New Gig Economy Model Emerges For On-Demand Advisors

The gig economy has evolved since task-oriented workers first started looking for additional income. Companies like Uber, Lyft, Etsy, 99 Designs, Grubhub, and even Airbnb, have forever changed the landscape for how people can pick up a “gig” to earn a living or generate supplemental income. Today, companies are seeking high-level expertise to fill the gaps within all areas of their organization, creating the next phase of the gig economy – the market for on-demand advisors.

A recent report by McKinsey found that knowledge-intensive industries and creative occupations are the largest and fastest-growing segments of the gig economy. Businesses are hiring experts who can advise at a high-level and in detail on how to navigate top business challenges like artificial intelligence, cyber-security, cash flow management, or new technology trends. According to a Forrester survey, 88% of companies agree that specialized talent is essential to the long-term viability of their organization.

This is where on-demand advisors come into play. High-level executives who are deep industry experts are contracted at an hourly rate for an agreed-upon length of time, whether it’s to meet for an hour about an HR crisis, extend to a longer engagement to help facilitate an IPO, or somewhere in between. This is a particularly valuable concept at the executive level, where on-demand advisory work allows companies to connect with independent subject-matter experts when they need advice the most. This also works for individual C-suite executives, who can reap the benefits of having an outside advisor to ask questions, brainstorm ideas, make key introductions, and offer insight on relevant areas of expertise.

Advisors can also fill in a gap between corporate boards and executive management teams’ responsibilities especially in private companies. Because corporate boards are focused on corporate governance that includes a wide range of topics like expansion, raising capital, or exit strategies, the strategic goals of boards are at times not aligned with the capabilities of the management team. On-demand advisors can fill that void by providing the know-how and guidance to reach goals. These advisors can bridge the gap and provide much-needed insight for managing the board’s expectations. These advisors are asked to join the board to become a long-term integral part of the business strategy and planning.

So, where do you find these advisors? For executives that want to make themselves available as an advisor, a good place to look is with professional advisor networks like AdvisoryCloud, which has a directory of over 8,000 advisors on their platform. AdvisoryCloud helps executives build their personal brand as an advisor by providing members with a public advisor profile. These profiles are individual webpages that act as a hub for attracting and managing their advisory work. Professionals can list their skills and experiences, and get hired and paid through a secure payment system.

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