Using Flexible Financial Talent in a Gig Economy

Due to changing business strategies, the gig economy is playing a more substantial role in how companies find top talent. As a result, organizations have to adapt to utilizing an evolving workforce to reach company objectives. Here are some ways your company may benefit from using flexible talent in a gig economy.

What a Gig Economy Is

A gig economy includes workers who take on freelance projects to either supplement their income or replace their need for a full-time job. Workers come from varied backgrounds, from service workers to top executives. Baby boomers who can’t or don’t want to completely retire; Gen Xers who want flexibility to pursue personal interests like raising children or caring for aging parents; and millennials seeking an independent work style are attracted to a gig economy. Due to advances in technology, work can be completed remotely at any time.

Gig Economy Benefits for Companies

Because your labor costs shift from fixed to variable, you may be able to save money. Also, you can contract with gig workers who possess niche skills you may need for a set time but not on an ongoing basis. Since gig workers don’t receive a salary or benefits, you can access talent you may be unable to afford on a full-time basis. Furthermore, you can assess a gig worker’s skill and cultural fit before deciding whether to hire them full time, if needed. Plus, gig workers begin quickly contributing to your organization because they don’t need much training, if any. As a result, gig workers increase your company’s productivity, allowing you to take on additional projects and improve your bottom line.

Accessing the Gig Economy

You can contact local or global intermediary organizations that make it easier to find, vet and contract with gig workers. You can also contact retirees and former employees who fit well with company culture, understand your organization’s processes, are highly productive and left for greater flexibility. Former employees may be interested in contracting with you as gig workers.

Managing Gig Workers

There are many considerations to make before deciding whether to hire gig workers. You should establish similar financial controls for both employees and gig workers to effectively measure how they contribute to your bottom line. Work with your legal department to create a plan for ensuring compliance while contracting with gig workers. In addition, manage your employees and gig workers in a similar manner, such as communicating clear objectives, providing purposeful work, showing respect and giving recognition for achievements. Create a plan for maintaining company culture among gig workers, such as viewing them as partners rather than vendors.

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For assistance with securing accounting or finance professionals, get in touch with Casey Accounting & Finance Resources and work with an award-winning financial recruiter!


Will Your Financial Career Benefit From One of These Certifications?

Working in finance, you’re probably familiar with certifications that may help advance your career. However, you may not have researched enough to determine which certifications may be most advantageous for you. Learn more information about four certifications that may benefit your financial career.

Certified Internal Auditor

Becoming a Certified Internal Auditor (CIA) demonstrates competence in areas such as information technology and risk and control. Certification is beneficial for audit staff, risk management staff, audit managers or chief audit executives. To earn your CIA certification, you need a bachelor’s degree and two years of internal audit experience, or a master’s degree and one year of experience. You have six and one-half hours to pass three levels of exams and may be certified within 12 to 18 months. Your annual number of required continuing professional education (CPE) credits depends on your work status.

Chartered Financial Analyst

Becoming a Chartered Financial Analyst (CFA) shows you’re highly knowledgeable and competent working with principles of portfolio management, investment analysis and economics. The certification is typically required for security analysts or asset managers and may be beneficial for fund managers, equity analysts, hedge fund managers or senior finance managers. To earn your certification, you need a bachelor’s degree, four years’ relevant experience in areas such as trading, economics or corporate finance, and membership in the CFA Institute. Expect to spend at least 300 hours preparing for each of the three exam levels. You have 18 hours to pass the levels of exams in succession. Although you may become certified within 18 months, most candidates take more than two years. You’re required to annually complete 20 hours of CPE credits, including two hours of standards, regulatory and ethics education.

Certified Management Accountant

Becoming a Certified Management Accountant (CMA) verifies your proficiency in financial analysis, budgeting, strategic assessments and other skills. If you earn your CPA license, you may want to earn your CMA certification as well, since the exam topics are very similar. The CMA is recommended if you’re an accountant in the corporate sector, especially in large, multinational companies. To earn the certification, you need a bachelor’s degree and two consecutive years in financial management or management accounting. You have eight hours to complete two levels of exams and three years to complete the program. You may be certified within one to two years and need to annually complete 30 hours of CPE credits.

Certified Information Systems Auditor

Becoming a Certified Information Systems Auditor (CISA) proves your proficiency in information systems control, security and auditing. Certification is beneficial for information systems auditors and control or security professionals desiring worldwide recognition. You have four hours to pass the 150-question exam. You may be certified when you have five years’ experience in professional information systems auditing, control or security. You also need to annually complete CPE hours and pay maintenance fees.

Work With a Top Financial Recruiter in Chicago

For assistance with securing your next position, get in touch with Casey Accounting & Finance Resources and work with a top financial recruiter in Chicago!