BENEFITS OF CONTRACTING

BIG CHANGES IN HOW WORK GETS DONE

The dynamics of work are changing rapidly:

– Baby boomers are retiring in droves

– Millenials are the largest segment of the workforce, and they tend to be more demanding than their baby boomer predecessors

– According to the Government Accountability Office (GOA), 12.9% of the entire American workforce (over 20 million people) work as independent contractors, and…

– It’s been dubbed “The Age of the Employee’

It’s exciting times!

Despite the ever increasing acceptance of independent contractors, it has been our observation that wealth management firms and family offices have been slow to welcome this concept of augmenting their existing permanent workforce with independent, entrepreneurial, expert, and ‘project-by-project’ contractors/consultants. “Full-time permanent workers, or nothing!” Hyde Park Pros believes that this lack of adaptation has created a short window of opportunity for firms and family offices to create significant competitive advantage and unique opportunities. Advantages and opportunities for organizations that are looking to:

– Filling-in skill gaps that are being created by the mass retirement of baby boomers,

– Remedy short-term (but costly) inefficiencies and holes in their workforce, and/or

– Obtain outside assistance on initiatives and projects that need a ‘second opinion’ or a very high-end and specialized expertise.

HOW WE ARE ATTEMPTING TO HELP A HANDFUL OF FIRMS AND INDEPENDENT CONTRACTORS TAKE ADVANTAGE OF THIS UNIQUE OPPORTUNITY

Besides our focus on permanent placements through our search and recruitment efforts, we are also attempting to:

– Identify very experienced professionals who are willing to offer their expertise in 3, 6, 9 or 12 month contracts (part-time or full-time, depending on what stage of life they’re in), and

– Connecting them with executives of multi-family offices and patriarchs and matriarchs of single family offices who can envision the high ROI these independent consultants can provide

Below is a relatively short list of the benefits of contracting for both firms and professionals.

(Benefits for FIRMS are listed in the left column (with gray backgrounds) and benefits for INDEPENDENT CONTRACTORS are listed in the right column…)

FIRM’S BENEFITS

Engage High-end Independent Consultants on a Project-by-Project Basis

Leverage industry expert's knowledge for short-term engagements for long-term improvements and profitability

CONTRACTOR’S BENEFITS

ATTRACT MORE CAREER SATISFACTION AND INCOME BY DEVELOPING MORE EXPERTISE & CREATING MORE VALUE IN LESS TIME

Contractors are able to do a greater variety of work, meet new people (to coach & be mentored by), gain expertise faster, make more income, and add more value to clients in shorter periods of time

HIRE STAR TALENT FOR SPECIFIC PROJECTS FOR A FRACTION OF THE COST OF A FULL-TIME PERMANENT EMPLOYEE

Many of our Independent Contractors have made mid to high six figure incomes during their careers. In many cases they don't need to work, but consult 'for the love of the game.' What an opportunity to benefit from their years of experience for a fraction of their former full-time permanent compensation

Heavy on the value, light on the price

TEST THE WATERS BEFORE BECOMING A PERMANENT EMPLOYEE

Have you ever known (only months after being hired) that you weren't going to be at that employer for very long? Starting out every engagement as an independent consultant lowers the 'barriers of entry' into a firm, and allows you to experience the firm's 'employee experience' and company culture before becoming an employee!

TRY BEFORE YOU BUY

Sometimes no matter how good your hiring process is you will make hiring mistakes. These mis-hires can be financially, emotionally, and culturally taxing on you and your firm or department

MORE DELIBERATE LIFE BALANCE

With more flexibility comes more options. Independent contractors are able to choose the projects they take on and have more options on how they spend their time. 'To every time there is a season.' Whether by choice or necessity, there are times in a person's career where they may decide to spend more of their time and energy on other aspects of their lives

REAP THE REWARDS OF BEING AN EARLY ADOPTER IN CONTRACTING & FREE AGENCY

Unlike in other industries (like information technology) blending contractors in with permanent employees is quite rare in wealth management and family office services. We believe this represents a potential competitive advantage for early adopters

HAVE VARIETY IN YOUR WORK AND GAIN VALUABLE EXPERIENCE BY WORKING FOR MANY ORGANIZATIONS AND WITH MANY DIFFERENT TYPES OF PROFESSIONALS

When we ask candidates why they are leaving their current employer the number one reason they tell us is that they are not being fully utilized, and their work is no longer challenging. Being an independent contractor can help remedy this very common career frustration

LET'S FACE IT: 'THE EMPLOYEE IS KING' AND TOP TALENT IS BOTH IN SHORT SUPPLY AND EXPENSIVE

Because the baby boomers are retiring in droves top talent is in short supply. Those who remain are aware of the talent shortage and, at times, can be quite demanding. You are better able to manage this imbalance in supply and demand by adding contractors (who come in and provide a lot of high-end value in a short period of time)

YOU CAN HAVE A GREAT BENEFITS PACKAGE WORKING AS AN INDEPENDENT CONTRACTOR

Many professionals stay with bad employers (or shun the idea of being an independent contractor because they believe it the only way to receive benefits. We have a working relationship with Top Echelon (our contractors' W-2 employer) that provides health, dental, and vision insurance, and 401(K) options

CONSIDERING THAT PERMANENT EMPLOYMENT IS THE NORM, YOU HAVE TO BE IMPRESSED WITH PROFESSIONALS WHO BUCK THE TREND BY BEING WILLING TO WORK ON CONTRACT

We admit that there are a lot of variable that go into whether a professional feels comfortable working as a contractor. And we know there are a lot of fantastic professionals who will only consider permanent employment. However, being willing to work as a contractor gives a very positive sign of a professional's confidence to deliver value on a consistent basis