Here is your primer on fractional hiring
By Seasonedpros.ca Insights Lab
Are you an entrepreneur with a big product launch coming up?
Maybe your financial controller is going on family leave?
Perhaps you are a start-up making pitches to potential investors to help you scale up.
You need talent urgently but you aren’t ready to hire full-time right now.
This is your fractional moment
For an employer, fractional hiring means outsourcing a freelancer, consultant or contractor to work on a part-time or interim basis. These workers fill talent gaps and help companies with individual projects.
Fractional talent works at a “fraction” of the time. They are hired on a contract basis which gives companies greater speed and flexibility with talent acquisition.
The fractional hiring model also helps organizations manage risk in uncertain economic times. Companies can hire fractional on a temporary basis and do not bear the long-term costs of a full-time hire.
Who are fractional employees?
If you are an entrepreneur with a big product launch coming up, the fractional hire could come in the form of a marketing expert with experience with such projects. They are outsourced for a specific period of time or on a part-time basis.
For the company with its controller going on parental leave, the fractional hire might be an accountant or an administrative manager who has run financial aspects in other organizations.
For the start-up, the fractional hire could be someone with experience in banking, marketing and business analysis. They might have a “Rolodex” of contacts in the investment community and can pair the start-up with the right prospects.
Fractional hires bring deep experience
The fractional hire comes with a professional background in the area where talent is required.
This is critically important in financial aspects of the business. It can also make the difference between a successful launch or a key investment opportunity.
In some cases, the talent required isn’t even available in the full-time job market. IT professionals with specialized experience in areas like cybersecurity are almost exclusively available on a contract basis. Even if a company wanted to hire full-time, they may need to hire on a contract market to get the right person.
Fractional talent acquisition is fast, agile and cost-efficient
Companies that hire fractional can have the talent on the job within ten business days or less in some cases.
This cuts down on recruitment and talent acquisition fees. It also significantly reduces the time for acquiring key talent.
Fractional workers are accustomed to coming into an organization on short notice with minimal training and onboarding. Fractional workers hit the ground running.
When the project is completed and the fractional worker is no longer required, the company is not left with long-term commitment or termination costs.
Fractional talent acquisition drives growth and profit
Companies that adopt the fractional model can tackle a challenge or solve a problem more quickly than they can if they have to embark on the process of searching, screening candidates and multiple interviews for a full-time hire.
This enables growth and generates profits more efficiently.
Fractional hires can be hired on a one-off basis, but many organizations are creating a robust fractional strategy by developing relationships with contractors and agencies with databases and expertise in sourcing fractional talent.
SeasonedPros.ca is an on-demand business talent source. Clients with an immediate need for experienced talent trust us to source professionals for project, interim and part-time roles. Each professional in our national database has 20 + years of business experience. We provide our clients 2-4 four vetted professionals in 10 business days or less.