I launched my marketing and growth advisory for two reasons. The first reason was that many businesses I spoke to didn’t know what they wanted or needed from a CMO. Recruitment discussions often focused on bringing someone in to lead marketing, a department that, at present, was not contributing to revenue or tangible growth.
The second reason was that I have the expertise to build marketing engines to support businesses’ sustainable growth and wanted to use that expertise to help many companies in the fintech, tech and professional services industries.
The growth of Smita Gupta Advisory has coincided with a rising demand for independent talent from businesses and an expansion of the independent workforce. Given that 95% of executives are concerned internal teams don’t have the required skills, expertise or capacity, it is no coincidence that more businesses are opting to search for independent talent to support internal teams or facilitate specific projects.
What can we learn from the rising demand for independent or fractional talent, and how can businesses utilise this model in a way that works for them?
Why is there a rising demand for independent talent?
Supply and demand
The demand for independent talent is partly driven by the talent itself. 43% of the US work force is working independently, on project or interim basis – a massive pool that companies may miss out on, should they only look for full-time, permanent support.
Following waves of redundancies, particularly in the tech industry, many workers are seeking independence to have more autonomy and work-life balance than often comes from full-time, in-house work. At the start of 2024, the Economist predicted a growth in freelancing within the tech, marketing and consultancy industries, which relates to the growth in demand for these skills. As an independent worker, individuals can focus on specialist areas and manage their workload, while providing necessary services to businesses.
Skills Gaps in existing teams
Another factor in the search for independent talent is the need to support internal talent and skills. Over a third of executives are concerned about skills gaps in the next three to five years, particularly in the areas of data and analytics; compliance, reporting and risk management; and process improvement and business transformation. While developing skills internally, businesses are bringing on independent support to foster internal talent or guide projects.
Particularly for strategy development and projects surrounding transformations or mergers, bringing on interim leaders with the necessary experience and an external perspective can help guide businesses forward.
What are businesses looking for?
The 2024 High-End Independent Talent Report by the Business Talent Group investigates the rising demand for independent talent and enquiries have increased across business functions and skillsets. The graphic below shows the top 10 industries and business functions that have requested independent talent since 2022. When differentiated by industry, BTG highlighted the top 5 projects and skills that are in-demand for Financial Services, Private Equity, Professional Services, and Technology. The projects are also divided into strategy, operations, transformation, organisation, and interim leadership.
When differentiated by industry, BTG highlighted the top 5 projects and skills that are in-demand for Financial Services, Private Equity, Professional Services, and Technology. The projects are also divided into strategy, operations, transformation, organisation, and interim leadership.
For businesses looking for support in any of these areas, there is independent talent with a range of expertise ready to support. We offer the Smita Gupta Advisory Talent Vault to our clients, a network of recommended global experts in marketing, growth and strategy to guide your business forward.
How to use independent talent for your business
There are many reasons businesses look for independent talent, including additional support on projects, fostering internal skills and providing leadership during difficult times. It is important to understand your business need for additional talent in order to evaluate the length of time and objectives of bringing on support. Then you can evaluate the best talent for your business.
If you are looking for independent support to drive your business forward, get in touch to discuss your objectives and how the Advisory can help.
