Strategies for #staffing companies are evolving, and fractional working is booming. So what is #fractionalworking? Fractional working is a hybrid model of working that allows employees to embark on a portfolio career. Companies can access skills at the seniority and experience level they need – on-demand or on an agreed part-time basis at a fraction of the cost.
Since 2009 the number of platforms for highly skilled on-demand workers has increased by more than 300%, leading to new theories on how future organisations will utilise and manage talent. It seems an entirely different talent mindset is emerging, shifting from headcount to on-demand talent, from talent acquisition to talent access.
A recent Harvard Business School study showed many leaders believe their organisations will soon be using smaller full-time employee teams, supported by an ecosystem of highly integrated on-demand talent, comprised of part-time contractors and outsourced partner/vendor firms.
Under the fractional employment model, an employee spends a discrete amount of time each week with multiple employers. In its ideal form, it could be two days each with two different employers plus one day with a third to yield a full work week for the employee.
Fractional jobs suit the more experienced end of the workforce – those with many years of experience and a desire to give back through imparting their expertise and spreading it over several businesses, without sacrificing the challenge they seek in a job.
The Detail Group Limited (TDG), we've been using a fractional model with the exciting and #disruptive companies we work with for many years. Its benefits are clear to us; it allows our project staff to delve deep into the detail we need and allows our fractional team to aid the delivery of our recommendations effectively and impactfully. It enables our customers to recruit talent for as long as they need it at a commitment level they can sustain. Companies might have a business model that requires more experience than a financial controller, but they can't afford or gainfully employ a full-time CFO. The optimum level would be a 2-day a week or 4-day a month CFO, which TDG can help deliver.
In the past, we identified the immediate need for one of our clients to set up an operations team as their business model moved from a 'deliver-solutions' to a 'make-buy-deliver' business model. Talent is hard to come by and almost impossible to access immediately. Fractional workers can set up the framework and help source the right people to grow the team – in this case, an operations team. Similarly, fractional workers can fix an immediate requirement and set procedures and projects for the right full-time employee to run once onboarded.
Andy Birley, the founder of TDG, says, "our role is to help with the right people when companies need them, not just when they can afford them… It's a paradox and one which is a cornerstone of what we do."
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