If meeting professionals have learned anything from the Great Recession, it’s that the travel industry is hit hard during an economic downturn. Throughout the recession companies made significant cutbacks on corporate travel expenses. As a result of the reductions in spend, major meetings were canceled and non-revenue-generating departments such as meeting planning were downsized.
Fortunately, 10 years later, the industry has stabilized.
In fact, according to the Global Economic Significance of Business Events, an Events Industry Council study, in 2017 there was US$1.5 trillion in worldwide spend and nearly 30 million jobs were impacted by the meeting industry.In response to the global recession, longstanding organizations began to rely on the freelancer talent pool, which led to the creation of a “blended” workforce. Meetings organizations also embraced the blended model. This organizational strategy will help prevent layoffs in the event of a recession and guarantee a network of readily available resources for businesses of all sizes.
We know that the next financial recession is sure to occur—the only question is when. Financial experts are advising business owners and consumers to start preparing now. Some analysts predict another recession will hit as soon as 2020.
With the advent of modern tech tools and the gig economy, in addition to some hard-earned experience, meeting professionals are in a much better position to change the way they react and do business during an economic downturn.
With the ubiquity of technology, freelance workers are positioned as some of the most valuable and flexible talent in the workforce. Forward-thinking companies are gaining a competitive advantage by strategically employing expert freelancers.
Here are a few ways businesses in the meetings space can become more agile by leveraging the gig economy and freelancers.
Developing a Talent Strategy
Some businesses work with freelancers on an as-needed basis. A skilled freelancer may bring their expertise and experience to the table for the duration of an important project. Many organizations choose to incrementally introduce freelancers, like consultants, only as their specific expertise is required.
With strategic augmentation, businesses supplement their in-house talent by bringing in auxiliary resources. Often, these partners will offer expert skillsets like design, research or consulting, while core teams continue to focus on the consistent, day-to-day deliverables.
Organizations that operate on the transformational model are the most agile because they employ only a few full-time employees while engaging freelancers on an ongoing project basis. My company, Soundings Connect, utilizes this model.
For marketing efforts, there’s no need for Soundings Connect to have a full-time internal marketing department. There are amazing freelance marketing specialists who offer expertise and high-level skillsets and are eager to contribute. We’ve developed a flexible, yet ongoing partnership that utilizes technology and benefits all stakeholders involved.
Demonstrate Effective Leadership and Clear Communication
From the onset, freelancers will benefit from regular performance feedback, work assignments that are carefully designed for productivity and opportunities to discuss ways to improve and grow the business partnership. Businesses that embrace a two-way street standard with freelancers often attract top talent.
In-demand freelancers are creative, entrepreneurial independents who strive to provide meaningful and measurable contributions to organizations. They want to design high-impact meetings and events and have opportunities to showcase their hard-earned talents and industry expertise with colleagues and clients. Your organization will benefit from building a culture that optimizes these partnerships. Otherwise, the best talent will look elsewhere for work.
A key strategy for remaining agile is pairing your freelance talent with effective managers. The freelance economy has made it necessary for innovative organizations to embrace a new relationship model in the workforce.
Freelancers are highly skilled, experienced workers who bring a breadth of abilities to the forefront. Thoughtful leaders understand that the superior-subordinate managerial relationship is a thing of the past and that managers may need training to enhance the freelancer-supervisor relationship.
Create Fair Administrative Policies for Freelancers
Freelancers supplement internal workforces and add value to long-established companies and growing small businesses. When it comes to contracts, payment terms and working conditions, it may be necessary for companies and corporations to analyze their current business policies and update them to protect both the business and freelancers.
One of the biggest hurdles that freelancers face is getting paid for their work in a timely manner. Agile businesses embrace freelancers as integral members of the team. By viewing freelancers as valuable contributors to the organization, whose contributions affect the bottom line, business leaders understand the need for adherence to contracts and project terms.
Expediting payments to your freelance contractors as soon as an event concludes might be the differentiating factor between your organization and your competitor. Perhaps you recently worked with a super talented consultant who helped you take your meeting to the next level, or a technology expert who made your tech implementation seamless and easy. In-demand freelancers, especially those with high-level niche expertise, will prioritize relationships with project partners who make sure they are compensated on time, every time.
Embracing Remote Work and Flexibility
Businesses that engage and embrace freelancers as part of the team also understand that in order to get the most out of freelancers, they need to be flexible and embrace remote work. Technology has made it possible for thoughtful and strategic managers to create teams of blended talent that operate using a modern, technology-based model. Technologies such as Zoom make virtual sharing and communication almost as effective as meeting in-person.A flexible mindset will create opportunities for organizations to benefit the most from what freelancers have to offer. Freelancers are essentially one-person small businesses who are juggling multiple projects and the unique demands of various clients. When freelancers are granted a certain level of latitude on projects that require more individual focus and less collaboration, leaving room for flexibility can lead to amazing results.
The economic downturns of the future cannot be avoided, but by strategically embracing the blended workforce model, you will place your organization in an adaptable and optimized position that is forward-thinking and sustainable. Small businesses and large companies are rolling out this ultra-modern, proactive approach to talent acquisition.
With careful planning, communication and analytical managerial skillsets, business leaders are gaining incredible value and working with elite talent while reshaping how businesses attract and retain the best meeting professionals. The new, blended workforce model, based on freelancer talent, will continue to present exciting possibilities for innovation in the meeting industry.
Is your organization prepared to effectively work with freelancers? Download the Freelance Talent Alignment survey
Are you an independent meeting planner, a small business owner or an entrepreneur? If so, you know the business landscape can change overnight. That’s why mentorship, business opportunity and a supportive network is so important. Learn more about the benefits of joining MPI’s Independent and Small Business Owners community at mpiweb.org/membership/communities/isbo.
