The New Workforce is a Skill Set Workforce
The work landscape shake-up has prompted millions of people to quit their jobs throughout the past two years. 47 million Americans voluntarily quit their jobs in 2021, according to the US Bureau of Statistics. The labor market broke wide open. Now, the aftermath is (millions) more job openings than the number of new hires. This month the Job Openings and Labor Turnover Survey (JOLTS) found a series high for the entire U.S. workforce with 11.5 million job openings, 4.5 million quits, and 6.7 million hires.
Out of the total number of job quits, those for the Leisure & Hospitality industry (L&H) are at a record high. According to the U.S. Bureau of Labor Statistics, L&H experienced a surge in job quits in 2020-2021, from 4.1% pre-pandemic to 5.6% in February 2022. Of the total 4.5 million Americans who quit their jobs, 860,000 were L&H workers. Consequently, the number of L&H job openings far exceeds the number of unemployed workers who previously worked in the industry. There are now not enough skilled industry workers to fill vacant positions.
This rise in voluntary attrition is different from spikes in the past. Most workers are indefinitely leaving full-time jobs or the workforce altogether. Many of them are looking to the freedom and flexibility that freelance work offers instead, specifically in the events industry. They seek a healthier work-life balance, better work environments, and the ability to focus on their passions.
The gravitation to be one’s own boss is strong and growing. According to Upwork’s Freelance Forward 2021 report, the U.S. freelance workforce is 59 million strong, or 1/3 of the entire workforce. It is projected to grow to 86.5 million, 50.9% of the entire U.S. workforce, by 2027. The workforce has drastically changed and not just as a matter of compliance. It has eliminated barriers for freelancers. Now, there is a stronger focus on skill sets rather than roles.
Specialization is the new currency
The workforce is now a skill set workforce. Freelancers are embracing specialization and companies are searching for it. The pandemic provided the freelance workforce with the opportunity to create jobs and address needs that did not exist before. Certain work is more specialized and requires more knowledge than it did pre-pandemic. For example, someone who may have worked as a general Marketing Consultant now works as a Website Builder due to the increased demand for a digital presence and service offerings.
At Soundings, we’ve seen an increasingly high demand for specialized talent requests from companies over the past two years–specifically, desired positions that were born from or popularized by the pandemic. With the rapid comeback of live events, we are now seeing live role requests for event professionals with specializations in specific technologies, event production, and hybrid event integration. Local operations experts are also in demand, whereas traveling to events was more popular pre-pandemic. Most virtual event role requests now have a focus on running and monitoring live feeds and the virtual attendee experience.
Some of the most frequent role requests we receive from organizations are for Event Registration Specialists and Event Technology Specialists with Cvent Attendee Hub experience. Virtual Event Producers and Webcast Producers are also popular, as are Virtual Event Planners and Virtual Bartenders.
With the necessity for more specialized roles to address new needs and leverage the changing work landscape, companies are changing the way they approach talent acquisition. Instead of employers seeking talent to fill a strict job description, roles are being broken into skill sets, and job descriptions are then created based on what talent has to offer. The old “one size fits all” approach to recruitment is being replaced by finding specific expertise that companies need. Are degrees essential to fill a critical role or do specialization and specific experience suffice? Many companies are finding specialization is not only enough but in many ways a better fit.
Benefits of specialization
Let’s look at some of the benefits of specialization for both freelancers and companies seeking talent.
For freelancers seeking work:
Are you specialized in something awesome? Whether a previous full-time job did not allow you to exercise your breadth of experience, or you recently got upskilled and want to utilize your new skill set, now is your opportunity to show it off! Specialization in a freelance workforce allows you to plug and play for companies–with the right cultural fit for you. This flexibility also permits you to focus on the part(s) of jobs that you love so you thoroughly enjoy the work you do every day.
Pro-tip: Join the Soundings Thrive network and we’ll find you jobs that focus on the expertise and work you love.
The more specialized you are, the more opportunities you have. And you can continually up-skill by acquiring new and relevant certifications as you go.
For organizations seeking talent:
There are now better talent solutions for your organization in the changing work landscape. Specialization means more possibilities. You can staff on demand for specific skills you need, whether project-based or longer-term and more effectively recruit for staff augmentation.
Hiring freelancers with specific expertise means more specialized work for your organization. According to Upwork, 59% of freelancers had participated in skills training in the last 6 months vs. 36% of non-freelancers. Hiring the best relevant talent helps your organization stay competitive. That's why we help upskill our 1400+ independent professionals in the Soundings Thrive community by providing the education and certification they need to stay relevant and serviceable.
Pro-tip: Work with Soundings Connect to create agile staffing models and leverage our talent community to serve your needs when you need them.
Leverage the new work landscape
Whether you’re considering a freelance career for the first time, seeking freelance work, or are an organization seeking expert talent, leaning into specialization will benefit you now and in the future. The new work landscape will continue to evolve. The question is will you evolve with it? Soundings can help you capitalize on specialization.
We support talent specialization by putting independent professionals and their needs first. We provide a community for freelancers to network and learn, and we support them with continued learning to build the skill sets they need to fulfill clients' unique and evolving needs.
Soundings has a pulse on the event, hospitality, travel, and associations industries and know what companies need most right now. Our unique and specially vetted talent pool is well versed in over 50 diversified specialties with the incentive to be on the cutting edge.
Want to learn more about how Soundings can help you?