capital), valuation models (e.g., ESG data and insights), and expanded into new types of service (e.g., J.P. Morgan’s foray into travel) to accommodate—and in anticipation of—client-demand. Some of the most interesting strategies that we are likely to see evolve at banks—large and small—include more products and services that focus on transparency.

A couple examples that I think are indicative of what more is to come include:

1. Visa’s Sustainable Solutions and Eco Benefits, which enables clients to understand the environmental impact of their spending
2. Investment strategies focused on broader impact, such as former NFL player Derrick Morgan’s challenge for more transparency on what investments (e.g. mutual funds, REITs) he held that might have contributed to funding private prisons.

How can banks become more “phygital”? Are there steps that banking leaders can take?

My take on the meaning of ‘phygital’ is that it captures that sweet spot combination of the best of the physical client experience with digital—and that the combination is not static. Aside from routine client engagement and sentiment surveys which routinely capture client input on market direction and relative competitiveness, bank organizational models are shifting to be more client focused end-to-end so they can be more responsive to their clients and pivot accordingly. So, if a bank is not already routinely incorporating this type of client input, it should be considered. For banks with a more diversified service/product offering, if there hasn’t been a lot of focus on a broader client coverage model (i.e., ‘client’ at a broader macro level rather than solely at a short-term product/service level) there are multiple benefits to doing so as soon as possible.

Do you think digital channels and experiences can entirely replace physical banks?

The question is whether retail and consumer banking clients can go completely virtual, and while I agree that is the direction in which the industry is headed, I think there is a foreseeable need for physical branches—although the number, the services offered, and locations really depend on a bank’s target market clientele.

To elaborate, I offer a couple of vignettes: The first, I think of my dad down in rural Georgia, who still does not use an ATM card and genuinely enjoys the banter at his regional bank drive through when he cashes a check. And the second, I think of a meeting I had a few years ago with a tech savvy former colleague (and successful venture investor) who was in London for a couple of days. He was having issues accessing funds that were deposited at a challenger bank—one in which I think he had been an early investor—and needed fast action. He had no person to call or branch to visit and ending up having to contact the CEO on Twitter to get attention.

How can banks ensure the accessibility and availability of physical locations, even as a significant portion of their business transitions to the digital realm?

The gist of this question is about location strategy—which to my mind incorporates not only the historical background of a firm, its core/target customers, and the type of business services and products offered, but also components of broader legal entity and cross-border regulatory considerations. To better address this question, I think it’s worth sharing a perspective on location strategy from both an operational point of view and from a client strategy perspective:

From an operational location point of view, the pandemic sped up physical location right-sizing initiatives for all banks, and we should see execution of these strategies over the next few years. However, for banks with a global footprint and that are operating cross-border, regulation (and in particular MiFID II, Brexit, and the OECD/G20 agreement on a global corporate minimum tax rate) was a precursor to the pandemic, so these firms may be further along in executing location strategies and will be more focused on client service.

From a client service perspective, the logical focus is on what type of service a client warrants—and how much are they willing to pay. So, if we think of ‘high touch’ as meaning in-person, a high level of customization, and/or exclusive access to financial products, physical accessibility for clients will remain in exclusive areas where high net worth individuals frequent and/or in urban financial centers, which are already home to multiple corporate and institutional investors. For more retail- and consumer-focused banks, the challenges will be in addressing the cost part of physical locations without losing clients—and staying profitable in this ambiguous macro environment.

What are the security and risk management issues with digitizing in financial services?

Aside from cybersecurity issues, multi-jurisdictional issues around data protection and banking secrecy, and just general issues around servicing retail clients and/or manage collateral—all components of banking which are highly regulated and scrutinized—there are a few issues and risks worthy of management attention in executing digitization strategies:

• Weak internal stakeholder management and inconsistent communications
• The potential to over elevate the importance of tools (e.g., AI), project management disciplines (e.g., Agile) and data insights (without relevant context) at the expense of quality and purpose
• Competing initiatives and re-prioritization
• Implications of broader market harmonization and/or lack thereof – for clients and regulators

Level up your competitive advantage in the banking space.

Whether you’re looking to leverage your phygital know-how, reprioritize with the “new normal”, or introduce new digital banking products, you’ll find experienced, on-demand financial services consultants at Business Talent Group.

Coming into 2022, the U.S. economy was in the midst of a tightrope act that seemed eminently precarious yet, astonishingly, manageable. Despite inflationary pressure from unraveling supply chains, wages were trending upward. Production was also growing steadily, and the labor market appeared to be starting to stabilize. It seemed safe to assume that equilibrium was just a few well-balanced steps ahead.

Then global conflict shook the wire—hard.

Resulting headwinds from the war in Ukraine triggered new economic issues while exacerbating those we thought were nearly behind us. Inflation hit a 40-year high, and though the Labor Department’s report that 362,000 jobs were added in June seems reassuring, it’s an alarm bell for the Fed.

While companies look to capitalize on remaining growth opportunities, they are also cognizant of risk on the horizon and are seeking ways to minimize its impact on their businesses. All this, while simultaneously facing the manifold challenges of an ever-tightening job market. It’s a tough situation, to be sure; but for companies with forward-thinking talent strategies, it’s also a chance to move past mere survival and into an era of greater resilience and growth.

The rise and fall — and rise again — of business growth initiatives

Economic downturns and global events have historically spurred extraordinary bursts of innovation, and the COVID pandemic has been no exception. Perhaps uniquely, though, subsequent supply chain turmoil both disrupted and further extended this period of innovation. What started as a scramble for workarounds evolved into a fervent investment in digital capability upgrades as companies sought improved demand planning and real-time visibility.

Innovation drives growth, so it’s not surprising that its fits-and-starts would mirror business growth prioritization. Growth strategy is frequently ranked among the most in-demand skill sets in our annual analysis, but in looking at the data on a half-year basis, it’s clear that companies have changed their priorities over the past few years:

• 2019: Pre-pandemic
  Growth strategy was a middle-of-the-road priority in 2019, falling from the fifth most in-demand skill sought in the first half of the year to #8 in the second. It was still on the C-suite’s mind, but not its primary focus.
• 1H 2020: Beginning of the pandemic
  Growth fell completely off the list in the first half of 2020 as companies rapidly pivoted their strategies toward right-sized staffing, process optimization, and general triage. Survival surpassed growth as a top concern.
• 2H 2020/1H 2021: Vaccines roll out
  Optimism followed on the heels of vaccine roll-outs, and unprecedented business opportunities stoked a renewed interest in potential growth, putting it back on the in-demand skills list at #4.
• 2H 2021: The Great Resignation
  Growth took a backseat to labor concerns in the latter half of 2021, falling to #9. Between competing for talent and automating processes to maintain (or increase) productivity, companies couldn’t spare much strategy for business growth.
• 1H 2022: Living with the pandemic
  Entering the current year, growth strategy found its way back to the middle of the pack, with companies still looking to capture available opportunities yet turning ample attention toward buttoning up their organizations, process, and finances. For the time being, the latter activities are keeping growth ambitions in check.

Currently, talent management and digital transformation are emerging as centerpieces of corporate growth strategies. PwC reports that 77% of executives say hiring and retaining talent will be a top growth driver in 2022, and 60% say the same for digital transformation.10

The thing is, these anticipated drivers threaten to become their own speed bumps. A recent report from McKinsey found the ongoing talent shortage to be a curtailing factor in digital acceleration efforts: “In our 2020 survey, only 10% of companies said they had sufficient in-house digital talent. And by this year, that figure had dropped dramatically, to only 1%.” Ringing the same alarm bell, almost half of the respondents to the PwC survey cited the talent shortage as the “biggest risk to their business achieving its growth targets.”

Weathering the forthcoming freeze

The risk is real, as broader labor market trends such as the Great Resignation, Boss Loss, and hybrid work vs. mandatory return-to-office moves further complicate the challenges of completing critical work. While unemployment is nearly back at pre-pandemic levels, the number of available jobs far outstrips the number of available workers at a rate of 2:1.

In order to close skills gaps without increasing headcount, companies are either reskilling and redeploying existing staff or turning toward the enormous pool of highly skilled independent talent—adopting a “liquid workforce” approach. The latter is often more efficient and effective, as there’s no time lost to training, and additional experts can be added as projects evolve and new skills gaps emerge.

A rise in the demand for risk management expertise

Additional risks lurk on the horizon, from cybersecurity threats and sustainability concerns to financial market turbulence and changing regulations. BTG has seen a 200% YOY increase in requests that are explicitly for risk management experts, making it one of the fastest growing skills for 2022.

Sustainability risk management, in particular, has become a top priority. Yet the “green skills gap” persists, making it even tougher to find talent in an already slim market. Across industries, BTG reports that more and more companies are seeking independent experts who can help them prepare for the impacts of climate change by assessing the environmental impacts and risk factors of their facilities and manufacturing sites. These experts possess deep experience in sustainability analysis and project management, allowing them to jump right in and accelerate foundational initiatives.

The demand for financial risk management experts is even higher. As organizations seek to get ahead of broader financial market risks, comply with increased regulations, and assess risk in consumer finance and credit, targeted expertise has become critical. Along with risk management requests, BTG has seen heightened demand for related skills in two additional financial expertise buckets: financial controls, accounting and audit; and financial planning, analysis, and modeling. Both are among the top five most in-demand skills sought from independent talent this year, largely due to a parallel demand for interim finance talent—including CFOs.

The increased risk exposure is perhaps most acutely felt by the life sciences industry. The risks involved in drug development have proliferated as quickly as perspectives on the development process have shifted. Here, independent experts are helping to develop frameworks for managing this risk as companies develop and roll out new therapies. They’re also able to help assess clinical trial data and determine the risks and likelihood of success for subsequent development phases.

Balancing Risk and Reward Without Adding Headcount

Though seeking the rewards of growth and innovation, companies remain vigilant of risk on the horizon. As such, they’re strategizing ways to remain resilient should a recession occur (which 75% of CEOs globally say is already underway or expected to happen before the end of 2023).

A big part of that strategy involves filling critical skills gaps by supplementing their core workforce with independent talent. A survey from Harvard Business School and the BCG Henderson Institute found that “90% of business leaders reported that on-demand talent would be somewhat or very important to their organizations’ future competitive advantage.”

Requests for talent skilled in cost reduction are up 400% as companies seek to right-size spending and maintain margins amid economic headwinds. Requests for AI and machine learning expertise are up 500%—at the top of the exec wish list—to help companies make more informed decisions about strategic growth areas and automate processes to reduce costs.

A liquid workforce approach has also become an effective interim solution for organizations experiencing—or anticipating— “Boss Loss.” Burnt out from years of unmanageable workloads compounded with the pandemic’s extraordinary pressures, many executives are leaving their jobs to improve their work-life balance. One recent survey found that 72% of executives expect to resign within the next two years.

BTG’s talent network includes seasoned C-suite executives as well as classically trained consultants, subject matter experts, and execution-oriented project managers. Their expertise covers a broad range of specialized skills, operational knowledge, and strategic capabilities, allowing them to provide relief for business leaders who are stretched thin.

In this type of support role, independent talent can help business leaders complete critical work and continue driving growth initiatives—all without increasing headcount. There’s no need to go through an extensive hiring and onboarding process, either. All BTG experts are carefully curated and vetted, and their extensive experience enables them to quickly and seamlessly support existing teams or work independently as needed.

On-demand talent can also be effective as a counter-cyclical measure, filling skill and capacity gaps and serving as a smaller gauge solution when consulting budgets get cut. A fluid talent strategy allows companies to test and experiment with new organizational capabilities and the type of talent they would like to hire for full-time roles before committing to a permanent headcount.

Ultimately, to find the balance that’s so critical for long-term growth, it’s important for business leaders to prioritize near-term measures while keeping an eye to the future. A quick and decisive shift in hiring strategy now can become a foundation for future resilience, allowing organizations to weather whatever comes next.

The traditional marketing playbook has been upended and rewritten by the pandemic. As a result, today’s marketing leaders are innovating fast to adopt new technologies and take advantage of new channels. As we enter a new phase of living with the effects of the COVID-19 pandemic, these leaders have continued to drive growth in existing businesses and explore ways to stand out in a crowded marketplace with innovative new products, programs, and offerings while refining their approach to reaching the right customers, right where they are. with innovative new products, programs, and offerings while refining their approach to reaching the right customers, right where they are.

But in a world driven by post-COVID workforce trends like The Great Resignation and Boss Loss, attracting and retaining the right marketing leader can be a challenge even for the world’s top companies. As leadership teams know, the search for a right-fit, permanent Chief Marketing Officer (CMO) is no small feat. During this time of ongoing disruption and uncertainty, more and more companies are finding the skills and expertise they need to drive success and growth in the business via short-term interim CMO engagements—as shown by the 83% year-over-year increase in interim CMO requests found in BTG’s 2022 High-End Independent Talent Report.

Enhancing the marketing function with an Interim CMO

Interim CMOs can provide a wide array of skills and experience tailored to whatever scenario your company is facing. For example, if the current CMO is leaving, perhaps in part to the Great Resignation or the competitive hiring environment luring them away, an interim CMO can drive business growth and strategic direction, manage teams, and enhance marketing capabilities. Or, in acquisition or spinoff scenarios, interim CMOs can help build a whole new marketing function, define the permanent CMO role, and provide continuity and support during the transition.

But companies can do much more than merely maintain buoyancy during a marketing leadership gap. Interim marketing leaders can assess and improve business processes and capabilities by tackling unique campaigns and projects that require niche expertise. They can also help support internal teams that might lack people in seat or industry experience while the search for a long-term candidate continues behind the scenes.

What’s driving the demand for interim CMOs

CMOs are grappling with intense pressure to drive profitable growth, meet changing demands for business transformation, and keep up with increasing complexity in the broader marketing landscape—resulting in the lowest average CMO tenure in more than a decade. In addition, the COVID-19 pandemic has accelerated demand due to the increase in remote work and the desire from professionals for more day-to-day flexibility.

Demand for highly skilled interim marketing leadership has never been higher, with a number of factors at play:

• Both the marketing function and the CMO’s scope are growing in complexity, requiring fresh perspectives and in-demand skills to upgrade the function and add new specializations.
• In today’s fast-paced business environment, companies can’t afford to lose 3–6 months of leadership and fail to capitalize on opportunities while searching for a permanent hire.
• With an uncertain economic outlook ahead, many companies are not ready to add permanent headcount for product launches and new initiatives.
• After multiple years of operating through a global pandemic, business leaders are exhausted and need support to manage competing priorities, adjust strategies to current conditions, and drive execution of major initiatives.
• Top talent are increasingly turning to independent work for flexibility and unique project-based assignments.

On top of it all, highly skilled talent are increasingly turning to independent work for flexibility and unique project-based assignments.

As such, it’s no surprise that a recent BTG report found a 450% increase in demand for talent with B2B marketing expertise. With travel curtailed and in-person events called off during the height of the pandemic, agile marketing departments doubled down on online channels and content marketing and sought external experts to help build strategies, reorganize marketing teams and investments, and execute new playbooks.

On the B2C side, consumers are more aware of all aspects of the brands they are supporting, from their company values and employee experience to their environmental impacts and political activities. What worked to capture attention and call customers to action a few short years ago simply won’t work post-2020. But with a wide variety of unique experiences and extensive expertise, interim CMOs can offer fresh perspectives and in-demand skills to help businesses prevail and grow through times of uncertainty.

How companies are utilizing interim CMOs

Organizations are leveraging interim marketing leaders in three main ways:

Traditional interim CMO

Not only can a skilled interim fill the void of a leadership departure, they can also provide leadership and support for overextended teams by assisting with internal skills gaps, redistributing and prioritizing work, and projectizing critical near-term components of the traditional CMO role.

Such was the case when a UK-based global athletic league required an interim leader to manage the team day to day, develop a programmatic planning process, and drive a content-focused growth strategy, prior to the start of the season. BTG provided a marketing executive with 20+ years of experience across music, sports, TV, books, magazines, and mobile technology to help the team build and execute a marketing plan aimed at generating interest in a niche market among a general, global audience.

Standing up new capabilities or the function as a whole

In scenarios where the company is undergoing a major transformation—or in acquisition and spin-off situations in which the business unit is missing critical components of the marketing function—an interim leader can be brought in to develop capabilities, build out a team, and set up the organization for success.

Those capabilities were on display when BTG delivered two interim heads of marketing to an FTSE 250 derivatives trading company to lead a marketing transformation—including the creation of five new functions—to better support the company’s global strategies.

Add specific skills and capacity for unique campaigns and special projects

As marketing technology rapidly advances and consumer behaviors, buying patterns, and media consumption continue to evolve, marketing teams frequently struggle to keep up with both the pace of work and the rewriting of previous marketing playbooks. Companies are leveraging independent marketing leaders to bring targeted domain expertise, resource flexibility, and capacity to all types of projects—from digital marketing to pricing strategies to product launches and more.

In one such example, a global financial services company was seeking support with their new tax-reporting application during a key leader’s parental leave. BTG delivered a product marketing expert who defined the product’s target audience, developed its positioning, and had a comprehensive communications strategy and numerous pieces of supporting content in hand before the permanent exec returned.

Find the Interim CMO you need

With Business Talent Group, you can access an on-demand talent marketplace that includes 7000+ leadership-level talent with in-demand marketing skills. Whether you are experiencing a moment of rapid growth and transformation, undergoing unprecedented challenges, dealing with leadership gaps, or entering a new phase in your company’s progression, BTG can help you find right-fit marketing talent for any situation. Reach out today to discuss your interim CMO needs.

There is no question that the COVID-19 pandemic profoundly shifted the way retailers and consumer goods companies connect with and serve their customers—from capturing their attention online to integrating service and delivery into the customer experience.

While the topmost concern of retailers in the past might have been securing optimal real estate and square footage, today a vast proportion of the customer’s experience takes place in the increasingly cluttered online arena—a shift that was already underway pre-pandemic but which has only been accelerated by seismic shifts in consumer behavior over the past few years. Now, the key factors that can make or break a brand are accessibility, ease of purchasing, and the speed of service.

Although retailers have proven incredibly resilient—by adjusting and optimizing supply chains, scaling ecommerce, rolling out contactless payments and digital/physical experiences, and doubling down on personalization—significant opportunities remain to build more engaging customer experiences, drive brand loyalty, and deliver seamless, satisfactory service. At the same time, retailers face increased challenges in the form of economic pressures and continuing supply chain struggles.

Fortunately, adept and experienced high-end independent talent are ready to dive in and help leading consumer companies kickstart recovery, facilitate stability, and strategize their next steps. BTG reached out to Rachael Ulman, an experienced retail executive, to discuss current trends playing out across the ecommerce and retail landscape—and what might be coming next as another wave of uncertainty looms on the horizon.

Meet The Expert

Rachael Ulman

Rachael Ulman is the Founder and CEO of 27 Edge, a strategy consulting firm helping retail and consumer brands grow through omnichannel and ecommerce expansion.

What are the big trends retailers should be focusing on for 2022 and beyond?

Retailers are focusing on two significant post-pandemic impacts: accelerated adoption of online shopping and record post-pandemic inflation.

First, ecommerce sales surged during the pandemic, with consumers having no other option than to adapt to online shopping. Even in categories like grocery, ecommerce adoption rates accelerated 10+ years in a matter of months. Now, as many customers return to stores and physical sales increase, ecommerce adoption is expected to persist above pre-pandemic levels. In 2022 and beyond, customers are expected to continue to shop online for a broader set of categories and use services that they adopted during the pandemic, like BOPIS (Buy Online, Pickup in Store) and mobile checkout.

Second, coming out the pandemic, retailers are dealing with an environment of record inflation impacting both retail prices and costs. As inflation impacts consumer spending, retailers will need to adjust their inventory levels and reduce their operating expenses. For example, we are already seeing some retailers having to significantly markdown excess inventory in pandemic categories like TVs, small kitchen appliances and furniture as demand softens.

How do you see the online-to-offline experience, like BOPIS, continuing or evolving post-COVID?

Buy Online, Pickup In Store (BOPIS) is tablestakes now. According to the Omnichannel Retail Index 2022 report released by OSF, 84% of leading retailers across different categories offer BOPIS (up from 33% in 2016). The pandemic accelerated adoption and retailers have invested to offer a better service. Anticipated further improvement areas for BOPIS include:

• Geolocation-based pickup services to shorten customer wait times
• Reconfigured stores that have dedicated space for staging orders and customer pickup
• Faster click to pickup times in < 30 minutes
• Inventory accuracy improvements through real-time data integration and predictive models

How can brands capture consumer attention amongst countless digital distractions?

Anyone who has scrolled TikTok while watching Netflix knows the power of digital distractions. Marketers are adapting to this new hyper digital world. From influencers to NFTs, there are a myriad of marketing options available. Two trends worth watching:

• There was a seismic shift in digital marketing with the impact of Apple’s iOS privacy change in 2021. Advertising performance on platforms such as Facebook, Instagram, and Snap that rely on off-platform interaction data has been significantly impacted. As a result, we are seeing retailers invest more in 1st party data (e.g., transaction data, loyalty programs, referral programs) to reach customers. Leveraging 1st party data, retailers can create hyper-personalized and relevant experiences for their customers and offer digital advertising opportunities for their brands.
• Second, given the value of 1st party data, we can expect Amazon to be a big winner in digital advertising. Currently, Amazon is the 3rd largest digital ad platform (after Google and Meta) and the fastest growing of the three. Given its massive customer transaction database, Amazon has clear signals on customer preferences, intent, and purchase behavior. Over the next several years, we expect to see more brands advertise on Amazon, whether they sell on Amazon or not.

How can ecommerce companies and retailers best gather, utilize, and monetize their data?

Data is one of retail’s most important assets. Large retailers such as Walmart and Amazon have been able to create competitive advantages by leveraging data to improve everything from supply chain operations to the customer experience. As the saying goes, “retail is detail”, and information is the bedrock for good decision making.

Data gathering:

Before cloud computing, retail data was stored on owned, dedicated servers which were difficult to access or integrate. Cloud services, like Google, Microsoft, and AWS, have unlocked retail data allowing for reduced maintenance costs, more reliability, and easier data access. We have seen many retailers migrate to these cloud services to host their data and expect this trend with continue.

Data utilization:

A suite of data warehouse tools and services have been developed to allow for easier sharing, analysis, and interpretation of retail data. These span from “data warehouse as a service” companies like Snowflake, to data engineering and machine learning tools like Databricks. Retail organizations are staffing up their data science teams to automate and improve decision-making like never before.

Data monetization:

Smart retailers are recognizing the value of their data and monetizing it. Many retailers monetize their data with their vendor partners by selling them premium data access or through advertising opportunities on their retail media networks. An often untapped but new opportunity is to monetize anonymized transaction data. One company that is helping across all of these areas is Banyan, which leverages receipt-level data to help retailers securely monetize their transaction information, reduce fraud, and provide more personalized customer experiences.

Get the ecommerce and retail expertise you need.

As leading retailers and consumer goods companies seek to accelerate digital transformations and ecommerce initiatives to meet changing consumer behaviors, independent talent are a crucial source of in-demand skills and expertise to fill critical leadership gaps, transform processes and supply chains, and revolutionize digital marketing strategies. Reach out today to start a project with Rachael Ulman or another highly skilled independent talent from Business Talent Group.

Many people shy away from dealing with conflict in the workplace. But knowing how to confront and resolve disputes in the workplace is one of the most valuable skills you can have.

As an independent talent, conflict resolution skills are crucial. You’ll have to learn how to communicate effectively with your clients and may need to have difficult conversations over deliverables and other project details. You will also have to learn how to balance your workload with other team members and may need to address differing opinions about how to complete the project. And you’ll most likely have to set boundaries with your friends or family members around working from home.

If you struggle with managing conflict, the good news is that it’s a skill you can learn and get better at. It will take years of practice to implement fully, but you can start by working on some of the most effective conflict resolution strategies.

The 5 Conflict Management Styles

Before you dive right into trying to resolve conflict, it’s helpful to understand how you currently deal with conflict. The Thomas-Kilmann Conflict Mode Instrument (TKI) is a valuable tool for understanding your conflict management style.

The TKI Conflict Model identifies five common strategies for dealing with conflict:

• Competing: Individuals who compete focus on their own advancement at the expense of others. They like to argue, take a stand, and assert power over other people. Sometimes it’s necessary to be competitive, like when you’re trying to win a new client or contract. But this style can be harmful when working with other people since it focuses on winning over building relationships.
• Accommodating: This conflict resolution strategy is the opposite of competing—accommodating people rarely assert themselves. This person neglects their own well-being for the good of others. Again, sometimes it’s necessary to be accommodating when you’re trying to preserve a relationship. But being overly accommodating can cause resentment.
• Avoiding: People who avoid conflict are unassertive and uncooperative. This person tends to sidestep issues or avoid them altogether to avoid the discomfort of dealing with conflict. This strategy can be appropriate if you really don’t care about the outcome, but the downside is that nothing gets resolved if you don’t deal with the situation.
• Collaborating: Collaborating means you assert yourself while still cooperating with the other person. This style aims to find a solution that works for everyone and to minimize any negative feelings. It’s an excellent strategy to use when the outcome matters, but you want to preserve the relationship as well.
• Compromising: Compromising falls somewhere between competing and accommodating. This strategy is typically used when you’re running out of time and need to reach a solution. In a compromise, no one gets exactly what they want—the outcome is fair for everyone, but no one is really happy about it either.

Navigating Conflict Resolution in the Workplace

The exact steps you take to resolve conflict will vary based on the situation and the people involved. But here are five general steps to help you get started.

1. Recognize Your Primary Conflict Resolution Strategy

Most people are capable of using all five conflict resolution methods, but odds are, you have one or two go-to strategies. Maybe you always give in to other people’s demands, or you may tend to avoid conflict altogether.

It’s important to understand that there is no “right” conflict resolution strategy. But some people overuse or underuse specific methods depending on their personality, and this can lead to problems. Understanding how you naturally respond to a conflict will give you more awareness going forward.

2. Clarify What the Problem Is

If you’re having a problem with a client or a team member, start by clarifying the issue at hand. If there are multiple people involved, make sure everyone gets an opportunity to speak their mind.

What do they think would be an appropriate resolution to the problem? Asking questions will help you figure out how the other person perceives the situation. Just make sure you meet in a neutral environment and use active listening, so other people feel heard.

3. Come Up With Some Possible Solutions

Once everyone understands what the problem is, take some time to brainstorm different solutions. Offer different ideas as they come to you and give everyone in the group the chance to offer their feedback and suggestions.

During the brainstorming process, focus on working towards a common goal. This will help eliminate the mindset of “winning” or “losing” and help everyone work toward a mutually beneficial solution.

Once the group has come up with a list of possible ways to fix the situation, everyone should agree on the next steps and how to implement them. Ideally, the solution the group comes up with should benefit everyone involved.

4. Act Immediately

Once you’ve put in the time and come up with a solution to the problem, it’s important to take decisive action. You don’t want to rush the conflict resolution process, but it’s time to take action once a decision has been reached.

Waiting or lingering over the solution could cause you to lose face with the others in the group. Once a decision is reached, take action on it, so everyone knows where they stand.

5. Recognize When There’s Nothing You Can Do

And finally, you need to recognize when the situation is out of your hands. Perhaps your relationship with your client or team member is beyond repair, and you’ll never see eye-to-eye.

Perhaps you’ve done all that you’re capable of doing, but for whatever reason, you just can’t resolve the situation on your own. At that point, it may be helpful to bring in a neutral third party or turn the problem over to a manager or someone from HR.

The Bottom Line

Even minor conflicts can cause huge rifts between you and your clients or team members. Deal with these conflicts as they arise before your productivity or work starts to break down. Using the conflict resolution strategies outlined in this article will help you develop stronger, more beneficial working relationships all around.

With 53% of US employees saying they are actively looking for new opportunities or at risk of leaving their current employer, and similar trends playing out around the world, the Great Resignation continues unabated. So too does the dramatic growth in the number of workers choosing to go independent—up 34% in 2021—and contributing their skills and expertise to companies on a project-by-project basis.

The growth is especially pronounced at the upper end, where the number of independent workers who reported annual earnings of $100,000 or more soared nearly 30% to 3.8 million. That’s the most high-earning independents recorded since researchers began studying them, and nearly twice the number found a decade ago.

But the independent route isn’t a one-way street. The growth in demand for independent talent and their rising earning potential is enabling a new, more fluid type of career path—where individuals move from traditional permanent roles to project-based work to startups to entrepreneurship and back again. Mixing and matching role types throughout to build a career that allows them to flexibly adapt their employment situation in line with changing priorities and life circumstances.

The sentiments underlying this trend match findings from an annual survey of high-end independent talent from Business Talent Group (BTG), where we found that the primary motivations for talent who chose to go independent included not only flexibility, but also control over their professional destinies:

• 70% of respondents said they went independent because they wanted to pick their own projects
• 57% wanted to select their own clients
• 63% were seeking the freedom to work from anywhere
• 57% chose independence to work when they wanted to

FLUIDITY IS A WIN-WIN FOR TALENT AND COMPANIES ALIKE

One leader who’s given this a lot of consideration is Marcus Sawyerr of EQ Community, an invite-only, social business members community focused on empowering capable and diverse talent, providing them access to professional opportunities, and accelerating diversity, equity, and inclusion across the workplace.

After 16 years in HR tech and recruiting—climbing from the front line to executive and CEO inside a Fortune 500 company focused on online recruitment and digital transformation—Marcus says he witnessed only a surface-level evolution of access to meaningful and life-changing jobs, especially for people of color. He founded EQ to enable connections between individuals who care about helping each other progress and provide access to exciting opportunities, particularly board and senior-level roles, that often go under the radar for POC.

Marcus argues that the new fluidity of work is advantageous for both professionals and the companies who hire them. For professionals, a more fluid career path offers deeper learning opportunities and a wider range of experience beyond those they could acquire through traditional employment with a single organization for a majority of their working life. Fluidity between permanent roles, project-based work, and entrepreneurial endeavors creates a virtuous cycle—wherein the experience gained through one type of work enhances the professional’s capabilities for the next opportunity.

“The nature of projects encourages collaboration and develops experiences on the job, and ‘side hustles’ fuel your creativity. Demonstrating expertise and creativity are cornerstones for employers hiring in top positions irrespective of the mode of employment,” Marcus said.

“Over six years, I worked with someone who was a V.P. of Marketing at a Fortune 500 company, switched to consulting, then ran her own business, and again into full-time work while living in the US, UK, and Switzerland. Working in full-time employment for a company became rewarding as she refined the process to leverage her superpowers with her gained exposure.”

For organizations, candidates with a wider range of experience in both roles and employment types offer fresh perspectives, enhanced and up-to-date skill sets, and all the insights and best practices they have picked up along the way. At the same time, professionals who are empowered to make the leap into independent work increase the pool of skilled talent available to assist business leaders with project-based work—where a full-time traditional role may not be necessary to achieve the organization’s objectives.

“Being a ‘Fluid Friendly’ organization gives companies agility to drive rapid innovation and encourages diverse and capable talent to join your mission,” Marcus said. “Investing in conducive environments for builders to thrive gives you options, and becoming empathetic to circumstances and professional goals gives you a competitive edge to ultimately attract the right talent for the best outcome.”

FLUIDITY IN ACTION

THE INNOVATOR

Malcolm Tyson, PhD
Business transformation strategist and innovation consultant to leaders at small and mid-size knowledge-intensive service firms

For Malcolm Tyson, a fluid career path delivers greater control over his professional destiny.

“I’m in control of how much money I make and all that sort of stuff. And that’s really what is driving me. I’m not ashamed of it… I’m a control freak. I like to control everything… As you get older, you are even more self aware and you want to align with things that help you be your best self and be authentic. You don’t want to be, well, having this tug-of-war with any situation that you’re having.”

That desire for control surfaced early in Malcolm’s career. Upon graduating from college as an accounting major, he says that he had big dreams of changing the world. At first, he thought a role at one of the Big Four accounting practices would put him on that path, but reality quickly sunk in.

“I wasn’t going to be a partner, and I didn’t want to be a partner. I just didn’t want that life,” Malcolm said. “So I pat myself on the back now because I had a certain level of self-awareness at that point.”

After being introduced to government contracting through a colleague, Malcolm worked in financial planning and analysis for NASA and other government organizations for the next 18 years. Over time, his contracts began to incorporate more strategic thinking, rather than just advising on the numbers. He found the work exciting, but the sink or swim nature of government contracting eventually caught up with him when the agency that employed him lost the contract he was working on—and Malcolm was told he’d have to train the person coming in to replace him.

“That helped me think about exit strategy. And I was like, ‘Okay, I can do this.’ Decided to go back to school, get my PhD. All during this time, I had been thinking about getting out. Government contracting was burning me out. I’ve always had sort of an entrepreneurial spirit. I had my CPA license, so I was doing taxes on the side… I had been doing that for years, but I’m like, ‘You know what? This is it. This is the sign that says get out, right?’…It’s perfect. I can ride off into the sunset. I can actually change the world now.”

Malcolm had been researching the possibility of purchasing a business coaching franchise, and although his wife was wary of the costs involved, Malcolm decided to move forward. He says it was one of the hardest things he’s ever done because although he had the energy and passion, the franchise provided little support. Malcolm struggled to make the franchise work on his own, but eventually it became too hard on his family, so he returned to a traditional full-time role in order to generate income. He still had the dream of helping small business owners in some way, but found that he would rather be the one proposing solutions, rather than simply coaching clients to find answers to their problems themselves.

Malcolm decided to rebrand his firm as an innovation consultancy practice to help small- and medium-sized business executives become better leaders, build innovative cultures, and create innovative companies. At that point, he began to juggle a full-time gig with project work, which he’s still doing today with great success. Malcolm said that the fluidity he’s engaged in throughout his career has made him more effective in each type of role he takes on.

“If you see the same instance multiple ways, it allows you to provide different perspectives… You’re able to see it from so many different angles. You are then able to speak authoritatively about it,” Malcolm said. “You become expert level, as opposed to just having a surface-level understanding.”

THE ADVISOR

Pablo Naicker
Digital transformation leader and advisor to large enterprises,
startups, and private equity firms

Pablo Naicker says that for him, fluidity means freedom.

“I’m working almost full time now at a particular client, but I’ve retained my independence. I have the freedom to conduct other business as I wish. No one has the right to question or challenge my independence provided there’s no conflict of interest. As long as I get the job done, I’m okay.”

That’s a marked change from the traditional, permanent roles he held previously. Pablo began his career as a consultant at a traditional firm, before moving into a CIO role in the maritime industry and then project managing an SAP implementation for a very large family-owned retail business. After a mid-career break to complete his MBA and fill gaps in his skill set around corporate finance, marketing, and economics, he found that the consulting roles he was looking to get back into were limited following the dot-com crash of the early 2000s.

Instead, Pablo found his next job in the pharmaceutical industry, where he worked his way from project manager to program director to the Global Head of Enterprise Architecture. In 2010, he joined another pharma company as its CIO and ultimately gained exposure to large-scale M&A transactions when the company was sold. He continued building upon his M&A knowledge upon returning to his previous employer as the head of its CIO Office and Governance.

In 2016, he pivoted again and became the head of digital for one of the world’s largest human resources providers and staffing firms. In that role, he began working closely with startups and new technology—experience which would serve him well when he made the leap to full-time independence in 2019 and began serving a portfolio of companies and private equity firms as a consultant and technology advisor. The independent arc of Pablo’s career has accelerated rapidly and kept him on the cutting edge.

“For me when I looked back there [over the past few years, I thought], oh wow. Okay. I didn’t realize that there were so many different clients, so many different industries and it’s helped me stay fresh and stay relevant,” Pablo said. “I’ll be honest. It was not my choice. I didn’t expect it, but I think probably after the first six months, I realized this was the right thing to happen to me. It forced me out of a certain comfort zone that I’d gotten used to in my career. And then it’s allowed me to be much more adaptive now.”

THE ENTREPRENEUR

Karl Jackson
Technical strategist, program manager, and founder of Black Beard Brigade Grooming Co.

Karl Jackson views fluidity as a means to advance his career, investment objectives, and entrepreneurial endeavors all at once.

“For me, it is being able to see where the ceiling is in a company and not always making a horizontal move… I’ve been doing this and I have these diverse skill sets. This company has this job description here that seems to speak more to what I’ve picked up in the last few years…so now let me use that to make a more vertical move to a higher position there,” Karl said. “So for me, it’s just being able to just build on the skills that I’ve had to also use that as a stepladder, move into another position or progress as I see fit.”

Karl discovered his passion for technology and computers not in the classroom, but through a friend who introduced him to hacking while in high school. Despite originally being more interested in hardware, Karl began taking programming classes in college because that route would carry him further in his career without the continual recertification required of hardware engineers. He also minored in business management, and that combination of business and technical education set him on the path for the next step in his career.

Post-college, Karl began contracting on projects such as upgrading voting machines and installing new computer systems for a hospital network. He then returned to a traditional full-time role as a system analyst helping companies configure files for data file conversions. He moved up quickly, and soon was tasked with translating requirements from the company’s business partners and sales team to its website developers and project management team. He also went back to school to acquire a master’s degree in intelligence studies, focusing on cybersecurity among other disciplines.

Karl says he really started to find his niche in his next role as a software release manager, where he developed go-to-market strategies for new software releases and updates, coordinating everything from release notes for end users to training programs for customer service and sales teams. He continued building those skills within a similar role in another company, where he also had a conversation that completely changed his perspective on what a fluid career path could really mean for him.

“One of the VPs, he was like, ‘What’s your endgame?’ And I didn’t know what he was talking about. I’m like, ‘Endgame? I don’t know,’ and it made me think,” Karl said. “He was like, ‘Yeah, your salary is probably more than mine, but I’ve got equity in this company…and when it gets bought out, I get paid millions.’… I was like, ‘Yo, that’s something new. I didn’t think about that.’ So my whole question there was, ‘How can I get equity in the company?’”

Inspired, Karl began reading and watching everything he could find on the subject of equity investing, venture capital, and the virtues of being a producer, rather than simply a consumer. His knowledge-seeking eventually led to conversations with a friend who was on a similar entrepreneurial and investment journey. Together they formed a business built around their mutual struggle with finding beard grooming products formulated for black men, which they named Black Beard Brigade. The process of bringing their new brand to market tied together all of the threads Karl has been developing in both contract and permanent roles throughout his fluid career path.

“Having a background in tech, if I want to build out a shop on Shopify…I’m forward thinking, right? There’s integrations that they have there. If I want different apps to kind of work together, now I have to think in the space of, ‘All right, if I put this app on here to do X, if I eventually want to do some other stuff, what other apps actually can integrate with the platform that I’m working on, and what makes that easier?’” Karl said. “Doing the launch piece, now you’re thinking about, ‘All right, how do I market this? What types of things have I seen people do in the past at companies I was in…to market things?’… So things like that have helped me in having that knowledge of putting this together.”

THE CREATOR

Dani Craig
Senior project manager, certified SCRUM Master, and writer/producer of black female-led dramas and comedies for TV and film

For Dani Craig, fluidity allows her to focus on her own needs and pursue the right opportunities for each stage of her life.

“I have a breadth of knowledge and experience so I could really do a lot of things right now,” Dani said. “Project management, I have a SCRUM Master certificate…and then I have a sales background. I could plug myself into a recruiting role. I could plug myself into sales development, customer success manager. I have a lot of different avenues I could pursue.”

Dani began her career working in advertising sales for radio and television, and later translated those skills into consultative sales roles in commercial banking where she worked to develop relationships with clients and propose solutions to meet their needs. Before long, she decided to make a career switch and went back to school to attain a master’s degree in entertainment industry management.

The second year of the program took her to Los Angeles, where she got a job as a project manager for a well-known cable network upon graduating. In that role, she worked to shepherd shows from pre-production to post-production—liaising between network executives, internal teams, and production companies to coordinate project deliverables, manage budgets, and efficiently deliver creative assets to the network’s various platforms.

After several years, Dani left the network and began working independently both as a project management consultant within the corporate world and as a writer and producer for reality TV. The freedom of independent work allowed her the flexibility she needed to take care of her health and pursue her own creative endeavors.

“It was really the best decision I could have made because now I feel rejuvenated… The thing that I know about working [to help] someone else build their dream is that when you’re done, usually at the end of the day, you don’t have any mental capacity to do much of anything else. You’re just home and you’re just like a vegetable. You’re just like, ‘Oh, I need to make dinner and then go to sleep and then start it all over again.’ I know when I was independent, I had a lot of time to be more creative,” Dani said.

Today, Dani has expanded her writing and production into scripted film and TV and is currently developing an Afrofuturist sci-fi program that she’s excited to pitch to networks and streaming platforms. As for whether she’ll ever return to a traditional, permanent role, Dani says there’s no question—so long as it’s on her terms.

“I will definitely go back to work for a company if the price is right and the role is right. I’m open to that… I am also, in the meantime, learning about cybersecurity because project management is sometimes you have a role, you actually have things to do, but sometimes…you’re on the outside managing other people’s workflows and processes and their job. And it’s not as fun,” Dani said. “I’m doing those classes on the side and…just exploring some other options, but more importantly, I’m willing to work for someone. It just has to be the right thing.”

FINDING FLUIDITY

Tips from those who’ve been there

Each of the talent we interviewed shared a few words of advice for others seeking to seize the advantages of fluidity to advance their own career and personal objectives.

Malcolm Tyson emphasized the importance of enjoying the journey wherever it may take you:

“Understand that it’s not going to be linear. You may have to take a couple steps backward in order to go forward… I was just having this conversation with somebody else, it’s all on the perspective. If you see those two steps backward as a failure, then it’s going to be a failure. But if those two steps backwards are an opportunity for you to learn and accelerate your growth—hey, that’s the way I want to look at it.”

Pablo Naicker highlighted the need to be your own biggest advocate, while building connections with others who can help you along the way:

“You’ve got to be fairly self aware and self-confident—you’ve got to back yourself. You need to know what you’re good at that you can package as a product and sell… Before you go from whatever you are in to, let’s say, a portfolio career, understand your network, understand how that can be tapped, understand who is willing to help you. And reach out, get guidance— because the network for me has been really, really valuable for all of that.”

Karl Jackson focused on really listening to the needs of others and making yourself a resource for those who can help you get where you want to go:

“It’s being able to understand where the gaps are and provide solutions, right? So if you’re always able to say, ‘Hey, here’s the problem, but I have this solution,’ you can start that conversation. And then people will come to you and say, ‘Well, they helped me sell X, or they brought this up. Maybe they have a solution for this.’ Now they see you as more of a thought leader or somebody in that space that can help with whatever problem that they’re having, whether that’s within a company or outside of it.”

Dani Craig stressed how important it is to remain open to possibilities and seize opportunities to better yourself.

“Don’t be afraid to fail. Don’t be afraid to take chances… Sometimes you really have to dig deep inside yourself to make something happen. And really, I think the more that I see the world today, there are literally no limits to what you can do… You literally could change your life and it just takes a little bit of hard work.”

HOW TO PICK YOUR PATH

As a professional with skills that are in demand for both traditional roles and independent projects, how do you decide which arrangement is better for you at any given moment?

Traditional employment may be the right fit if:

• You are seeking a steady income and/or employer-provided benefits
• You are looking to develop close professional relationships or receive mentorship and training opportunities
• You want to work consistent, set hours year-round
• You would rather leave tax withholding and management to the company
• Your dream job or an exciting opportunity within your chosen field is available

On the other hand, you might consider independent, project-based work when:

• You want to control your own professional destiny, choose who you work for, and pick your own projects
• Your life circumstances either require more flexibility in when and where you work or, conversely, they afford you to option to seek that flexibility
• You want to work for a variety of organizations on a range of interesting challenges
• You care more about pursuing exciting opportunities than receiving a consistent income
• You are seeking potentially greater compensation without regard for employer-provided benefits

Whichever route is right for you, EQ Community and BTG are here to help.

COLLABORATING TO ACCELERATE DIVERSITY & INCLUSION

EQ Community and Business Talent Group are excited to announce a new collaboration to offer exciting project opportunities to EQ Community members and more diverse independent talent slates to leading companies. Together, EQ Community and Business Talent Group will champion a diverse and inclusive workforce resulting in greater innovation, creativity, profitability, competitive advantage, and career path fluidity.

Join the EQ Community and explore exciting project-based opportunities today.

On the subject of workforce trends, the newest, hot-off-the-presses phrase going around is “boss loss,” or the notion that high level executives are becoming increasingly inclined to resign as The Great Resignation continues to develop. In fact, one recent survey found that 72% of executives say they plan to leave their current employer within the next two years. As workers continue to favor flexibility and autonomy in their careers, this suddenly rising trend proves that even highly skilled, seasoned executives are being lured away as much as the junior professionals they lead.

So, what is boss loss and why is it happening?

The pandemic—and the changes to both our professional and personal lives that came with it—have inexorably altered the meaning and value of “work” for many of us. Last year, experts began noting that a Great Resignation was underway as the rate of voluntary departures began climbing within the global workforce. It’s becoming increasingly clear that trend is now moving up the ladder to the leadership level.

“Our research signals there is significant talent demand for a life-work shift. Even senior leaders are experiencing it and acknowledge that employers could be doing more,” said Tammy Browning, president of KellyOCG. “A shift in workplace culture is needed and organizations must evolve to remain competitive, profitable, and attractive to top talent.”

• Browning theorizes that boss loss is rising because many executives have been saddled with an unmanageable workload due to years of consolidation in executive roles. Meanwhile, many leaders feel that they aren’t being properly compensated for the skewed work-life balance they’re experiencing. Feeling overworked, they’re hunting for greener pastures at companies they feel can offer the flexibility they desire.

Organizationally, businesses are transforming to meet ever-shifting circumstances, and as they adapt, it’s opening up a much broader array of options for workers. As Axios puts it, “The companies eager to hire you aren’t just the ones within commuting distance anymore. Remote work means there are many more places to land if you quit.” Accordingly, it takes significantly more effort for companies to build employee loyalty in the era of flexible work.

And despite the logistical difficulties of remote work on the company side, “taking away work-from-anywhere isn’t an option for most.” Gartner’s Chief of HR Research, Brian Kropp, found that 7 in 10 workers now think of work flexibility as table stakes. Furthermore, he suspects that the elevated level of turnover is going to stick around as long as remote and hybrid work is at the forefront of the professional world.

Axios continues, “Companies will have to bring in more recruiters to handle the long-term load of open roles. And they’ll have to build some redundancy into teams so products and clients don’t suffer from concentrated turnover spikes.” On the bright side, by following some proven best practices—as well as utilizing on-demand talent–it is possible to decrease turnover or lessen its impact in the era of the Great Resignation. This has been shown by plenty of companies that were already operating remotely or in hybrid on-site/remote work arrangements prior to the pandemic which have managed to stabilize their resignation rates.

“Human resources leaders at those places tell us that clarity around company purpose and mission to drive a strong culture is as vital as competitive pay and perks,” the article continues, confirming that it’s less about job necessity for talent in today’s market as is their connection to the organization. Companies must put in active effort to show their talent that they are valued and heard and to give them reasons to believe in their employer.

Overcoming and adapting to boss loss

According to KellyOCG’s survey, companies should focus on four areas to stem the flow of attrition and attract the best new talent:

Strengthening Workforce Agility

The emphasis on work-life balance and flexible work arrangements is paramount to successfully procuring top talent. One area of attention is the remote/hybrid/in person requirement of a given role. The report quotes Crystal Lannaman of BASF who said, “If you decide not to participate in hybrid, you are leaving talent on the table in this market.” Focusing on your employees’ mental well-being and listening to the new reality of their expectations is what sets companies apart in the eyes of talent.

Reinventing the Employee Experience

Companies have begun to face difficulties attracting and retaining talent in terms of pay and benefits in addition to work arrangement fluidity mentioned above. For starters, the report found that career progression is more important than compensation in improving retention in 2022. Nowadays, employees are looking for growth and development opportunities, they want benefits and policies that serve them, to be paid fairly, and for companies to put an emphasis on the human aspects of work that drive connection and purpose.

Diversity, Equity, and Inclusion (DEI)

According to the report, despite the high profile of DEI issues in the past two years in the US and around the world, only about a third of firms have implemented innovative initiatives to improve DEI. By actively creating and facilitating an inclusive culture, not only in terms of DEI, but in terms of mental health and well-being, talent will take notice and interest in available opportunities.

Adoption of Tools and Technologies

The report establishes that nowadays, businesses have better options than ever for finding the right tools and technologies to power their talent management strategies. Not only that, but the abundance of these tools and technologies allow for the improvement of workforce agility, productivity, knowledge sharing, training, data analytics, and more. Companies that spearhead adopting these digital innovations are beginning to set the standard for the best places to work, thereby attracting, retaining, and training the best leadership talent.

Averting Boss Loss with On-Demand Talent

Tapping on-demand talent is another key tactic to combat boss loss, skill gaps, and outstanding empty seats across your organization. Business Talent Group’s marketplace of highly skilled on-demand talent is comprised of high-end independents at all levels, from interim executives to established consultants across all industries and functions. Tap on-demand talent to:

• Provide relief for exhausted leaders by taking projects off their plate, leading workstreams, executing critical initiatives, and serving as trusted advisors to offer strategic thinking and insight to help tackle challenges and seize opportunities
• Fill leadership gaps across the organization (on-demand talent can step in to provide steady leadership and keep workstreams moving during a temporary leave or gap in the organization chart)
• Provide critical support within HR to help right-size compensation and benefits, improve the employee experience, and add critical but short-term capacity for recruiting new talent

Get the high-end independent talent you need from Business Talent Group

With Business Talent Group, you can access an on-demand talent marketplace that includes countless executives across all industries and functions. Whether you’re experiencing boss loss, looking to bolster your existing executives, or find yourself approaching an opportunity for rapid growth and transformation, BTG can help you find perfect-fit talent to combat temporary leadership and skill gaps. Reach out today to learn more.

Every step of an independent talent engagement is critical to the success of the project, from hitting the ground running and ready to make an impact to your interactions with teammates and stakeholders to the actual work you do. Though it can be easy to overlook, one of the steps that can leave the longest-lasting impression is how you wrap up the project and leave the client with deliverables and insights that set them up for long-term success.

To help you complete projects in a satisfactory manner for both your clients and yourself, we sought out some best practices from experts in the BTG talent community who have honed their processes through numerous independent engagements. We offer these tips and tricks to help you avoid common project missteps and succeed in your independent consultant endeavors with Business Talent Group.

Read on for some key takeaways on how to wrap up your independent projects on the right foot.

Meet the Experts

Vivek Garg

Former Apple Data Science Manager and Bain Strategy Consultant with 15+ years of product, strategy, and program leadership across the healthcare and retail sectors.

Rebecca Drinkwater

Former Kearney Consultant with 20+ years of experience across strategy, business transformation, and change management across the pharmaceutical, food & beverage and non-profit sectors.

Marc Prine

Seasoned management consultant and industrial / organizational psychologist with 10+ years of experience in human capital management.

Clearly Outline Next Steps and Who Owns Them

Arguably the most important part of a project is ensuring that you’ve accomplished the tasks at hand, whether they mirror the original ask or have expanded and adapted over time. Reviewing original contracts, keeping checklists, and having regular conversations with the client are key steps to make sure everything stays on track. Here are some more tips from our experts:

• Produce a handover document detailing the status of all key open activities, where documents are stored, and next steps as a reference guide for the client. Ensure that each outstanding action has an owner going forward and that the owner agrees to the actions you’ve outlined.
• Have a one-on-one conversation with the project owner to make sure that they know how to access all of the key deliverables, what the next steps are, and who will take ownership going forward.
• You may also consider holding a one-on-one with each team member to go over the location of important documents—and perhaps their contents—as well as who the relevant stakeholders are, the remaining actions they need to take, and anything they should focus on or be aware of.
• Consulting is a process of constant feedback, and the most successful projects have frequent touch points between the client and talent where insights are shared and feedback received well in advance of the project wrap-up, so that there are no surprises from the client perspective. The last week, or even the last few weeks, of a project should be spent tweaking decks and making the final presentation or recommendations based on previously provided client feedback and alignment.

Make it Sustainable

Interims and independent consultants are asked to join a team for a short amount of time in order to add a lot of value—and ensuring the sustainability of that value is essential. Refer back to the original statement of work to make sure all of the commitments were met, and ensure the team has all of the tools needed in order to capture and sustain the value you have added.

• Solicit client feedback on what amongst your work they expect to continue to leverage, who needs to be trained, what the key risk and mitigation plans are, and what kind of help they anticipate needing in the future.
• Hold an after-action review with key stakeholders to understand what went well and what could have been even better. Focus on nailing down actionable learnings for the client on areas to address next time.
• In your exit interviews, brainstorm with the client on anything else they wished they could have accomplished while you were there. Be diligent about suggesting ideas for the client to explore in the future.

Utilize Digital Resources to Level Up Your Practice

Software plays a pivotal role in neatly wrapping up an independent engagement, from securing your data security to ensuring it remains accessible for the long-term.

• Make sure your work is available for the client within a secure online system, and that it is searchable and easily digestible. Ensure that all project documents are stored properly in the client’s document management system (e.g., SharePoint) in a logical fashion with old versions archived.
• Where possible, show your KPIs in interactive dashboards so that the client can truly appreciate your impact. The interactivity can help empower them to take the ideas forward.

Build Relationships and Focus on Self-improvement

Independent engagements are opportunities for professional experience, but can also provide insights for self-improvement and help you build relationships with like-minded individuals. Remember to keep an eye out for additional project opportunities where either you or BTG could help out!

• Throughout the project, think of what needs the client has or could have in the next six months to one year, both in the immediate as well as adjacent organizations.
• Think of your other competencies that were not leveraged in the project and where they could help in the client organization.
• Ask for feedback on your performance and advice on what you could improve going forward. On BTG projects, our teams stay in regular touch with our client and consultant to ensure expectations are met.
• Don’t forget to ask the client to be a future reference in the form of LinkedIn endorsements, a recommendation letter, or perhaps for discussions with future prospects.
• Share specific suggestions with the client and your BTG Talent solutions team on how you could help on next steps if needed.

Getting Paid

Now comes the fun part: getting paid for all the great work you’ve done! Be sure to submit final invoices as soon as possible to make things easy on your client’s accounting team and receive your payment in a timely manner. When you work on a BTG project, our team will handle all client invoicing, so you simply need to submit your final invoices promptly upon project completion, and we’ll take care of the rest.

Find Your Next Project with BTG

The independent talent market is hot and only getting hotter with talent finding great success in both interim and independent consultant roles. Demand is higher than ever among BTG’s clientele of Fortune 100 companies and other leading organizations, with projects popping up in every industry and function.

The best place to start looking for new and exciting projects is the BTG Talent Portal. Sign up or log in to see all available project opportunities, and keep in mind that new opportunities are posted regularly.

JOIN THE TALENT REVOLUTION

Skilled professionals are becoming independent consultants to capitalize on their strengths, gain ownership over how they work, and select projects that interest and excite them. You can too! Become an independent consultant today!

Apply Today

Digital health has grown and evolved rapidly in the past decade—spurred by exciting developments in AI, machine learning, and the internet of things (IoT), alongside nearly ubiquitous adoption of smartphones and other digital tools. Like so many tech advancements, this was greatly accelerated by the COVID pandemic, when shifting to a remote model became immediate and imperative.

As digital health capabilities evolve, they have the potential to dramatically improve patient outcomes, increase accessibility, and slow rising healthcare costs for both patients and providers. Additionally, by putting outcomes front and center, digital tools support the ongoing shift to value-based care.

Innovation is happening on all fronts, and healthcare and life science leaders are finding new ways to communicate with patients; digitize fundamental operations; develop, test, and launch digital and pharmaceutical products; and utilize and improve data.

We can conceptualize the digital health space in five interconnected components:

• Digital Health Strategy
• Digital in Clinical and R&D
• Connected Health
• Digital Commercialization
• Data Management and Improvement

The digital health space is broad—spanning the healthcare system and the pharmaceutical drug development cycle. It includes patient- and provider-facing and internal initiatives, as well as the strategy, technology, and data supporting them. Digital health touches nearly every area of the organization, which creates a challenge for leaders when it comes to devising a holistic strategy, executing across teams, thinking through implications for the entire organization, and creating and owning partnerships.

On-demand talent is not only proving to be a flexible source of skills and insight in this fast-paced digital environment, but experienced independent life science consultants are a valuable resource for leaders who must bridge the many parts of the organization that fall under the umbrella of digital health.

How independent executives and experts are supporting teams across the digital health space

Digital health innovations are critical to market access, clinical, and commercial teams, as well as healthcare and strategy leaders more broadly. Let’s look at five key ways skilled independent talent are stepping in to support these teams:

1. Strategizing and executing digital health initiatives

In digital health, as anywhere else, new technology alone does not ensure success. Unlocking the true value of these powerful solutions comes down to informed strategy and tactical execution. On-demand life science experts have experience executing digital health initiatives and working cross-functionally—and they are equipped and ready to hit the ground running at an organization.

They are a tremendous source of knowledge and insight when it comes to:

• Overcoming organizational siloes in order to realize the potential of digital innovations
• Identifying and understanding underlying problems and matching them to the right solutions
• Bridging the gap between technical teams and senior stakeholders
• Devising portfolio strategies with a lens specific to therapeutic areas
• Project management of technology implementations including internal and external alignment and communication
• Assessing feasibility and conducting market landscapes

Case Study: Commercial Strategy for a Cardiovascular Digital Health Product

The innovation and business acceleration group of an F200 pharmaceutical company was preparing to launch a new cardiovascular device with an accompanying digital therapeutic product and needed a commercial strategy leader to own the commercial plan development, project timeline, and marketing plan for the digital product. BTG provided a seasoned life science executive who had previously led the financing, development, approval, and launch of multiple innovative life science products, including cardiovascular digital therapies. The consultant conducted a competitive assessment, determined the appropriate commercial (payment and reimbursement) model for the product, developed both upstream and downstream marketing plans, and created a go-to-market launch plan.

Case Study: Digital Health Strategy Refresh

An F200 pharma company wanted to implement next generation digital health technologies, which required a thorough review of the existing strategy across three therapeutic areas and a roadmap for moving forward. BTG provided a healthcare expert (who was both a physician and former McKinsey consultant) with expertise in life sciences commercial strategy, business development, and digital health, as well as deep insights on digital health success factors, barriers, and commercialization models. He assembled an overview of digital capacity and capabilities, conducted market and opportunity assessments, delivered feedback on how to align internal and external communications to key stakeholder personas, and suggested prioritization of areas for further development.

2. Identifying and implementing virtual tools and platforms for patients and HCPs

Patient-facing products and initiatives like smartphone apps and virtual care are gaining widespread adoption, and they are part of the most visible aspect of the digital health space: Connected Health. Patients are using apps for everything from broad wellness and fitness activities to management of specific diseases, such as diabetes, heart disease, and mental health conditions.

Connected Health also includes wearable devices, such as fitness trackers, blood pressure monitors, and ECG monitors, as well as a newer category of devices, biosensors—which come in the form of gloves, clothing, bandages, and implants. Also in this arena are electronic health and medical records (EHR/EMR), digital care platforms, and digital diagnostics and therapeutics.

Telehealth use rates tripled from January to July of 2020, and 71% of US adults say they’d be willing to use telehealth post-pandemic. This presents a tremendous opportunity for healthcare and pharmaceutical leaders alike to identify and harness new tools and platforms for virtual care.

As teams sprint to develop and advance these products, independent experts offer fast and flexible insight—from market and opportunity assessment through product strategy and launch.

Case Study: Developing a Healthcare Provider Locator Solution

A multinational pharma company was seeking to launch a healthcare provider (HCP) locator solution that would help patients identify a doctor for treatment. The team needed support in mapping and analyzing external physician locators and potential partners for development, as well as specific recommendations on how to set up such a tool across different markets. BTG provided a former Capgemini consultant with extensive experience driving customer engagement and digital transformations in life science. The consultant investigated competitors’ solutions and did a technical deep dive on required IT infrastructure, resource and technical capability requirements, and potential partners.

3. Unlocking opportunities within early-stage development and adapting to virtual clinical trials

One extremely powerful application of digital health is the potential to accelerate R&D—ushering in shorter, faster clinical trials, better quality data, and faster go-to-market times.

As companies work to shorten drug development cycles and improve onboarding and adherence, they are harnessing digital health solutions to achieve ambitious goals. Innovations here include process improvements and automation, expanded use of AI and machine learning in drug discovery, and the use of algorithms and advanced analytics in drug development. Digital tools to strengthen adherence and home monitoring include wearables, apps, and digital diagnostics.

Furthermore, decentralized clinical trials are proving to increase patient engagement, better assess drug efficacy, and enable clinical teams to boost recruitment, communication, data capturing, and patient monitoring.

Clinical solutions leaders are calling on independent experts to inform these initiatives and provide execution support, as well as to enhance data governance and the ability to unlock more insights and value from clinical data.

Case Study: Clinical Trial Technology Opportunity Assessment

A senior director in R&D at an F100 pharma company needed a landscape analysis of technology trends and innovation impacting Phase 3 clinical trials in immunology to improve speed, effectiveness, and the patient/provider experience. BTG delivered a digital health strategy consultant with 20+ years of diverse strategic advisory, market access, and competitive intelligence experience. The consultant identified key players and areas of opportunity, anticipated disruptive competitor developments, and pinpointed ways to achieve competitive advantage—informing the digital health strategy of the Immunology R&D team.

4. Supporting commercial teams with launch and promotional efforts

Digital health is becoming ever more vital to commercial leaders as they create personalized solutions for patients and accelerate go-to-market strategies. These initiatives include:

• Digital brand strategy and execution (how a brand reaches patients and physicians)
• Telemedicine/telehealth and virtual care
• Digital product launches
• Digital promotion strategies for patients and HCPs
• Digital presence and search engine optimized websites

Commercial leaders, like clinical, rely on tools such as apps and wearables, as well as physician-facing tools and digital platforms to track patient adherence. On-demand talent can bring knowledge and experience not only to assist in developing innovative patient- and provider-facing tools, but also to help navigate the space and provide execution support for commercial teams.

Case Study: Digital Education Strategy for a COVID-19 Marketing Pivot

When the COVID pandemic hit, the marketing team at an F150 biopharma company needed to develop a digital-first education program strategy to remotely engage both HCPs and patients. BTG provided a strategic life science marketing executive who had previously worked at BMS, Merck, and Pfizer and had extensive experience in HCP and patient digital education and engagement. The consultant developed a two-year virtual education program strategy and roadmap.

Case Study: HCP Engagement Strategy

A multinational Fortune Global 500 pharma and life science company sought to develop a strategic approach to HCP engagement across its consumer health portfolio. Following a shift in focus that deprioritized its HCP engagement programs, the company’s efforts in this area had become fragmented and lacking in coordination across product categories. BTG delivered a seasoned pharmaceutical executive to provide strategic insights on how the company could better understand and address HCP needs, increase recommendations of their brands, and leverage digital platforms to improve HCP engagement. In addition to these insights, the talent developed a pilot plan and process blueprints for key markets and products.

5. Leveraging data, analytics, and AI

Effective data management is critical to support trial design, development of new and innovative therapies, commercial insights, and the gathering of real-world evidence (RWE). Real-world data (RWD) comes from a variety of sources, including EHRs, claims and billing activities, product and disease registries, and other sources, such as mobile and home medical devices.

The data collected from digital health tools provides valuable insights into things like patient monitoring, consumer preferences, treatment/product effectiveness, and demographics. And consumers are increasingly willing to share and utilize that data. According to a PEW study, 4 in 10 people said the pandemic made them more likely to support efforts that enable data-sharing among a patient’s providers and allow downloading of personal data from EHRs to apps on smartphones and other devices.

Well-maintained data means more personalization for patients, more insights for providers, better-informed clinical trials, and a faster pace of drug discovery and development. And new developments in analytical capabilities offer the potential to unlock even more value.

On-demand talent on the data side of digital health include data scientists, analysts, and translators with life science experience; interim IT and analytics leaders; project managers; data and IT strategists; and hands-on commercial analytics experts.

Case Study: Portfolio Reporting Lead and Data Translator

When a key member of the Global Portfolio Management team of an F100 consumer healthcare company embarked on parental leave in the midst of developing a portfolio framework, the team needed leadership and data translation expertise to keep the project moving forward. BTG deployed a former director of IT shared services and business intelligence, who was able to build and maintain actionable and insightful analysis, reports, and dashboards to enable transparent prioritization and optimization of the end-to-end project portfolio.

Independent Digital Health Expertise to Support Your Team or Project

As the digital health space continues to evolve, new considerations and opportunities for innovation continuously present themselves. 

A faster, more flexible alternative to big consulting firms, independent life science experts are at the cutting edge of the marketplace, providing niche skills quickly, as needed. They bring lived experience executing digital health initiatives at leading organizations, and they are ready to jump in and become part of the team.  

Learn more about how on-demand talent can help in digital health, or reach out to start a project today!

In recent years, the role and responsibilities of Chief Financial Officers (CFOs) have grown greatly beyond their historical boundaries. No longer seen simply as stewards of the company’s financial management, compliance, and reporting, CFOs today are taking an increasingly prominent role as key strategic partners to the CEO, tapping vast troves of data generated by the organization to provide actionable insight on company priorities and offer early warning of risk on the horizon.

As businesses upgrade and expand their finance capabilities, they’re adding complexity and operational scope to the CFO role—requiring ever-greater expertise to succeed within it. One survey by Heidrick & Struggles found that two thirds of CFOs said new responsibilities have been added to their team’s plate since the pandemic began, from new reporting requirements to real estate evaluation and employee health and safety.

According to Alyse Bodine of Heidrick & Struggles, “The broadening spectrum of factors shareholders expect companies to pay attention to, along with their rising complexity, has elevated the importance and scope of the CFO role. Today’s CFOs are expected to have broad business and commercial acumen to develop and execute enduring strategies for creating shareholder value, measure their impact on stakeholders, and address various forms of risk—particularly global risks—as companies move into new markets. Add in issues such as social responsibility, and it is clear that CFOs are expected to function at a higher level than ever before.”

At the same time, incumbent CFOs often lack the skills or experience necessary to meet the evolving needs of the business. The search for a new permanent, full-time CFO can be lengthy, especially in this dynamic market where the The Great Resignation has impacted the supply of CFOs—particularly those with the in-demand data and digital skills that are now essential for senior leaders. To ensure that organizations have access to the specific financial skills they need and are able keep moving on key initiatives and daily operations, leading companies are increasingly engaging interim CFOs.

Anchoring the finance function with interim CFOs

The case for interim CFOs is stronger than ever. During periods of transition, an interim CFO can help maintain continuity, provide guidance, and contribute specialized expertise when assessing new opportunities. Their timeline is limited, which makes the urgency of their goals that much greater. They are highly motivated to accomplish essential tasks and put specific processes in place quickly. Interim CFOs can guide innovation, and their experience may pad out the potential lack of experience within internal teams that could be uncovered during the search for a long-term candidate.

By tapping a skilled interim CFO, companies can do more than just keep the seat warm until a permanent hire is made. They can take the opportunity to advance the finance team’s capabilities, allow more time to find the perfect permanent CFO—while refining their criteria for what exactly that means—and complete short-term initiatives that set the long-term leader up for success.

What’s driving the demand for interim CFOs?

According to Deloitte, early in the pandemic, many CFOs were resolved to staying put because many felt a renewed sense of loyalty and weren’t about to abandon the business just when it needed them most. Plus, internal candidates suddenly gained extra appeal, and some companies even enticed retiring CFOs to stay in place. In fact, from March – May 2020, some search firms reported seeing new searches drop by as much as 25%.

The current surge in demand for CFOs is a complete reversal from those early days of the pandemic. Within a short timeframe, several market trends turned the field in CFO’s favor with “breathtaking volume and velocity.”

A Need for Support in Rapid Growth or “Challenging” Financial Situations

The pandemic presented opportunities for many companies to acquire weakened competitors or grow organically—requiring finance leaders with experience in turnarounds and M&A integration. Other companies in less resilient industries found themselves facing never-before-seen economic challenges.

While incumbent CFOs are experienced at “running” the finance function under normal conditions, they often struggle to “build” the function to support rapid growth, debt restructuring, or operating under tight cash flows. The right interim CFO can bring much needed outside perspective and experience acquired in other engagements to assist companies with whatever their current financial situation may be.

Widespread Transformation and Critical Transitions

The pandemic accelerated workplace trends such as virtualization, the changing pace of work, and the integration of new automation tools. Moreover, transformation took hold in almost every corner of the business. And CFOs are now a more critical component of these transformations than ever before, with 42% of CFOs saying their primary role in their companies’ transformations is to serve as co-leader.

In situations where a company needs strong leadership from the CFO, but they aren’t yet ready to make a full-time hire or can’t hire fast enough, interim CFOs can step in to help companies keep these critical transformations on track.

A Boom in Public Exits

Planning for and going through an IPO demands experience with SOX, IR, etc., and many private company CFOs lack this expertise. Furthermore, the special purpose acquisition company (SPAC) market took off in 2020-2021, offering a whole new route to a public offering while creating new companies all requiring seasoned CFO leadership.

With experience operating across the public-private divide, interim CFOs can help companies button-up their financials and lay the groundwork for the more rigorous finance function that public companies require.

Sudden CFO Departures, Unexpected Gaps, and Executive Exhaustion

Fatigue, burnout, and the changing role of CFOs are fueling a Great Resignation within the finance function. While some CFOs who steered their companies through the pandemic found they lacked the energy to gear back up for a growth sprint in 2021, others seized upon a sustained rally in the equity markets to cash out and pursue retirement or pivot into full-time board careers. In fact, the number of retiring CFOs in S&P 500 companies rose almost 30% between 2019 and 2020, while the average CFO tenure dropped sharply—decreasing to 4.58 years compared to 5.3 years in 2015.

As the supply and demand curve for skilled finance leadership grows ever more steep, interim talent can provide steady hands to help companies bridge the gap until an ideal long-term CFO can be found.

How companies are utilizing interim CFOs

The expertise that a skilled interim CFO can offer is increasingly critical as companies upgrade their financial capabilities and the CFO role grows in scale and scope. No surprise then that demand for interim CFOs leaped by 74% last year, according to BTG’s 2022 High-End Independent Talent Report.

In our experience delivering highly skilled interim CFOs to leading companies, there are four ways that organizations are leveraging interim resources for the role:

1. Traditional interim CFO
   In what is considered the most traditional scenario, interim CFO talent can step in to provide steady leadership and keep workstreams moving during a temporary leave or gap in the org chart.
2. Support for acting finance leaders
   In scenarios where internal resources have already been redeployed to fill the CFO role, it’s common for companies to tap experienced interim CFOs to consult, guide, and back-stop acting CFOs along the way.
3. Backfill for internal talent currently acting as CFO
   During leadership gaps, companies may also seek on-demand CFO-level talent to provide targeted support in roles such as interim treasurer or VP of FP&A.
4. Projectizing critical near-term components of the CFO role
   By carving out certain workstreams and objectives, the interim role can be hyper-focused on special projects and niche needs.

So what are organizations looking for in their next CFO, whether interim or for the long-term?

“About 90% of our clients place a strong understanding of operations at the top of their list, along with organizational leadership skills. The focus on operationally capable CFOs, who have worked at the business unit level, transcends industry sectors… Business partnering, leadership, and experience interacting with the board are also among our clients’ frequent ‛must haves.’” Bodine said in a Wall Street Journal article on current market demands.

Jeremy Hanson of Heidrick & Struggles adds, “There is a need for CFOs who are adept at taking customer data and analytics and using that information to improve business and the way they market products and services. There simply aren’t enough of those executives on the planet right now.”

Find the interim CFO you need

With Business Talent Group, you can access an on-demand talent marketplace that includes more than 10,000 top finance executives. Whether you’re experiencing a moment of rapid growth and transformation, undergoing financial challenges, dealing with unexpected gaps, or entering a new phase in your company’s progression, BTG can help you find right-fit finance talent for any situation. Reach out today to discuss your interim CFO needs.

The labor market is continuing to navigate uncharted waters with millions of workers joining the Great Resignation, resulting in labor shortages and a seemingly never-ending list of open roles for businesses everywhere. To fill these gaps and continue facilitating growth, change, and impact, top companies are leveraging high-end independent talent within interim roles as they seek long-term solutions—as shown by a 137% year-over-year increase in requests for interim leaders, according to the 2022 High-End Independent Talent Report from Business Talent Group (BTG).

So as an independent talent, how do you position yourself for success in the highly competitive interim space while the demand is so high? To discuss that critical question, BTG’s Elaine Leff and Heidrick & Struggles Tim Dietlin recently joined a webinar on “How to Land an Interim Role: Becoming On-Demand Talent” from BlueSteps—a career services division of the Association of Executive Search and Leadership Consultants (AESC).

Here are 5 takeaway tips from the webinar to help you succeed as an independent, interim leader.

1. Know why you are pursuing an interim role

Becoming an interim leader should be a part of your professional plan, rather than an impulse pivot. It can be enticing to jump on the Great Resignation bandwagon, but first you should sit down and determine why you’re interested in leaving the permanent workforce and whether interim roles are the particular path that you’re interested in.

In our annual Talent Lens, BTG surveys our community of independent talent (including interim leaders) to figure out their “why.” This year, we found that the key drivers are control, flexibility, and variety. As independent talent, interims are able to pick the companies they work for, are excited by a variety of work, and enjoy driving impact at a number of organizations over the course of their career. It’s important to note that talent are quite satisfied with independent work—with 83% reporting as such and 88% being likely to recommend the independent path to others.

“[Being an interim leader] provides quite a bit of diversity and exposure to different industries, business situations, cultures, and organizations that can really help somebody in their career trajectory,” Leff explained. “It also allows for a lot of flexibility, as the talent has actual choices in terms of which interim roles that they select.”

Much of the guidance behind interim leadership and traditional leadership is similar but differs in positioning and approach. In terms of starting the interim leadership journey, “Do the work upfront… make sure that you clearly understand and know why you want to pursue an interim career and the value that you add to potential clients. Then go down the path,” Dietlin said, “and if you are looking to land a permanent traditional leadership role, present yourself to the talent market that way.”

2. Clearly define and market your unique selling position

“Be very clear, be very structured, be very targeted with who you’re reaching out to and why. Make sure that the value proposition is well communicated,” Dietlin advised.

Think of it like an elevator pitch on paper. Eliminate any fluff from your resume or CV, and be sure to highlight specific metrics you’ve helped your clients achieve. Avoid require hiring managers to fish for information anywhere else (i.e., portfolio sites). If necessary, source outside assistance to handle updating your paperwork if it’s been a while.

Think of being an interim as being a business. Your business, and therefore you, must be easy to work with and the value you deliver must be apparent or else the client will move on to another option. Keep your CV clear, concise, and direct—and make sure to showcase experience that’s relevant to the specific role you’re seeking. Make it easy on the decisionmakers, so that they can seamlessly envision you in the role.

3. Understanding the scope of pricing is key

Be fluid with initial pricing while you’re learning the interim ropes because it’s easy to unintentionally close the conversation if your rate is outside the range of the client’s budget.

“There’s a number of things to consider. We price on a per diem basis, so a daily basis that allows our clients flexibility to ramp up and ramp down as needed… our rates are set by our talent, so they’re market based, based on their skillset, background experience and so forth.” Leff said.

“Maybe set your rate a little bit lower for the first one or two assignments, just to get a couple of projects under your belt,” she suggested. “Then you can increase your rate accordingly.”

4. Be prepared to make a big impact right away

One of the greatest selling points that interims have is their ability to jump in, get started, and facilitate growth quickly. According to Leff, “You can have a…great impact in a short period of time with a lot of these interim roles. I’ve seen interim executives really be able to change the strategic direction of a firm in a very short period of time.” That’s important to recognize as a quick impact is often what companies are seeking when they turn to interims.

For instance, an interim leader can ask pointed, possibly obvious questions that internal teams often overlook. Their outside perspective allows them to notice missed details and their varied experience allows them to make unique suggestions to drive projects forward.

5. Network, network, network

One of the most unique professional benefits of interim work is the ability to make quality, high-level connections across top companies. However, it can be difficult to network as an interim, especially if you are predominantly remote.

“I think we all recognize that the search industry isn’t the easiest industry to navigate, but there are resources—AESC being a fantastic one,” Dietlin said, emphasizing the importance of spending the time to understand the landscape and make connections with both traditional executive search consultants who can be indirect conduits to interim roles, as well as networks like Business Talent Group where project-based assignments can be found.

Expand your network by joining the talent revolution today.

There’s no better time to start your interim endeavors than now. The demand for interim talent is higher than ever, and the labor market is shifting permanently. By joining the Business Talent Group community, you’ll gain access to our network of Fortune 500 clientele and exclusive, exciting interim projects that are added daily.

In the meantime, listen to the full webinar for more insights from these interim industry experts.

JOIN THE TALENT REVOLUTION

Skilled professionals are becoming independent consultants to capitalize on their strengths, gain ownership over how they work, and select projects that interest and excite them. You can too! Become an independent consultant today!

Apply Today

You may have started your consulting business for a variety of reasons—personal fulfillment, extra money, or something to do on the side. But as your business starts to grow, you may start to think about taking it full-time.

But how do you know when you’re ready to quit your job and go from side hustle to full-time consulting? And what are the steps you can take to maximize your odds of success?

3 Signs You’re Ready to Take a Side Hustle Full-Time

Side hustles have become increasingly popular over the years, and 34% of Americans currently have some sort of side hustle. Of those who have a side hustle, 67% started it in the last three years.

A side hustle is a great way to explore new opportunities and bring in a little extra income. But how do you know when it’s time to take your side hustle full-time? Here are three signs you may be ready.

You’re having trouble managing both

As your consulting business continues to grow, you may find yourself stretched for time. You’re waking up early and working late hours to manage your side hustle alongside your full-time job.

At some point, it may start to feel like you’re working two full-time jobs! You may be able to sustain this for a little while, but eventually, your business or your job performance will start to suffer. So if your business continues to ramp up, it may be time to take it full-time.

You’re consistently out-earning your full-time job

With a full-time job, you receive a consistent paycheck every month and have additional benefits like health insurance or retirement savings. In comparison, income from a side hustle can be very inconsistent from month to month.

If you reach a point where the income from your side hustle is consistently exceeding what you earn at your full-time job, this could be the tipping point. However, the critical word is consistent—if you only do it one time, it could be a fluke.

Your true passion lies with your side hustle

The final factor you should consider is where your true passion lies. Are you more passionate about your consulting business than your full-time job? If you’re passionate about your consulting business, you’ll be more motivated to put in the work to make it financially successful.

6 Steps to Take Your Consulting Business Full-Time

1. Come up with a plan

The first place to start is to develop a strategic plan for how you’ll take your side hustle full-time. How many hours will you need to work each week in your consulting business? How many clients do you need to have, and how much do you need to charge per project?

When you’re creating your plan, it’s important to think long-term. Come up with a three- to five-year plan for your business based on your goals and desired lifestyle.

2. Figure out how much you need to live on

Next, you need to figure out what is the absolute minimum you need to live on. In addition to your regular monthly expenses, you’ll need to consider items your employer usually covers, such as health insurance, taxes, and retirement contributions.

Plus, you’ll probably want to take the occasional vacation. Since there’s no paid time off when you’re self-employed, you’ll need to have the funds to cover this yourself.

Of course, the goal is to earn much more than this eventually, but it could take you time to get to that point. Knowing the minimum amount you need to live on will give you a baseline to strive for.

3. Create processes and streamline your work

Many people assume that if they work twice as much on their business, they’ll see double the returns. But that isn’t necessarily the case. You need to put systems and processes in place that allow your business to scale.

As the demand for your services increases, it may become harder to manage it all. So start by outlining your process for how you work with clients. Look for ways to automate things like accounting, social media, and marketing. You can also consider bringing on a virtual assistant to help out.

4. Build up a six-month emergency fund

Cash flow is the number one problem most business owners encounter. It’s normal to experience some financial uncertainty in your business, but when you’re counting on that business to pay your bills, this can feel incredibly stressful.

The best way to navigate this is by having a six-month emergency fund on hand. Knowing you have the savings to cover six months of expenses will give you peace of mind. This can help you avoid overreacting to problems that come up in your business.

5. Build your network

As an independent consultant, you’re going to need a solid base of customers and leads to ensure you have money coming in every month. The best way to do this is by focusing on networking.

By networking, you’ll start to build relationships with other business owners, which can be a good source of referrals. You’ll also begin to build your reputation as the go-to person in your industry.

6. Don’t wait for the perfect time

Giving up the security of a full-time job can be scary, and you want to go into it with a plan. But don’t make the mistake of waiting for the “perfect time” to go all-in on your consulting business because it may never come.

The best way to avoid dragging your feet or waiting too long is to give yourself a deadline. A deadline will hold you accountable while still giving yourself time to get all the pieces in place.

The Bottom Line

Taking a side hustle and turning it into a full-time consulting business isn’t easy, but it’s worth the effort. Just make sure you have a solid plan, savings, and processes in place to sustain your business going forward. And if you’re looking for additional ways to build your client base, consider joining BTG’s network of on-demand talent to start getting matched with exciting project opportunities at leading companies.

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The very nature of private equity’s value proposition demands continuous evolution, innovation, and quick, nimble strategy. Historically speaking, however, private equity value creation levers have remained relatively static over time, generally shifting only in response to significant external pressures.

The timeworn, “if it ain’t broke…” adage certainly applies, as these traditional initiatives are still highly effective when employed properly; but with COVID receding and the job market continuing to tighten, leading PE firms are looking for new ways to resource initiatives to take advantage of market opportunity, accelerate transformation, and drive value creation within their portfolios. The interesting thing is: the “Great Resignation” just might be creating its own solution.

For all the doors that COVID closed for many businesses, it opened just as many windows of opportunity for others. In the PE realm, “buy and build” is still a popular approach, identifying and leveraging synergies to revive and strengthen organizations. Yet the growing talent shortage threatens to widen knowledge gaps, slow critical work and initiatives, and cripple ROI for private equity portfolios. It’s a less-than-ideal outlook for a sector that thrives on speed.

As such, talent innovation is becoming one of the most powerful private equity value creation levers. For firms that can provide private equity portfolio companies with access to talent and infrastructure to support their use at scale, it’s also a huge competitive advantage.

Talent prioritization and reallocation

For many professionals leaving their jobs during the Great Resignation, it’s the traditional workforce they’re leaving. They still plan to work—particularly those with specialized expertise and decades of high-level experience. According to Upwork, “64 percent of professionals at the top of their industries are increasingly choosing to work independently.”

This, along with a COVID-spurred shift toward remote work, has actually opened up the labor market globally, creating a broader, richer talent pool from which to draw. For PE firms—whose portfolio companies comprise a wide range of investment strategies, growth opportunities, and market positions and, as such, require a wide range of talent needs—this growth of the on-demand talent pool offers a distinct advantage.

“Even before COVID-19, PE firms were beginning to consider the workforce through a fresh lens, and the pandemic has accelerated thinking about a comprehensive talent agenda at their portfolio companies—one that focuses on the employee, the business, and the value derived from an optimized workforce,” reports EY. Yet despite identifying independent talent as a tremendous resource, many firms have failed to make the most of it, ultimately sticking to traditional hiring strategies and missing out on potential innovation. Now that the labor market has tightened, however, PE firms find themselves with few other options. Fortunately, in this case, the on-demand option is also the best one.

Talent optimization might be the value driver, but—as always, in the world of PE—speed is the key. Alpha returns and successful exits are intrinsically tied to prioritizing talent decisions as part of the value creation plan. Bain & Company and Hunt Scanlon found that “92 percent of PE professionals said that waiting too long to take action on talent issues had resulted in portfolio company underperformance.” On the flip side, “80 percent of portfolio companies that match the right talent to critical roles from the start return 2.5x the initial investment,” according to McKinsey Quarterly.

In a separate report, McKinsey further asserts that talent and resources for private equity portfolio companies need to be dynamically reallocated on a granular and ongoing basis. Active reallocation yields significant returns: “Within 20 years, the dynamic reallocator will be worth twice as much as its less agile counterpart—a divide likely to increase as accelerating digital disruptions and growing geopolitical uncertainty boost the importance of nimble reallocation.”

Retaining speed and agility with on-demand support

Private equity has long been at the forefront of innovation, and talent optimization should be no different. As BTG Co-CEO Jody Greenstone Miller said in a recent podcast with Tim Sanders, VP of Customer Insights at Upwork, “If you think about PE as an engine of economic innovation… I think they really do have the potential to be the leader in innovating on talent…they just need to be able to implement it as well and as fast as possible. And it’s hard not to see the most innovative firms figuring out quickly that this is an important piece of how to get that done.”

For decades, private equity firms have employed multiple strategies to create value within their portfolios. Among others, they include initiatives such as:

• M&A and Inorganic Growth – “Buy and Build”
• Operational Excellence and Margin Improvement
• Technology Implementation and Transformation
• Digitization and Automation
• Market, Channel, and Customer Expansion

Traditional initiatives continue to effectively create value, but ultimately their success depends on phasing the work properly and having access to the right talent to strategize and execute on them. A 2020 report from Deloitte found the primary drivers of value for private equity portfolios to be cost transformation and digital transformation, both of which carry significant talent implications. How the talent strategy for each is addressed can yield very different outcomes.

“For most portfolio companies, payroll represents 40 to 60 percent of their fixed costs. In a world where technology and facilities are becoming on-demand, traditional talent models are the cement in the budget,” says Tim Sanders. “Because on-demand talent can be scaled up or down, they serve to variabilize a portfolio company’s cost structure. Given the never-ending uncertainties of today’s landscape, this should be a priority for any PE firm as they protect their downside,”

High-end independent talent can enable and accelerate value creation for PE firms in a number of ways:

Smoothing leadership transitions & filling critical gaps

“C-suite evaluation and change is the first step in a PE firm’s playbook,” says Greenstone Miller. No wonder, seeing how a portfolio company’s leadership has a 10-15 percent impact on financial performance and a 25-30 percent impact on market valuation, according to Harvard Business Review.

At the same time, replacing a member of a portfolio company’s leadership team is often a confidential process that’s slow and lacking critical insight. By bringing in an experienced interim c-suite officer, the executive search can be a much quicker and more open process, and the transition smoother all around.

This is equally effective if the departure is voluntary. When the CEO of a recently integrated $600M travel and hospitality company abruptly left right after acquiring a global insurance company, the PE firm reached out to BTG for an interim C-level executive. BTG connected the firm with a former EVP at a worldwide hotel conglomerate and one of the top three global distribution systems (GDS), who stepped in to stabilize performance and employee morale, revitalize marketing focus, and execute on the remainder of the integration plan. The company was successfully exited three years later.

This interim talent strategy needn’t be limited to an organization’s highest levels, either. BTG found a 189 percent year-over-year increase in requests for interim leadership below the C-suite, reflecting an increasingly prominent role for on-demand talent up and down the org chart.

Improving performance

Accelerating growth is among the most common objectives in a private equity value creation plan. Whether through business model innovation, new products, or adapted go-to-market initiatives, growth initiatives are well suited to the quick action and deep expertise offered by experienced on-demand talent.

In one case, BTG delivered a former GM exec and Deloitte consultant with 10+ years leading supply chain transformations to help a PE-backed, fast-growing CPG company resolve numerous supply chain glitches and lead a round of supply chain consolidation. The consultant was able to work with the in-house team to address current issues, immediately begin to create enterprise-level synergies, and develop a go-to-market strategy with a major competitive advantage.

In another, the SVP of Sales/Marketing at a multi-billion-dollar software company was concerned about inefficiencies in the global sales process. Legacy systems and old workflows were clearly part of the issue, but they couldn’t determine what specifically needed improvement. BTG provided a hybrid team—a former McKinsey EM focused on tech companies paired with a lean transformation expert—who delivered a prioritized list of initiatives that increased the productivity of the client’s sales teams and realized a savings of 30%.

Advancing transformations and digital initiatives

Private equity leaders know that speed and innovation are what drives effective—and profitable—technology implementation. By tapping high-level independent talent to provide essential technological expertise, PE firms can quickly and seamlessly advance transformations and execute digital initiatives.

In one such case, cross-functional IT matrices were contributing to inefficiencies at a PE-backed global financial services firm. Consistency on issues like data center strategy and cloud technology was elusive, and the leadership team was concerned that the company’s IT model would not support its long-term needs.

BTG brought in a senior IT transformation expert who had trained at McKinsey to provide objective insight. After analyzing the team’s topline business imperatives and long-term aspirations, he refined their IT operating models based on the company’s internal drivers and delivered a high-level framework and plan that management adopted.

Access to talent paired with best practices

The opportunity for independent talent as private equity value creation levers is evident, and although these experts can nimbly step into high-level roles and initiatives as needed, most PE leaders don’t yet know how to effectively deploy them. By developing and implementing a best-in-class strategy up front and incorporating the use of on-demand, independent talent into their overall value creation plan (VCP), PE firms can fully take advantage of the nearly limitless potential afforded by this nearly limitless talent pool. Solutions such as BTG Enterprise for PE can help firms think through their talent optimization strategy and strategically deploy on-demand talent to execute and accelerate work within their VCP.

BTG Enterprise for PE is a programmatic on-demand talent solution for PE firms that addresses this need by pairing on-demand access to high-end independent talent with:

• Best practices and guidance for deploying independent talent across the firm’s portfolio
• Awareness and education efforts to help firm and portfolio leaders understand where, when, and how to use independent talentfuture
• Analytics and visibility into independent talent usage across the portfolio

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You may be surprised to learn that your professional development doesn’t end once you leave your full-time job. As an independent consultant, continuing to develop skills is crucial if you want to grow your business and work with top companies.

Many people refer to this process as upskilling—or building upon your existing skill sets with focused and intentional self-directed learning. It involves taking on a mindset of lifelong learning and being willing to embrace new ways of doing things.

Types of Skill Sets

Everyone has different skill sets depending on their natural abilities and professional background. Expanding your current skill sets can lead to increased income, better clients, and more professional opportunities.

When people talk about upskilling, they are usually referring to two types of skills—hard skills and soft skills. It’s important to understand the difference between each and how to highlight both types of skills.

Hard Skills

Hard skills are abilities that are easy to quantify and are typically skills you learned in college or at work. You can improve these skills through practice or by receiving technical training. Here are some examples of hard skills:

• Being able to speak a foreign language
• Knowing how to use certain types of software
• Earning a certain license or certification
• Computer programming experience

Soft Skills

Soft skills are more subjective and usually refer to interpersonal skills. One of the advantages of soft skills is that they are easily transferable, so they’re useful no matter what industry you’re in. Here are some examples of soft skills:

• Problem solving abilities
• Time management skills
• Effectively communicating with others
• A willingness to learn

How to Expand Your Current Skill Sets

As an independent consultant, you need to have a combination of hard and soft skills. Your knowledge and professional experience makes you valuable to clients, but open-mindedness and communication skills is what allows you to work with them effectively.

Let’s look at seven ways you can expand your current skill sets in the coming year.

Identify the Areas You Want to Improve

To figure out the skills you want to improve, take some time to consider where you are now and where you want to go. From there, you can identify the gaps in your skills and where you need to improve.

Once you know the areas you want to improve, you can set goals for yourself. Make sure these goals are measurable and time-bound—this will increase your odds of achieving them.

Utilize Online Classes

If you’re looking to develop a technical skill, you can take advantage of online classes. There are tens of thousands of courses available online about nearly every subject you can imagine, and many of them are inexpensive or completely free.

Here are a few learning platforms you can consider:

• Alison 
• Udemy
• Coursera
• LinkedIn Learning

Each of these platforms offers a wide range of courses, and you’ll receive a certificate once you’re finished.

Seek Out a Mentor

Another way to expand your skill sets is by working with a mentor. A mentor is someone who’s accomplished many of the things you want to do professionally and is willing to offer you guidance and support.

However, asking someone to mentor you is a big commitment and some people may be reluctant to take that on. Another option you can consider is simply networking with peers that are slightly ahead of where you are and seek every opportunity you can to learn from their experience.

Stay on Top of the Latest Skills

What’s considered an in-demand skill right now may no longer be relevant in a couple of years. That’s why it’s important to stay up-to-date on changing trends in your industry.

One of the easiest ways to do this is by taking a little time every day to read the news about your industry. Reading the news will help you understand the current challenges as well as changes that are coming.

This can feel overwhelming at first, but staying on top of relevant trends can benefit you in a number of ways. It can help you identify and take advantage of upcoming opportunities and give you the ability to pivot quickly and offer new services.

Join a Professional Organization

Another way to expand on your current skills is by joining and becoming active in a professional organization. Look for national and state organizations in your industry.

Joining this type of organization will allow you to find and network with other people. The connections you build could lead to further business opportunities.

Get Certified

Another option is to go the extra mile and receive a professional consulting certification. Doing this can give you added credibility with potential clients and increase your competitive advantage. If you want to go this route, here are a few options you can consider:

• Project Management Professional (PMP): A PMP certification shows clients that you have extensive knowledge when it comes to managing projects. This certification teaches you how to deal with conflict, build an effective team, and maximize team performance. 
• Certified Management Consultant (CMC): A CMC certification will help you expand your knowledge of organizational management, ethics, and client communications.
• Certified Sales Professional (CSP): To receive this certification, you must show that you have four years of professional client management experience. In this skill set training, you’ll learn how to find prospects, close deals, and maintain client relationships.

Attend Seminars and Workshops

Finally, you can also look for opportunities to attend relevant seminars and workshops. Traditionally, these had to be attended in person, but now there are tons of opportunities online. And most online workshops and seminars offer break-out rooms and an opportunity to connect with other professionals as well.

The Bottom Line

Part of being a successful consultant is staying curious and continuing to look for opportunities to improve your personal development skills. No matter what your goals are for the coming year, you can benefit from leveling up your current skill sets. Just make sure you spend time thinking about your goals and using them to identify the skills you’re looking to develop.

It goes without saying that the pandemic has had an indelible effect on how we live our lives, do our jobs, and run our businesses. The sheer number of ways in which we, as a society, have had to suddenly shift priorities and adjust our goals has primed us for transformation and growth. This is just as true for the global business economy as it is for us as individuals, and it’s the industry that connects us all—the banking sector—that is positioned for the biggest changes.

That said, “transformation” and “growth” are relative—and for businesses, they can be double-edged. The doors of opportunity opened by the pandemic were also exit signs for much of the workforce, leaving functional leadership gaps and a banking talent shortage. So while the future of banking is bursting with potential, executives are simultaneously scrambling to address the “Great Resignation” and its growing effect on that very potential.

New demands reveal new paths—and new problems

After proving their resiliency in the face of unprecedented uncertainty, today’s banking leaders continue to press on into uncharted territory, from navigating continuous technological developments to overhauling their strategies to address the burgeoning digital assets market.

Driven by these myriad new demands, many have already begun tackling a wide array of large-scale change and transformation initiatives, particularly in the areas of product innovation, customer acquisition, and service. Similarly, rapid growth, process improvement, and automation have become top priorities, further accelerating a parallel need to better address risk management and regulatory compliance.

Hesitation is a liability right now, but full steam ahead is only well and good if you have enough of the right people in place to support initiatives like these. The problem is: the banking talent pool is shrinking, and the competition for quality talent has become cutthroat.

Upheavals in the workforce

How and where work gets done has changed significantly over the past two years, and as a result, so has the entire hiring landscape. Whether you call it the “Great Resignation,” the “Great Realization,” or the “Great Reshuffle,” one thing is clear: it’s not great news for employers.

Despite its decidedly bullish outlook as the pandemic started to recede, Wall Street is now finding its cushion steadily deflated by the pressure of rising wages. Early this year, the Wall Street Journal reported that compensation expenses for Goldman Sachs Group Inc rose by 33% in 2021, with the additional $4.4 billion in payroll leading to a 4th quarter profit decline. JPMorgan Chase spent an additional $3.6 billion and Citigroup $2.9 billion, similarly leading to an erosion of Q4 profits.

Wage inflation is just part of growing workforce concerns for the future of banking, however. Experienced professionals are also being wooed away from traditional finance by the allure of blockchain and crypto companies.

A recent survey by Heidrick & Struggles found that nearly 75 percent of new blockchain and crypto executives came from investment banking and other financial services backgrounds. Nearly a third left their previous jobs to found their own companies, while 20 percent more were actively recruited. This reveals that many are willing to trade the security of customary roles for the experimentation and learning opportunities offered by an emerging market.

Flexibility is high on executives’ priority lists, too. They want to work where and when they want, which meshes well with the nontraditional work arrangements offered by many crypto startups. They also express a desire to shed layers from institutional decision-making processes so they can move more quickly and have a stronger impact. Overall, the theme is one of seeking roles that fit better with personal objectives. Preferences have become priorities.

Traditional banking is attempting to remain attractive to top executives through increased compensation, but providing intangible benefits related to personal and professional growth remains a challenge. As a result, the banking talent gap is growing. That is why more and more banking leaders are turning to on-demand talent—who find flexibility and professional control by working independently—for support with changing and running their businesses.

Changing the Business with Strategic Growth

Historically, on-demand talent has comprised a fraction of the banking workforce. PwC says this is changing, however: “In the next five years…this pool is forecast to take on as much as 20 percent of the workload at most financial institutions. More than half of financial services (52 percent) surveyed by PwC said they plan to expand their on-demand talent in the next three to five years.”

With deep expertise, hands-on operating experience, and the ability to hit the ground running, high-end independent talent enables banks of all types—from diversified, multinational firms to regional/midcap banks—to access the in-demand skills and expertise they need for critical initiatives. By bringing in highly experienced on-demand talent to fill banking talent gaps, executives can augment their existing teams with targeted support for strategic planning, regulatory impact assessments, business rationalization, and organic/inorganic growth initiatives.

Case in point: Expansion of Services

For example, when a top 30 US bank was looking to expand its retail banking arm, company leaders knew it would be essential to create a common vision and alignment across the retail business. Their own team lacked a strategy and transformation leader to achieve this, however, so they reached out to Business Talent Group (BTG) for support.

BTG provided a transformational enterprise technology leader with deep B2B SaaS experience and proven record delivering sales leadership, product enhancements, and client services for large financial institutions. He was able to not only drive effective transformation alignment around a cohesive strategic vision; he also created infrastructure for improved talent assessment and hiring to eliminate current and future talent gaps.

Case in Point: New Markets

In another instance, the corporate strategy team at a top 20 US bank was charged with implementing a mortgage origination strategy work plan to support the organization’s goal of quintupling its annual mortgage business. This task uncovered a critical knowledge gap, as the team had limited mortgage experience. They would need a hands-on growth strategy consultant with relevant industry expertise, so they turned to BTG.

Within three days, BTG delivered a former banking executive and PwC and Accenture financial services consultant with 15+ years’ experience working with residential mortgages and expertise in strategy analysis, go-to-market strategy, and market assessment. Eight weeks later, the team had a go-to-market strategy as well as an execution roadmap and P&L model for implementation.

In both cases, urgently needed talent was able to be sourced and embedded within days, rather than the months it can take to hire a full-time candidate. Critical objectives were efficiently accomplished within a matter of weeks, speeding each organization’s growth in an increasingly competitive landscape.

Changing the Business by Transforming It

In recent years, the most globally relatable catalyst for business transformation has been the pandemic. But like many industries, banking institutions have also begun to pursue transformation initiatives to keep up with (and, ideally, get ahead of) continuous technological advancements and establish competitive advantages in new markets.

Digitization and software rollouts also require careful project management, each requiring market-specific strategic roadmaps and implementation planning. Meanwhile, company events such as post-merger or acquisition integrations and corporate spin-offs carry their own administrative burdens and requirements for niche subject matter expertise. In all cases, time is of the essence, as speed to market can be the difference between innovating and emulating—and, in instances of M&A, it can directly affect company culture, further exacerbating talent retainment concerns.

Fortunately, transformation and program management are other areas where high-end talent can be brought in on an on-demand basis, helping to smooth transitions and facilitating efficient program rollouts. Experienced consultants can even be brought in in the middle of projects to right the ship and regain ground.

Case in Point: Interim Transformation Leadership

When a project to make a major regional US bank’s technology more scalable and efficient fell behind schedule, the bank’s head of innovation realized the team lacked the technical expertise to lead the initiative.

BTG brought in a technology transformation leader whose 20 years of experience with CRM programs, agile methodologies, implementation, and leadership allowed him to immediately jump in and get to work. Within six months, BTG’s consultant was able to execute a successful CRM roll-out and deliver a high-level training roadmap to strengthen the team moving forward.

Running the Business with Targeted Banking Talent

A recent report by PwC found that industry leaders are currently evaluating “which roles need to be performed by permanent employees and which can be performed by gig-economy workers, contractors, or even crowd-sourced on a case-by-case basis.”

Once limited by geographic location, the massive shift to remote working during the pandemic has “opened the door to accessing talent outside of a firm’s physical location,” says John Garvey, global financial services leader at PwC US. This door opens onto a global stage, granting banks greater access to highly talented interim executives outside their respective countries.

This, in turn, has created a more robust pool of specialized on-demand talent in financial services. Once-finite strategic initiatives are no longer hampered by an inability to fill functional leadership gaps locally. What’s more, organizations are able to experiment with new roles and projects by taking a “try-before-you-buy” approach.

Case in Point: Piloting Process Improvements

Acquisitions bring with them an immediate need for uniformity across formerly disparate processes. Most of the time, there’s no preexisting in-house leadership for such an initiative. This was the case when, after a series of acquisitions, a commercial bank needed to standardize its back-office loan processes.

Rather than hiring a full-time financial strategist to define and execute these time-sensitive process improvements, the SVP of Process turned to BTG. After a short diagnostic, the BTG strategist outlined key principles for servicing small business customers, designed a detailed end-to-end process that followed them, and created an implementation plan.

She then continued to work with the company on a part-time basis as the client began to execute. The organization was able to pilot both the project and the consultant while filling a critical knowledge gap, effectively saving time while mitigating risk.

The Future of Banking Remains Bright

It’s true that “The Great Resignation” has created a potential speed bump for the future of banking. As the 2022 Banking and Capital Markets Outlook from Deloitte asserts, “Employees, for the first time in decades, appear to have the upper hand, especially in sought-after positions.” At the same time, the global workforce’s increased desire for flexibility precipitated a permanent shift toward remote work that has increased the depth of talent available in an on-demand capacity.

Banking leaders now have unprecedented access to high-end, specialized banking expertise via on-demand talent networks such as BTG. Whether you need immediate support on an in-progress transformation project or need to fill critical knowledge gaps for on-deck initiatives, we help you drive growth, innovation, and performance improvement with in-demand skills, expertise, and interim executives. Find the talent you need today.

If you’ve recently taken on a new project at work or in your business, you may be excited about the new opportunity. But then you experience a significant setback, and it leaves you feeling disoriented and disappointed.

Nobody likes experiencing a setback at work, but these moments can be valuable lessons. Working through the challenge can ultimately help strengthen your team and make you better prepared to deal with these situations in the future.

If you’re wondering how to bounce back from a project setback, this article will outline six steps you can take.

Common Setbacks You Might Encounter

Setbacks can occur without any warning and come in all shapes and sizes. While this list certainly isn’t all-inclusive, here are some common setbacks you might encounter.

Problems With Your Team

A problematic team dynamic is one of the most common work-related challenges. In the book The Founder’s Dilemma, Noam Wasserman claims that 65% of startups fail due to conflicts among the founders.

The workplace can be a high-stress environment, and conflicting personalities can lead to tension or fighting. However, if you acknowledge and deal with these issues, it can leave your team stronger than it was before.

Miscommunication

Anytime you’re working on a big project, there are a lot of moving parts. That means clear communication among team members is critical.

If the project manager doesn’t provide feedback or clear deliverables, this can cause all sorts of problems. Scheduling conflicts, timeline errors, and finger-pointing are just a few of the issues that can arise.

Personal Challenges

Sometimes personal issues will arise in your own life, making it challenging to show up the way you want to at work. A medical emergency, problems with your family, or any kind of disturbance at home can bleed into your ability to show up effectively for a work project.

Unforeseen Setbacks

And finally, unforeseen setbacks can arise that leave everyone reeling. Maybe you recently lost a major client, and it damaged team morale. Or maybe minor problems keep occurring with the project—you repeatedly encounter software issues, or perhaps the project scope is more extensive than anyone anticipated.

Or maybe the problem is that everyone is two years into a pandemic, and your team is attempting to collaborate remotely. Internet instability, virtual meetings, and time zone differences have left everyone a bit frazzled.

6 Steps to Bounce Back From a Project Setback

There’s no way to minimize the disappointment that comes with a significant setback, but specific actions will make it easier to bounce back and continue moving forward. Here are six steps to overcoming setbacks at work.

Acknowledge Your Feelings

The first step to recovering from any big setback is to acknowledge your feelings about it. It’s normal to feel discouraged, and it’s important to feel any negative emotions that come as a result. Pretending you aren’t angry or disappointed won’t make those feelings disappear.

However, resist the urge to blame other people for the setback. Process your own feelings, but if you want a successful project recovery, don’t react or lash out at other people on the team.

Show Up For Your Team

Once you’ve taken a time out for yourself, you need to be there for your team. Research shows that a leader’s feelings are contagious and can impact the mood of everyone in the group. So do what you need to do to move on from your own negative feelings so you can help the team process theirs.

But don’t try to sugarcoat the situation or make other people feel better. Avoid telling your team to “look on the bright side” or that you’re lucky everything worked out the way it did. Listen and validate their feelings and give your team members space if they need it.

Assess What Went Wrong

Once you’re in a more neutral place, take some time to assess what went wrong. What is the problem that caused the setback in the first place? For instance, if you lost a major client, take some time to think about why that happened.

Was that client simply the wrong fit for your business, or did the team fall short in some area? Evaluating what went wrong will help you figure out how to move forward and take steps to avoid making the same mistake in the future.

If you’re not sure what went wrong, it can help to ask other people for their assessment. You may be too close to the situation to analyze it objectively.

Keep an Open Mind

As you evaluate how to move forward, it’s essential to keep an open mind. If you’re only focused on one solution, then disappointment is inevitable, and you probably won’t learn much from that situation.

Maybe this setback is an opportunity to change your strategy and find an even more effective way to complete the project. Maybe you need to revisit your goals entirely. But you have to be open to learning those lessons.

Start Slowly Moving Forward

Once your team is ready, it’s time to reassess the situation and start moving forward. Take the time you need, but don’t dwell in disappointment for too long, as this will just keep you stuck.

Ask your team for feedback on what they think went wrong, and discuss what everyone can learn from the situation. Review your goals for the project, and work together to find a creative solution moving forward.

Focus on What You Can Control

Whenever you’re working toward a major goal, there are many factors that are outside of your control. That’s why it’s important to focus on the things you can control. Break your tasks down into small, manageable pieces and focus on taking action every day. As long as you continue to make progress, you’ll eventually come out on the other side.

The Bottom Line

Setbacks are inevitable, and the way you recover from disappointment will determine your success going forward. You can let a major setback derail you, or you can use it as an opportunity to pivot and develop resilience. Many of the most significant breakthroughs occur when someone encounters a major challenge and figures out a way to overcome it.

At some point, we’ve all been asked the question, “So, what do you do?” And for too many people, this question is a wasted opportunity because they aren’t confident talking about themselves and what they do for a living.

That’s why it’s essential to go into these situations prepared with an impactful elevator pitch. A well-crafted elevator pitch can help you stand out to other people and find more professional opportunities in the future.

What is an Elevator Pitch?

An elevator pitch is a brief explanation of your talents and what you have to offer potential employers or clients. It can be used at career fairs, networking events, or even in your LinkedIn bio.

You can use an elevator pitch to sell yourself as a potential job candidate, to pitch a project, or to create interest in your company’s product or service. A good elevator pitch should highlight a problem you solve and demonstrate what makes you, your service, or your company stand out.

The ideal elevator pitch length is between 30 seconds to a minute—just long enough to get your message across and leave the other person wanting to learn more. In other words, you should be able to deliver your pitch within a short elevator ride.

How to Write an Elevator Pitch

So now that you understand what an elevator pitch is and why it matters, how can you come up with your own? Let’s look at five elevator pitch ideas to help you get started.

1. Outline the Goal of Your Elevator Pitch

You want to start by identifying the goal you’re trying to achieve with your elevator pitch. For instance, are you trying to get the word out about your product or service?

Or is your primary goal to find a new job within your industry or land a project within your area of expertise? Understanding what you’re trying to accomplish will help you create a more compelling and targeted pitch.

2. Introduce Yourself

You want to start your elevator pitch with a one-sentence introduction of yourself. This sentence should be brief, but it should also capture the other person’s interest. For instance, here are a few elevator pitch examples for job seekers:

• “I’m Sarah, and I help kids discover a love of reading.”
• “Hi, my name is Jeanine, and I help companies sell more products and stand out online.”
• “My name is Scott, and I help companies meet their deadlines and create a better workflow.”

3. Explain What You Do

Once you’ve captured the other person’s attention, it’s time to get into the specifics of what you do and how you help. Here are a few things to keep in mind as you do this:

• Outline a problem you solve: Who is your target audience, and what is the problem you help them solve?
• Explain your unique selling proposition (USP): Your unique selling proposition is what sets you apart from others in your industry—why should someone hire you or choose your company?
• Talk about your “why”: Your elevator pitch isn’t just about what you say—it’s also about how you say it. Talking about why you love what you do will help you stay excited and will make your pitch more attractive to other people.

4. Practice, Practice, Practice

Once you’ve written your elevator pitch, read it aloud several times to see how it sounds. Record yourself reading it and when you listen, go through and cut out anything that’s unnecessary or feels off-topic.

It can also be helpful to practice with other people and ask for their feedback. Are you talking too fast, or is your elevator pitch too long? Does it sound conversational, or is it too stiff?

Be mindful of the body language you use when you deliver your pitch as well. Practice making eye contact and shaking hands with the other person. The best elevator pitch will sound confident and won’t seem overly rehearsed.

5. Don’t Forget to Follow Up

Whenever you meet someone new and give your elevator pitch, you should always end the conversation by looking for a way to follow up with that person. For instance, you could connect with them on LinkedIn, ask for their business card, or set up a time to meet for coffee.

Remember, your elevator pitch is just an introduction to get the other person curious about you. The results will come when you follow up and focus on building relationships with people.

Elevator Pitch Mistakes to Avoid

By now, you understand how to write your elevator pitch and hopefully have a few elevator pitch ideas. But as you’re getting started, watch out for these common mistakes:

• Sounding too salesy: When you give your elevator pitch, you never want to come across as pushy. If you sound like you’re trying to sell yourself to the other person, it will likely turn them off. The best way to avoid doing this is by focusing on the other person instead of yourself—what problems do they have that you can help them solve?
• Using too much jargon: Don’t fall into the trap of using too much jargon. You may think it makes you sound knowledgeable, but it will likely just cause your audience to lose interest.
• Not engaging with the other person: Another common mistake is barreling through your elevator pitch and not giving the other person time to respond. The whole point is to engage with the other person and to build a new connection. After you’re done speaking, give the other person a chance to respond to what you said.
• Using the same pitch for everyone: And finally, you want to use your elevator pitch as a guide, not a script. At times, it may be necessary to modify it depending on whom you’re speaking to and the environment you’re in.

The Bottom Line

An elevator pitch is a valuable tool you can use to build relationships and find more business opportunities, whether you’re looking for a new job or for your next client. Always look for opportunities to practice your pitch and update it to make it better.

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Business Talent Group Co-Founder and Co-CEO Jody Greenstone Miller recently joined Tim Sanders, Upwork’s Vice President of Client Strategy, on the In Visible Capital podcast as part of the “Innovations in Private Equity: A Fresh Perspective” series co-produced by Pitchbook and Upwork.

Jody and Tim discussed why PE firms are gravitating to high-end freelance consultants and contractors to unlock value across portfolios. She also reveals the opportunity that interim executives deliver for PE firms who are looking to upgrade or fix PortCo C-Suites.

Jump to “Segment 3: Innovations in Talent Advancement with Jody Greenstone Miller of Business Talent Group” for insights on:

How private equity and venture capital were top-of-mind when BTG was founded

Before founding Business Talent Group, Jody worked as an investor at a venture capital firm. She says she quickly began to notice how often the firm needed talent, and how they needed it in all different shapes and sizes and timeframes.

“I started to think, there are a lot of people who like to work differently—come in, quickly do a project, move on—but there was just no efficient way to access them… I decided there was a new piece of human capital infrastructure that might benefit both talent and investors, who were the group of people I was most focused on at the time.”

How BTG helps private equity firms improve and innovate

Sanders suggested that PE firms currently are driving a lot of talent innovation within their portfolio companies, from the workforce itself to the workplace and work arrangements. Miller explains that the question BTG leaders are solving is how they take this new way of thinking about talent and make it available easily to firms and their portfolio companies alike.

“Private equity firms are organizations themselves, but most importantly, they oversee the development and value creation in all of their portfolio companies. So a company like BTG, which has this incredible resource of immediately available talent that’s independent and available very quickly, is able to come in and work as a partner with private equity firms across their portfolios, to provide the kind of actual implementation of the strategy that the private equity firm has decided is the right way to create value…”

“…We believe as a firm that it will help them move faster, be more flexible, more nimble. The most innovative PE firms are starting to think about this in an institutional way and making it a part of how they think about developing their investments. And to me, that’s the key.”

How the Great Resignation has put talent in the driver’s seat

The adoption of on-demand talent is becoming increasingly widespread, bolstered by a COVID-era shift in mindset where the notion of having remote talent became normalized, and people began to understand that a lot of great work could be done in a different manner than before.

“What I think you’re seeing is this massive shift from a talent perspective, which I believe will force private equity firms who are on the cutting edge of needing talent fast and creating value from talent fast, to make it incumbent upon them to understand how to access and utilize and over time be desirable to the independent talent community.”

How interim executives can help firms experiment and reduce risk in C-level hiring

“If a search has to be confidential, it’s much harder. It takes longer, it’s harder, more risk. So one of the things that has emerged as a real opportunity is if there’s an ability to put in an interim executive…[it] allows a company to more normalize the search, to make it not confidential, because they can get somebody in who can keep the ball rolling. And also, interestingly enough, it also allows a portfolio company to figure out what is the right next C-level person.”

“You can try one flavor, maybe it’s a marketing bend, but you may decide you need more of a financial bend. So it gives you information that I think actually improves the long-term decision. So it really frees up the search process, and I think ultimately improves the result because you get information about what’s working and what’s not…[that’s] one of the real interesting ways that particularly portfolio companies have been using BTG.”

To hear more from Jody Greenstone Miller and Tim Sanders, listen to the full segment of the podcast and learn more about how BTG and on-demand talent can help drive workforce innovation for leading private equity firms.