Fractional workers who offer their expertise to an organization on a part-time or short-term basis are becoming an increasingly popular component of a constantly evolving hiring landscape. As Forbes reports, on LinkedIn alone, there are more than 110,000 users who self-identify as ‘fractional’ leaders.
From an employee perspective, this type of self-employment is beneficial in that it enables people to choose who they work for, enjoy more freedom and flexibility, have a greater work/life balance, and have a more diversified career portfolio.
This growing business model is not confined to larger enterprises. On the contrary, it can empower small businesses to compete more effectively and thrive.
The Benefits of Fractional Work to Small Businesses
Data published on LinkedIn shows that in August 2023, a staggering 32% of small business owners were redirecting their recruitment efforts towards part-time and contractual employees. The unprecedented surge in taking on fractional workers caters for the more nimble solutions that the current landscape of economic uncertainties and inflation concerns demand.
Strategic Edge
In taking on fractional workers who are experts in their fields, typically marketing, IT, finance or human resources, small businesses can benefit from having a strategic edge. By tapping into expertise in a specific area of the business immediately, a small business can swiftly adapt to changes, which could be invaluable in helping them compete with larger rivals.
Fractional workers who are experts in a certain field can also be used to train in-house staff in certain key areas. These employees might be full-time employees or contractors, but in learning the skills of the fractional leader, the training is likely to harness growth opportunities.
Cost-Effective Hiring
One of the biggest benefits of taking on fractional leaders is the cost. Hiring a full-time executive will cost a company dearly, and is out of reach for many cash-strapped small businesses. A part-time fractional contractor can come at a more realistic price, giving small businesses the benefits of an experienced executive without the traditional price-tag.
By adopting this fast-growing hiring trend, small businesses are better equipped to navigate uncertainties and compete with larger competitors, which can ultimately lead to growth.
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This article, "The Rise of Fractional Work and its Benefits to Small Businesses" was first published on Small Business Trends
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