What is the Open Talent or “Gig” Economy?

  • Open Talent is a term that refers to individuals who provide a service in exchange for payment who are not on an organization’s "balance sheet." Other terms encompassed by Open Talent are: contractor, subcontractor, independent worker or freelancer, and contingent (or temporary) worker.
  • Independent workers of all age, skill set, and income levels may turn to freelancing, contract work, consulting, and temporary assignments for income, opportunity, and personal satisfaction.
  • There is a growing percentage of the workforce looking for new and different ways to engage with work. Those who may favor flexibility and adaptability over job security and long-term employment may prefer gigs.

    • Types of Open Talent

    Independent Contractors: Typically, self-employed individuals (may also be known as Independent Consultants), who provide services directly to an organization, sometimes through their own LLC or other business structure.

    Independent Contractors may:

    • have multiple clients and may be selective about the type of projects they work on
    • have unique, in-demand skillsets (i.e., Subject Matter Expert)
    • often be enterprising in spirit and be responsible for marketing their services and finding specific project-work to support/develop their brand and pipeline
    • wish to consult with legal and/or tax experts for additional advice

    Third Party Contractors: Individuals employed by a third party (typically a staffing firm/vendor) that provide services to an organization when requested. These contractors don’t necessarily need to find their own work (sometimes they do), but they are often approached by staffing firms/agencies who present them with potential opportunities of interest. Sometimes, these contractors find their own work/projects, and may choose to utilize a third party entity to payroll them for that engagement as opposed to operating as a true Independent Contractor.

    Temporary/Seasonal Employees: May be employed for a specific period of time/purpose (i.e. tax busy season, maternity leave coverage, holiday periods, etc.).

    Crowdsourced Talent: When an organization wants to leverage the wisdom, talent or ideas of many people, usually online. Self-employed individuals can leverage a crowdsourcing platform or website to connect with work ranging from consulting engagements to on-demand micro-tasks (data entry, other quick projects that may pay per task/project) Crowdsourcing may offer workers a wide variety and freedom to work on different types of projects.

    Who is Open Talent?

    As the workforce gets more diverse, self-employment and alternative work arrangements may become more mainstream. Here you see illustrations of individuals who may find an open talent model appealing.

    Weighing the advantages and disadvantages of "gig" work

    While there could be many advantages, before you jump into the open talent pool, you may want to do a cost/benefit analysis; think about the pros and cons of gig work and if it’s right for you. Much of the decision will depend upon your personality, preferences and tolerance for risk.

    For those who enjoy being an entrepreneur, being their own boss, having a brand, being an independent contractor, gig work may satisfy those needs.

    Below are some of the potential advantages and disadvantages of flexible work; it’s all going to depend on your comfort level.

    Tips for Navigating in the Gig economy

    There are many things to consider and the choice may not be for everyone. Take some time to do some soul-searching, and then if you think you have what it takes, go for it.

    Things to consider:

    • Do you have the temperament for the ups and downs of being a gig resource?
      • Can you thrive in times of uncertainty?
      • Are you comfortable working alone?
      • Are you organized and disciplined to be your own boss?
      • Are you resourceful when faced with challenges?
    • Build an emergency fund – to help withstand gaps between gigs
    • Build a strong network of potential clients and project leads
    • Deliver results, then ask for references
    • Have a solid plan
      • How will you handle marketing of your services?
      • How will you plan for down times between gigs?
    • Pay attention to financial management
      • Paying taxes
      • Set up a business checking account
      • Consult with legal and/or tax professionals as needed
      • Allocating expenses (healthcare, travel expense, education, certifications, supplies, etc.)

    Additional resources as you consider being part of the gig economy

    Type of Website Website Name Website Address
    Business/Independent Consulting Advice
    • SBA
    • SCORE
    • The Grantsmanship Center
    Freelance Sites
    • Toptal
    • Freelancer
    • Guru
    Crowdsourcing Sites
    • Clickworker
    • Upwork
    • CloudCrowd
    • TaskRabbit

    Deloitte Open Talent Community (DOT)

    Deloitte Open Talent (DOT) is a community of professionals who apply their experience to project-based work with Deloitte.

    DOT offers access to challenging work and a collaborative environment – providing talented individuals with a chance to grow and develop new skills.

    As a member of the DOT Community, professionals will hear about the latest open opportunities, have the chance to tell Deloitte about the type of work they seek, and be part of a vibrant professional community.

    Visit Deloitte Open Talent | Deloitte US Careers to learn more

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