The on-demand workforce has “tremendous potential” for improved innovation and agility in business, as well as for increased individual happiness, the authors write.

“We also believe that given the distributed nature of work today, and the fact that individuals now have tools to connect with other talented individuals from all over the world; this trend actually has the ability to significantly increase GDP around the world and create a more employed workforce,” they add.

The biggest growth is coming from senior management and the C-Suite. Nearly half of the respondents (47 percent) say they are looking to hire contractors to fill management and senior executive roles, including C-Suite contractors. For all high-level contractors, or “supertemps” such as CFOs, general counsels and HR executives, what employers value most are specialized degrees (35 percent) and a decade or more of experience (29 percent).

“One major benefit of a contract executive is the speed with which they can make an impact,” the authors write. “Training and onboarding programs are often designed as 90-day programs. Companies are not always willing to invest in that significant of a ramp up period for employees. On the other hand, a contract executive with a specific job to get done can be effective after only a few days. With projects often measured in weeks, not months, speed is a critical success factor.”

However, the “million dollar question” remains: Are corporate structures ready to support this new workforce?

“Our research reveals that organizations feel that change is occurring, and there is a long way to go,” the authors write. “Executives state many challenges in effectively leveraging contractors, including confidence that these contractors will deliver, finding good contractors, and onboarding and provisioning contractors.”

Indeed, 69 percent of organizations have inadequate support structures and policies for managing on-demand talent, and 77 percent state they do not understand what changes are required to better manage contractors.

The survey also found that executive also want in on the gig action: 63 percent of full-time executives would switch to become a contractor, given the opportunity.

“People would trade benefits of a traditional career in order to gain more flexibility and autonomy,” the authors write. “Interestingly, contract work results in more than lifestyle benefits. This research indicates that there are also career benefits, contractors can take on senior management roles, learn sought after skills, and gain new experience in a short period of time that will make them more valuable for their next gig.”

The primary reason respondents gave for sticking around in their current role was a sense of security (62 percent), but as more opportunities arise, this concern “is sure to diminish,” the authors write. A surprise finding was that only 23 percent say a good benefits package was the main reason to stay full-time.

“Today, your success will be primarily dictated by the strength of your network, and connections will be currency,” the authors conclude. “Work in the future will be less about whom you work for, but rather whom you work with. Welcome to the Service Level Economy.”