The last few years have been challenging for businesses—rising debt and slower sales have made it hard to dedicate a dwindling budget on full-time resources.
But to grow your business, you need specialized skills and expertise. And that's where fractional hiring comes in. Fractional hiring is a flexible staffing solution that allows organizations to access top-tier talent on a part-time or temporary basis. This emerging trend not only streamlines operational efficiency, but also enables businesses to stay competitive in a dynamic market.
Even better news? Global hiring can open up access to more fractional talent, which means more options to find the perfect hire according to your budget. (More on that later.) For now, let's dive into what fractional work is to determine if it's right for you.
What is fractional work?
Fractional work involves working for an organization on a part-time or temporary basis to fulfill specific roles within an organization.
You may be wondering: Isn't this freelance or consultant work? Not quite. Fractional workers are considered part of the company, but they're only employed for a fraction of their time and salary. Sometimes, a fractional worker will be working for several companies at once.
Fractional work is very common among senior leaders with decades of experience. Many opt for this model because it gives them variety and flexibility, but also stability.
Why work with fractional talent?
The decision to hire fractional talent is driven by several strategic advantages:
- Access to specialized skills: Fractional hiring allows access to professionals with niche expertise that may be challenging to find locally or afford on a full-time basis.
- Cost efficiency: Companies can reduce overhead costs such as benefits, office space, and training expenses by engaging fractional talent only when needed.
- Flexibility and scalability: Flexibility in staffing enables organizations to scale operations up or down based on project demands or business cycles.
- Fresh perspective: Fractional workers bring diverse industry experiences and innovative approaches, enriching organizational strategies and problem-solving capabilities.
- Measurable outcomes: Fractional workers are more focused on delivering targeted outcomes rather than operational responsibilities.
What roles are common for fractional work?
A defining feature of fractional workers is possessing top-grade expertise, experience, or skills. So, while anyone can be a fractional worker, we often see senior leaders and execs gravitating towards this model. Here are five common fractional roles to get the wheels turning:
- Chief Marketing Officer (CMO) or VP of Marketing: CMOs are commonly engaged when a company's marketing strategy or brand identity needs rejuvenation.
- Chief Financial Officer (CFO) or VP of Finance: CFOs can help by providing financial direction, optimizing cash flow, and assisting with fundraising.
- Chief Human Resources Officer (CHRO) or VP of HR: In times of growth, HR leaders are helpful for scaling your team and HR processes.
- Chief Operating Officer (COO) or VP of Operations. Business transformation and process optimization are a COO's bread and butter and can help ensure your operations run smoothly.
- Chief Revenue Officer or VP of Sales: Not hitting your targets? Engaging a CRO or VP of Sales can provide guidance and innovative strategies to your sales teams.
Are there any challenges with fractional work?
There are a few challenges with fractional work, but the good news is that you can easily overcome them!
- Communication and Integration: Remote work can present challenges in communication and integration with existing teams, requiring robust collaboration tools and processes. But if you're already a distributed team or have the proper tools, communication and integration shouldn't be a worry.
- Dependency and Availability: Because fractional workers often work with several companies, availability may be an issue if you have your heart set on one candidate. The good news is that with a global hiring solution, you have many great candidates to choose from!
- Long-term strategy: It's important to consider operations after your fractional worker leaves the business to ensure continuity and alignment with your long-term objectives. A smooth transition plan is key for success.
How do I hire fractional workers in other countries?
Many fractional leaders work remotely, but not all of them work in the same country as your business. But who wants to work with a limited talent pool when the options are truly endless?
To hire fractional workers in other countries, you need to have a business entity in that country or you can use a global employment platform, like Oyster. Because fractional work is part-time or temporary, outsourcing your hiring is a faster, cost-efficient way to bring these folks on board. (If you want to weigh these options more, here's a detailed breakdown of the pros and cons of entities versus EORs.)
Oyster helps businesses compliantly hire full-timers, contractors, and fractional workers in 180+ countries. It also helps administer global payroll and deliver payments in 140 currencies. Want to transition your fractional worker to full-time work? You can do that too!
Fractional work is trending for a reason. You can work with an expert that has a track record of driving results, while avoiding the cost and commitment of a full-time hire. And with Oyster, you can hire the best person for the job!
About Oyster
Oyster is a global employment platform designed to enable visionary HR leaders to find, engage, pay, manage, develop, and take care of a thriving distributed workforce. Oyster lets growing companies give valued international team members the experience they deserve, without the usual headaches and expense.
Oyster enables hiring anywhere in the world—with reliable, compliant payroll, and great local benefits and perks.
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