Fractional Employees – 2021’s Hottest Workforce Trend
Like the hottest new job title of the year, the Director of Remote Work, I also first came across this new buzzword “Fractional Employees” on my favorite podcast – Marketing Companion. And, well, it sounded a lot like what we have already been doing here at We Are Working. Except, working with us provides some additional benefits and minimizes some risks. I’ll explain, but first…
What is a Fractional Employee?
In today’s evolving workforce, many small businesses are turning to fractional employees as a way to maximize their resources and reduce costs. But what exactly is a fractional employee? Simply put, a fractional employee is someone who works part-time for your business, and may also work part-time for other businesses as well.
However, the key difference between a fractional employee and a contractor is the ongoing nature of their employment. While a contractor is typically hired for a specific project or term of employment, a fractional employee serves in an ongoing capacity. This means that they are integrated into your team and work with you on a regular basis to help achieve your business objectives.
Fractional employees offer numerous benefits for small businesses, including increased flexibility, reduced overhead costs, and access to specialized talent. By leveraging fractional employees, you can tap into a diverse pool of talent with a wide range of skills and expertise, without committing to full-time employment.
Like I said, it sounds a lot like the service we provide for our clients. Except there are a few differences, which I will explain.
Minimize Turn-Over Risk with a Team Approach
As with any hire, there is an inherent risk of turnover. This is actually amplified right now by current labor trends where the market has swung to favor employees. While previously, it was in favor of the employer due to higher than normal unemployment during 2020 during the beginning and peak of the pandemic. As predicted, the labor market in the United States is now in a phase being referred to with the competing titles of “Turnover Tsunami” or “The Great Resignation.”
No matter what you call it, it translates to a highly competitive market for employers to contend with. What happens if you decide to try the fractional employment model for an open role and then the employee gets a more lucrative offer to join one of their other jobs full-time? How about if they decide that they are not able to keep up with multiple roles and you end up getting dropped? One way to protect yourself against these risks is by working with a remote staffing service that offers a team approach. As we illustrate on our About Us page, when you work with us, you are getting a team that is dedicated to your success. If one person happens to be unavailable at a specific time, you will feel zero impact.
Transparent Remote Workforce Productivity
We know one potential sticking point for people new to the concept of entrusting their business needs to a remote staffing service, like We Are Working, is the concern of productivity. We take this head-on by not only having a productivity tracking application on each employee’s computer, but we take it a step further. How? We have an auditing process where the screenshots that are captured by the application are manually reviewed to ensure that employees are remaining productive and on task for any time billed to one of our clients.
Compare that to simply assuming that if someone shows up to the office and sits behind a desk, that they are remaining productive. Being visible in the same location as other employees does not translate to productivity. In fact, in research into remote work during the COVID-19 pandemic, it has been found that productivity in many businesses has risen due to the shift to remote work. (Forbes) We take a much deeper look at breaking misconceptions of in-office versus remote productivity in our previous article, Tracking and Monitoring Remote Workers.
Diverse and Inclusive Global Talent Pool
Working with a global company for your remote staffing needs opens you up to completely new ways of thinking, by embracing the power of a diverse workforce. To get scientific about it, it has been found that people who speak different languages actually think differently. (Psychology Today) Research has now even uncovered that “people who are bilingual may make different decisions based on the language they are thinking in” at that specific time. (Washington Post) How amazing is that? How much could your business stand to gain from perspectives and ways of thinking that you currently do not have access and exposure to?
Looking Ahead to the Workforce of the Future
The rise of fractional employees has highlighted an important shift in the modern workforce, revealing a vision of what the future of work may look like. In this future, the employee is in control of their own destiny, working in a way that best aligns with their personal life and career aspirations. This shift also points towards a more global workforce, where remote work and digital collaboration capabilities break down traditional barriers.
As a business owner, it’s important to consider how your organization can adapt to this changing landscape and future-proof your business. Are you taking advantage of remote work opportunities and leveraging technology to connect with talent worldwide? Are you offering flexible work arrangements that allow employees to balance work and personal life?
By embracing the fractional employee trend and incorporating it into your staffing strategy, you can position your business for success in the years to come. At We Are Working, we specialize in helping small businesses navigate the changing world of work, offering tailored staffing solutions that meet your unique needs.
So, if you are ready to take the first step to future-proof your business, we invite you to explore our services and what we can do to help your business streamline processes. We can take on your tasks while saving you time and money, so shoot us your questions.