Leaders,

MBO Partners has been the industry gold standard for Enterprises scaling their independent workforce and data on the independent workforce through their annual State of Independence Report. Started originally in 1996 by Gene Zaino, MBO stands for “My Business Office”, and has been leading the independent workforce ever since. Miles took over as CEO in 2019, after 30+ years leading PWC, including concepting and building PWC’s Talent Exchange, the brand’s talent marketplace.

In this episode, we will clearly understand the size, scope, and nature of the independent workforce. By understanding this, we’ll then clearly understand why we call the current state of work a ‘talent chasm’, rather than fluffy names like the future of work. Specifically, we’ll dive deep into why now is the time that companies are being disrupted by the changing talent landscape. We’ll also dive deep into why this is no longer a Procurement or HR issue, but rather a P&L and growth issue. We’ll also learn from Miles how top companies are leaning in. Specifically, he’ll teach us MBO’s 3 “legs of the stool” approach of compliance, cost, and workforce optimization that uses education and mathematical value creation to drive the transformation needed.

Miles will also share crucial data points, like how the independent workforce making over $100,000 stands around 4.6 million people, and how the percentage of this population that sources work through talent platforms has grown from around 4% in 2012 to around 40% now.

Key takeaways:

1: Talent has changed, yet the strategy hasn’t. Specifically, talent has changed from a full-time, permanent workforce to an impact-based, fluid workforce with an average tenure of less than four years.

2: The impact of this new paradigm is that the old model, which was built around job roles, gets in the way of the new model of work that necessitates mission-critical teams.

3: Not adapting is no longer trivial. There’s a clear pattern of companies that stick to the old paradigm being left behind. Specifically, Miles shows us the clear ROI and valuation implications between companies that have a strategic independent workforce and companies that don’t.

4: There is a clear 3-step process to successful talent transformation.

Step 1: Align everyone around Human Capital scarcity
Step 2: Educate everyone on how the independent workforce is where top talent is heading
Step 3: Be Intentional about the risk, the mathematical value creation, and the stakeholders needed to drive this transformation

Enjoy!

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