5 top reasons companies are hiring fractional
From SeasonedPros.ca Insights Lab
In a climate of economic uncertainty, talent shortages and lightning-speed changes in technology, organizations are transforming the way they find and retain talent by using fractional talent.
Gone are the days when a full-time, in-house worker or executive could be all things to all people.
Companies are now developing blended workforces, combining full-time employees with independent contractors who bring specialized skills to projects.
This is where the fractional model is coming to the rescue with on-demand independent talent sourced outside the organization.
Fractional is a workplace revolution
According to Statistics Canada, about 10 percent of all workers in Canada are now working as independents on contract.
This “gig economy” is a rich opportunity for hiring organizations hungry for talent in key areas like financial control, project management, IT, marketing and strategy.
In the digital economy, organizations need subject matter experts with specialized skills and knowledge that can’t always be delivered in-house.
Increasingly these skills and workers are being outsourced using agencies that specialize in providing fractional talent and job boards.
So what is fractional hiring?
Fractional hiring is a strategy that helps organizations source leaders and subject matter experts from the open market.
Fractional hires are independent contractors who work on specific projects and perform tasks on a part-time, interim or project-by-project basis. They use the freelance model and often work remotely or in hybrid arrangements.
For companies and organizations, the fractional model broadens the pool of skills available to achieve goals.
Top 5 reasons companies are hiring fractional:
- Builds bench strength – hiring subject matter experts supplies an employer with the targeted skills they need to achieve business goals in an environment of rapidly changing technology.
- Cost-effective – A fractional hire brings sought-after talent into an organization at a fraction of the cost. This mitigates the risk and overhead costs of hiring a full-time employee. This is attractive to start-ups and small businesses because there are no long-term commitments.
- It is fast – Companies can find fractional experts on the open market who are ready to hit the ground running. It removes the time and costs of traditional recruitment for full-time candidates
- Keeps projects on track – If a specific project requires expertise not available internally, a fractional hire with appropriate skills can be sourced and deployed to complete the tasks. This allows small companies to scale more quickly and respond to economic challenges such as cyber security.
- Peace of mind – Organizations and leaders that develop trusted relationships with agencies that source and supply fractional talent can respond quickly to a business challenge or an unanticipated exit by a full-time employee.
Fractional is going mainstream
The fractional hiring model is helping organizations navigate economic uncertainty and changes in the market. It is a fast and agile strategy for finding the right talent at the right time, allowing organizations to grow, scale and accomplish business goals.
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.