Author: Doug Van Dyke, CEO, Leadership Simplified
This article originally appeared in the Summer 2024 issue of the South Carolina CPA Report
Recently, I had the pleasure of speaking at the SCACPA Spring Splash Conference. One of the keynotes I delivered focused on our ever-evolving workforce and how to lead transformational organizations like yours in today’s gig-shifting economy. If you missed it, no worries — I’m here to share some key takeaways and to help you navigate a changing landscape.
Understanding the Gig Economy
Today’s workforce is evolving faster than ever, and leading younger workers in today’s gig economy requires a fresh approach. A full understanding of the gig economy is imperative to successfully navigating the evolving marketplace.
The “gig economy” is a labor market characterized by the prevalence of short-term, freelance work engagements often facilitated through online platforms or apps. In this type of economy, individuals perform tasks, projects, or assignments on a flexible basis, usually for multiple employers or clients.
According to the U.S Bureau of Labor Statistics, as of 2022, the U.S. workforce consists of 164 million people, with 36% identifying as independent workers. This has increased by 27% since 2016, showing a significant shift towards freelance and gig work. A 2023 United States Chamber of Commerce study projected that by 2028, the number of U.S. contract employees is expected to grow to more than 90 million, making up approximately 50% of the workforce.
Attracting Talented Young Workers
Once the shifting employment landscape is understood, the question now becomes, how do we attract talented young workers into our firms, companies, and organizations? Here are some strategies to consider:
- High-Tech Interfaces: Young professionals are drawn to organizations with cutting-edge technology. Ensure your systems are up-to-date and user-friendly.
- Web-Based Platforms: Make sure your interfaces are web-based and accessible from anywhere. Flexibility is key.
- Engaging and Easy Onboarding: Keep the onboarding process light, straightforward, and maybe even a little fun. No one enjoys a cumbersome start!
- Minimum Contact with People: This might sound counterintuitive, but the younger generation prefers digital communication over face-to-face interactions, at least initially. Make it easy for them to get information without navigating complex human hierarchies.
Retaining Young Workers
Attracting talent is just the beginning. Keeping them is where the real challenge lies. Here are a few of my favorite retention approaches to positioning your organization for success:
- Tech-Savvy Environment: Create a technologically advanced workplace with the latest tools and software. Keeping up with tech trends shows that you’re forward-thinking.
- Flexible Work Options: Offer remote work or flex hours to accommodate their work-life balance. The younger generation values flexibility immensely.
- Career Development and Growth: Emphasize opportunities for learning and career advancement. They want to see a future in your organization.
- Transparent Communication: Maintain open communication channels and regular updates. Everyone appreciates honesty and clarity.
- Strong Organizational Culture: Showcase your organization’s values and commitment to social responsibility. Younger workers want to feel that their work has a purpose beyond just a paycheck.
Leading a Diverse Workforce
Leading a workforce that spans multiple generations and perspectives can be challenging but incredibly rewarding. Here’s how to excel:
- Paraphrase: It’s the great equalizer. Ensure that everyone feels heard and understood. When used elegantly and authentically paraphrasing lets younger workers know that they have been heard.
Understand Generational Perspectives: Recognize the different motivations and work styles of each generation. - Master Different Leadership Styles: Adapt your leadership style to suit the situation and the individuals involved. This flexibility can boost morale and performance.
- Be a Coach and Developer: Focus on nurturing talent and helping your team grow. Your role is not just to manage but to develop.
- Share Meaningful Feedback: Give feedback that is actually useful. Generic praise or criticism will not cut it. Be specific and constructive.
The Bottom Line
To succeed in today’s ever-changing marketplace, it is crucial to keep up to date on data and trends. Stand firm on your organization’s culture while customizing your approach to younger employees. Continually elevate your leadership skills and abilities. Remember, you are awesome, and with these strategies, you can lead your organization to thrive in the new employee landscape.
Until next time, be well!