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Go Independent, Some Strings Attached

Millennials are driving the project economy, opting for freelance or consulting work in lieu of traditional full-time employment. But the lure of picking and choosing their clients comes with risk.

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Millenials

The economy, employment numbers, and job creation have dominated business headlines over the past several years. However, there’s a bigger story underneath the headlines. How will the changing landscape affect the new generation of workers known as Millennials—a group 77 million strong?

The old business model for corporate America assumed huge pools of employees were dedicated to a single employer for most of their lives. Businesses grew and workers were rewarded with the basic benefits of employment—job security and growth.

But in the past decade, businesses have fundamentally altered how they think about their workforce and productivity. Shaped by forces of globalization and free flow of labor and information, businesses have sought to become nimble. One way they did this is by employing a more flexible model to get work done, using a revolving combination of contractors, consultants, and full-time staff to get work done efficiently.

For Millennials, those born between 1980 and 2000, a “new normal” for work is a landscape where jobs are replaced by projects.

In fact, over the past two years, we've seen nearly a 250 percent jump in Millennials electing an independent career as either a freelancer or independent consultant. Unlike previous generations, Millennials are making the decision much sooner in their career path to take control of their careers.

The story for this generation is one of companies dissecting work into project-based deliverables with clear objectives and measurable results, while workers sell their knowledge in small installments, project by project.

While the allure of the independent career is undeniable for a growing number of Millennials, there are a few things they should consider in order to successfully pursue and manage their independent career:

  • It’s not who you know, but what you know. In the new normal, the skills you possess are much more important than who you know or the politics of the organization. Focus on developing your strengths and your particular skill set to rise to the top of your independent career. Be the go-to expert for the area of work you choose.
  • Develop and nurture your network. Join groups and expand your professional network to create a community that provides a flow of information and opportunity. Networking can keep you up to date with the latest developments in your specialty or skill set. It can also serve as a forum for testing or questioning new ideas and tools. You will also discover that many jobs will come from those who trust you or the people they know, so developing and nurturing connections is essential to the independent consultant. A note of caution: Networks can be managed online, but should also be nurtured in real life to be truly successful. Organize a dinner or lunch even as you tweet and Facebook or link to professional colleagues.
  • Independent but not alone. Millennials are high-energy producers who welcome multitasking, but it is important to channel that energy into mission-critical tasks for clients. Back-office tasks such as billing, collections, regulatory issues, tax administration, contract negotiations, and vendor agreements are crucial to your business but can be a distraction from the work you deliver to your clients. Develop a strong infrastructure that will manage the back office and free you to focus on billable hours. An independent consulting services provider can provide you with the benefits of uninterrupted medical benefits, 401(k), professional business insurance, and a consistent infrastructure no matter what states you work in or how many clients you serve.
  • Consider traditional first. For the Millennials graduating from college today who are saying “sign me up” it may seem contrary, but taking the traditional route first can provide a solid foundation to leap-frog into a thriving independent career. A good company affords you training, mentorship, and the opportunity to learn business. It also provides a time period to explore which tangible skill sets you have a passion for and can spend time developing. Armed with knowledge, specialization, and passion you will have the building blocks for a successful independent career.

Over the years, we have learned that companies and employees used to traditional workforce models are reluctantly adapting, but Millennials, who seem prewired for new styles of work, are driving acceptance of these new models.

These digital natives are comfortable working remotely and thrive on the stimulation of multiple projects and tasks while companies are finally starting to embrace this generation's natural skill set as a way of keeping pace with a rapidly changing marketplace.


Gene Zaino is the President and CEO of MBO Partners, a leader in the $250 billion-and growing-independent consulting section in America. For independent consultants, MBO Partners manages their entire business infrastructure. For organizations that use contract talent, the MBO Enterprise Solutions team provides a complete independent contractor aggregation and engagement offering. The company’s website can be found at http://www.mbopartners.com.

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