Becoming truly HAPPIER, HEALTHIER, and WEALTHIER: What makes independent work attractive nowadays?

Tuesday: Return Driven Strategy FROM THE DESK OF MILES EVERSON: Hi! We’re excited to share with you an important topic about the independent workforce. Every Tuesday, we publish these kinds of articles with hopes to help you effectively navigate an ever-changing work landscape as a business leader, manager, or worker. Today, we’ll talk about what makes independent work so attractive through the lens of Return Driven Strategy (RDS). Read on to understand why independence is gaining popularity nowadays and what difference this would make in the world of business. CEO, MBO Partners Chairman of the Advisory Board, The I Institute

Becoming truly HAPPIER, HEALTHIER, and WEALTHIER: What makes independent work attractive nowadays? Working independently comes in many forms, such as working from home, working on solo projects, or freelancing. … and for many, this is a dream come true and a logical next step in their career path or personal development plan. This type of work has gained traction in the last couple of years, especially with the need for remote working and atypical working patterns at the height of the COVID-19 pandemic. What makes independent work attractive for lots of professionals nowadays? There’s less chance of conflict. Working independently means you’re working with fewer people—sometimes, no one at all—thereby reducing the risk of professional conflicts. This allows your energy to be more focused on the task at hand rather than mediation with colleagues. Independent work lets individuals set their own pace. One of the largest attractions to working independently is being able to manage your time. This enables you to set your own working patterns and structure your work in a way that complements your productivity. The result? Greater personal and organizational experience! Independent work helps professionals become more creative and innovative. Working at your own pace is a sure-fire way to get your creative juices flowing. In this work setup, you’re also given greater autonomy and trust to make your ideas come to life without too many levels of approval. There’s more satisfaction in one’s job. No matter how much you love working as part of a team, there will always be compromises to job satisfaction because you’ll have to consider other people’s views and opinions. Meanwhile, when you work independently, being able to manage your own work experience means attaining job satisfaction is a lot easier. Besides, if you are happy about being an independent worker, you’ll feel more stable in your role and likely perform better! Independent work enables individuals to improve their self-learning and development. Working independently means you have the opportunity to see through tasks and projects from start to finish. There will also be times where you’ll be expected to come up with solutions to problems all by yourself and have less support from others when tackling challenges. All of these mean you’ll be able to learn from your successes and failures. The more you’re exposed to different situations as an independent worker, the stronger you’ll become. According to MBO Partners’ State of Independence in America report, from 2020 to 2022, the number of independent professionals grew by 69%. These people find work in different ways and have a fundamentally optimistic view about their own prospects, health, and purpose. That’s why lots of professionals nowadays view independent work as a fantastic idea and gateway to a new and better way of working… but there’s a catch: This work setup doesn’t suit everyone. So, when considering a move to work independently, take some time to weigh the pros and cons of this type of work to determine if it’s the right fit for you or not. Keep these insights in mind! In today’s changing work environment, it’s important to think strategically about your career choices and make wise decisions about it. This will help you pick the path where you’ll be truly happier, healthier, and wealthier as an individual professional. If you’re looking to gain a better understanding of Return Driven Strategy and Career Driven Strategy, we highly recommend checking out “Driven” by Professor Litman and Dr. Frigo. Click here to get your copy and learn how this framework can help you in your business strategies and ultimately, in ethically maximizing wealth for your firm. Hope you found this week’s insights interesting and helpful.     Findings from Baker McKenzie’s 2022 North America AI survey indicate that business leaders currently underappreciate AI-related risks to their organization. In fact, only 4% of C-suite level respondents said they consider the risks associated with using AI to be “significant,” and less than half said they have AI expertise at the board level. Learn more about the impact of technology in the world of work in next week’s article!