Why Fractional Employment could be the answer you’ve been looking for…

Seemingly I have been living under a rock!

The term ‘Fractional Employment’ has been around for over a decade and has emerged as alternative employment model, especially popular for SME’s and yet it came into my orbit not that long ago.

I must admit, the consultant in me was more than a little bit curious.  So, on the off chance you, (like the 2022 version of me) haven’t come across the term before here’s the lowdown.

It refers to a flexible approach to hiring significant roles within an organisation. The employee spends a discrete amount of time out of each week with multiple employers.  In its ideal form, it could be two days each with two different employers, plus one day with a third to yield a full work week for the employee. One of the primary advantages of the fractional employee model is the ability to access specialised expertise that may not be available internally.

By hiring fractional professionals who are experts in their respective fields, organisations can benefit from their specialised knowledge, skills, and experience without the need for long-term commitments.

For the employee, it creates the flexibility to work within a business and not simply on project roles which would be the norm with contract roles. I have to throw in a couple of ‘me’ specific points here as I know I may not alone in this.

I love Talent Development. I was recently told I am the Brighton Rock version of TD, cut me in half (please don’t) and it will read all things personal and professional development. It’s who I am.  Being part of a full-time team definitely has its advantages both on the job satisfaction and financial stand points, but ask any freelancer there are a shed load of disadvantages too.  For me I genuinely love both, I love the flexibility of contract projects, but I love the immersion of being a full time member of the team. You get exposure to it all, not simply the project you’ve been brought into deal with. Fractional, for me sits very nicely in between.

It’s the ‘ambivert’, in the middle of opposites, extrovert and introvert.

It enables you to build robust relationships, make a real impact in an organisation and work flexibility and with multiple teams.

Why should you hire fractionally?

It’s fair to say that there are a few employer benefits to this model too, cost being the one that stands out. By its nature fractional employment offers a cost-effective solution for organisations looking to manage their budgets more efficiently. Instead of bearing the full cost of hiring a full-time employee organisations can engage fractional professionals on a part-time or project basis, reducing overhead costs such as salaries, benefits, and office space.

The reality is that not all companies need senior hires in a full time capacity, particularly smaller and medium sized organisations. Cheryl Robinson, writer for Forbes shared that the fractional business model saves payroll thousands of dollars or 30-40% over hiring a full-time employee. One major benefit is having this strategy work as a full-time job interview without losing costs with onboarding.  The other major selling point for an employer is fractional employees are often highly motivated self-starters who bring a fresh perspective and a results-driven approach to their work.

Who can argue with the benefits fresh perspectives can bring, throw in new and innovative ways of working that enable you to leverage all that they bring to your organisation and whilst your CFO will thank you for it, you have a flexible option that gives you the certainty of a dedicated and defined working pattern.  Us, fractional individuals immerse ourselves in your organisation becoming part of your team, often bringing a breadth of experience from working with various clients and industries, offering valuable insights and best practices that can help your organisation think outside the box and stay ahead of the competition.