How can enterprises harness the power of CREATE-ivity? The answer lies in this type of workforce…

Tuesday: Return Driven Strategy FROM THE DESK OF MILES EVERSON: Hello, everyone! Welcome to today’s edition of “Return Driven Strategy!” As someone in the business and consulting industry for 30+ years now, one of the things I find effective in managing my team is Return Driven Strategy (RDS). That’s why every Tuesday, we publish articles about this framework to help you effectively navigate an ever-changing work landscape as a business leader, manager, or worker. Today, let’s look at how RDS applies in the context of the creator economy. Keep reading to learn how enterprises can optimize their workforce by engaging with and tapping into the power of today’s content creators. CEO, MBO Partners Chairman of the Advisory Board, The I Institute

How can enterprises harness the power of CREATE-ivity? The answer lies in this type of workforce… In recent years, the creator economy has emerged as a transformative force, redefining the way individuals work, create, and engage with audiences. In fact, according to our 2022 State of Independence in America - Creator Economy report, independent digital content creators are among the fastest-growing self-employment and independent work segments. This group consists of full- and part-time solopreneurs and micro-business owners who monetize their knowledge and skills by creating digital content. As of 2022, there are about 8 million independent creators earning a sizable amount of money in the U.S. That’s why as digital platforms enable creators to flourish and build their own brands, enterprises should recognize the immense potential of tapping into these talents. In this article, we’ll explore the concept of the creator economy and highlight why enterprises should embrace and collaborate with these talents to succeed in the future of work. Getting to Know the Creator Economy Independent creators are entrepreneurial, passionate, and satisfied individuals. 86% of them report always wanting to be their own bosses, and are highly satisfied with the path they’ve chosen. Additionally, these talents rely on digital tools and the Internet in their work. As a result, a majority of them report having strong technical skills. Why should enterprises tap into these workers in optimizing their workforce? The power of authenticity and creativity Independent creators possess a unique blend of skills, creativity, and authenticity that resonates with today’s digitally native audiences. By partnering with creators, enterprises can infuse their brand narratives with a genuine human touch, forging deeper connections with consumers. Besides, creators understand the nuances of engaging content creation and storytelling. Their ability to connect with niche communities brings valuable insights for businesses seeking to build an authentic brand image. Expanding reach and fostering innovation Creators have already cultivated substantial online followings, often reaching millions of loyal fans across various digital platforms. By collaborating with these talents, enterprises can tap into pre-existing communities, expand their brands’ reach, and drive awareness for their products or services. Moreover, creators thrive on experimentation and innovation, constantly pushing boundaries to captivate their audiences. This means incorporating creators into workflows enables enterprises to infuse fresh perspectives and foster a culture of innovation within their organizations. Adaptability and agility Independent creators are skilled at leveraging emerging platforms and technologies to reach and engage with their audiences. Their ability to quickly adapt to changing trends and embrace new tools can offer invaluable insights to enterprises. By partnering with these workers, enterprises gain access to a pool of adaptable talent that can help them navigate an ever-evolving digital landscape with ease. Nurturing entrepreneurship and diverse skill sets The creator economy empowers individuals to monetize their passions and skills, fostering a culture of entrepreneurship. By partnering with creators, enterprises can support and nurture this entrepreneurial spirit, harnessing the diverse skill sets and innovative ideas that creators bring to the table. What’s more? Enterprises can offer resources, mentorship, and collaborative opportunities to creators, allowing for a mutually beneficial relationship that drives innovation and growth. The Creator Economy and Return Driven Strategy (RDS) In the book, “Driven,” authors Professor Joel Litman and Dr. Mark L. Frigo say building a return-driven organization involves a great deal of business analysis and planning. They explain that in detail through the Return Driven Strategy (RDS) framework. Based on RDS’ Tenet 9—engage employees and others—high-performance firms treat their employees like customers, understanding what services they would like to receive and designing systems that fulfill those needs. … and it’s not just employees that this tenet covers. “Others” refers to those who may not be employees of the firm but are critical to its success such as independent creators, vendors, distributors, or other business partners throughout various processes. That’s why firms should also have resources, tools, and services in place for independent creators. Through this, there will be a strong support system that benefits both businesses and independents in their organizational and individual goals. — The creator economy is indeed reshaping the landscape of work and offers tremendous opportunities for enterprises willing to embrace such changes. By tapping into the talents of creators, businesses can unlock new avenues for brand growth, reach wider audiences, foster innovation, and cultivate authentic connections with consumers. The future of work lies in collaboration and synergy between creators and enterprises. This can drive a dynamic, creative, and prosperous economy for all parties involved. 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’ve found this week’s insights interesting and helpful.     For the past 2 and a half years, the U.S. labor market has seen a strong demand for workers, with the number of open positions numbering in the millions. Even though job openings fell to approximately 8.8 million as of July 2023, there’s still more jobs than job seekers. Learn more about America’s labor shortage and what enterprises should do about it in next week’s article!