Fractional HR is a cost-effective strategy to acquire talent and promote growth
From SeasonedPros.ca Insights Lab
If people are an organization’s greatest asset, then the human resource function is an essential ingredient to achieve growth and revenues.
With talent shortages and rapid changes in workforce culture, human resource leadership has moved to centre stage.
Human resource professionals must build stable talent pipelines at the same time as managing compliance, compensation, diversity and sustainability goals.
Talent shortages driving fractional HR
This lightning speed of change is driving demand for HR expertise that can’t always be satisfied internally. Organizations are now using HR contractors who work on a fractional basis to achieve talent goals.
For a small business that is scaling, a fractional HR expert can be outsourced to work on a part-time or interim basis. This controls costs and risks.
For larger organizations fractional HR expertise can mentor internal practitioners and advise on new strategies for attracting and retaining talent within an organization.
Here are 5 top reasons companies are using fractional HR:
- Developing talent pipeline – Talent acquisition is no longer a reactive process of simply filling a gap. Fractional HR professionals bring expertise in developing strategies to create a stable and continuous talent pipeline.
- Cost and risk mitigation – Not all companies need a full-time HR professional. A fractional HR expert can be hired on contract at a fraction of the time and cost. Hours can be tailored to needs or projects without long-term financial commitments and severance costs.
- Rapid growth – If a company is scaling quickly, a fractional HR professional can be contracted to expedite in searching, interviewing and onboarding of the right talent at the right time to promote growth.
- Mentorship and specialized knowledge – HR subject matter experts can coach in-house HR teams in tactical matters of labour law compliance, compensation packages, performance evaluations, retention policies and building HR leadership strategies.
- Drafting new policies and HR playbooks – Fractional HR professionals bring expertise in developing HR policies in new areas like diversity and sustainability. They also inject experience from different sectors and give organizations new ideas.
Attracting and retaining talent remains a fundamental task of HR, however the role has expanded to encompass a myriad of other responsibilities and organizational challenges.
Fractional HR professionals are a critical resource and integral business strategy to support talent acquisition, retention and growth.
SeasonedPros.ca is an on-demand business talent source. Clients with an immediate need for experienced talent trust us to source professionals for fractional, 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.