Fractional hiring is a resourcing model whereby people choose to work with several different companies concurrently. Fractional arrangements are not contingent on a project and can be short term or long term. Like freelance or contract work, people sell pieces of their time or specialised skills to meet a specific need within a company.
Fractional arrangements benefit all involved
Fractional arrangements provide benefit to both parties. Companies get access to highly skilled people as needed, and highly skilled people select the work they want to do and how much they want to work. Maybe they may have a particular set of skills they enjoy using, or they may prefer to work flexibly to accommodate other commitments, for example, further study, semi-retirement or caring for the family.
Fractional hiring is not new; it has existed in leadership, marketing, accounting and finance circles for some time; companies identify a gap in their existing c-suite but are unable to finance a permanent full-time expert. Hence, they bring in an expert as a fractional hire to provide firsthand knowledge, experience and outside perspective.
Not just for c-suite
With an ever-growing flexible workforce available globally, fractional arrangements are now regularly used across many areas of business. For example, a small business needing help with systems and processes or expanding their technology during a growth period, then ongoing maintenance and support, would benefit from an industry expert. Still, it may not need or be able to afford the expert full time, fractional arrangements allow access to highly skilled people, without a full-time or regular commitment.
Expertise when you need it
People who choose fractional work often stay with organisations long term, providing loyalty and building relationships with other members of your team. Working with multiple companies gives your fractional expert the edge over traditional part-time employees; they have the advantage of seeing numerous approaches to the same challenges and share this expertise.
Do you need some additional effort in your back office or management team? Unlike a part-time employee, fractional hires offer flexibility; perhaps you’re not sure how many hours or days you need initially or even the specific skill set to solve your problem best? virfecto offers fractional arrangements to support your company when you need it. Get in touch to see how we can support your company’s growth, expansion or ongoing needs.