Oct 29, 2019, 08:00am Rick
Itzkowich Forbes Councils Member | Paid Program; Rick
Itzkowich is a Vistage Chair, CEO of three manufacturing firms,
author of "The Referral Playbook" and creator of networking products.
Baby boomers (born 1946 to 1964) are retiring
at a rate of 10,000 per day. And
millennials (born 1981 to 1996) are shaking up conventional ways of doing
business. They are poised to lead next-level entrepreneurship into the future.
When we look to the dreams and technology that the new generation of small
business owners brings to the marketplace, will it be enough to succeed?
By incorporating an underutilized outsource,
today's startup founders may find a goldmine in gray. By outsourcing, I mean
working with independent contractors or executive placement services.
Both Gen Xers (born 1965 to 1980) and
millennials helped usher in the era of digital transformation — simplifying
aspects of product development, internet-based sales funnels while establishing
must-have lifestyle corporate cultures. For visionary entrepreneurs, day-to-day
business management can be time-consuming and downright tedious, especially for
small businesses still in the start-up or growth phase. CEOs may find
themselves bogged down, overseeing daily operations and using their time
inefficiently, dealing with finances, marketing, personnel and business
research. This is where tapping into the option of leveraging senior talent (55
to 73 years old) becomes a viable answer.
When you don't have the cash flow to hire
full-time experience, consider farming LinkedIn or seeking out referrals for
retirees who can provide the talent you need on a part-time basis. You'll be
looking at establishing a fair hourly rate or per-project basis for virtual or
onsite work versus salary, benefits and more for a person not nearly as
experienced.
Here are five reasons to consider hiring veteran
talent while you concentrate on scaling your business model:
1. C-level executive positions. Fractional executives are professionals who
have served in the role of CEO, CFO, COO, CMO, CSO, CTO or CIO. Typically, they
offer their services on a for-hire basis as an independent consultant or
through a specialized placement firm. This allows small entrepreneurial
companies to access top-tier executive talent at a fraction of the cost.
2. Financials. Whether it's bookkeeping, preparing
financial forecasting reports, processing payroll or tracking down delinquent
accounts, a freelance career accountant may serve as a tax advisor as well as
be hands-on for your day-to-day and year-end accounting requirements.
3. Marketing. From your branding, website and
collateral to trade shows and advertising opportunities, this is an area that
flourishes if you bring on an individual who has either owned an ad agency or
served as a marketing manager. Just because your social media expert can post
status updates does not qualify them to strategically advise you or implement
the marketing tactics you'll need to succeed.
4. Personnel. A full-time human resources person would
be ideal. But until your cash flow warrants the position, check with your local
Society for Human Resource Management for a part-time recommendation. With an
experienced staffing professional, you will feel more confident that you are
following government regulations regarding recruiting, screening, interviewing
and placing workers.
5. Research. Information is power. Without understanding
market trends and customers' behaviors, you are at a disadvantage. An
outsourced business research specialist can serve as a vital advisor to provide
relevant data to help identify opportunities and threats in the marketplace,
perform a SWOT analysis and study your demographic/target audience(s). With
this data, you will feel confident that you are making decisions based on
facts, not assumptions.
There are many and varied options to add
highly skilled professionals to your team. By selectively choosing part- or
full-time individuals to fit your current needs, you'll be able to capitalize
on your strengths and focus on scaling your business model. When you're ready,
your "gray" team members will be poised to write the job description
and even interview candidates for you to create the permanent position you can
now afford. Believe it or not, most have left their egos at the door. They will
be happy to head back out on the golf course until their next project comes up.
Why would a retiree want to jump back into the
workforce?
• A retiree may have had an exciting, productive and award-winning
career. Maybe they even owned and sold their business. But after six months of
going to the gym and playing tennis, they may have felt they were no longer
somebody and missed contributing and seeing positive results from their
actions.
• Besides living longer, this
demographic has traditionally chosen to
live active lifestyles. Many are still proactive about their health and
determined to beat dementia. Promising research shows that one can reduce the risk of
Alzheimer's and other dementias through staying socially engaged, continuing to
learn new things and continually challenging one’s brain.
• Research by the
Insured Retirement Institute suggests financial troubles for some retiring
boomers. According to the study, "45% have no retirement savings. Only 55%
have some retirement savings, and, of those, 28% have less than $100,000."
Close to half will be living off their Social Security benefits. A key reason
for this lack of funds is the stock market decline from 2008 to 2009.
Now that we've seen the advantages of bringing
the generations together, the elephant in the room is the differences between generations,
including communication styles. The millennial generation has been raised to
feel valued and positive about themselves. It's a sign of disrespect to be told
to do things a certain way just because it has always been done that way or to
say that they need to pay their dues. On the senior side, boomers are less
likely to offer recognition, and many like to sometimes go on and on about
their past successes.
Not to mention how communication mediums
differ. Many millennials prefer the internet, texts and mobile devices. Many
boomers favor phone calls and in-person conversations. In the long run, it's
worth it to take the time up front to understand one another and write up
preferences on how you will communicate.
By coming together with a common goal, both
gray and today business leaders benefit and learn from the experiences they
each bring to the company conference table.
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