Fractional Hiring: A Cost-Effective Solution for Your Business
IGXperts, in
Dallas, Texas, serves businesses nationwide. Call
972-419-1702
to schedule your first free initial intake consultation.
What Is Fractional Hiring/Employment?
Fractional hiring, also known as fractional employment, refers to the practice of hiring professionals on a part-time, temporary, or project-based basis rather than full-time. This approach allows companies to leverage specialized skills and expertise without the commitment of a full-time salary and benefits.
Benefits of Fractional Hiring Employer
- It allows candidates to increase income by surpassing COL increases, and in many cases, they can exceed their boss' salary.
- Provides access to top-tier talent who are otherwise untouchable due to sub-market compensation budgets, company image, or lack of brand recognition.
- It allows top-tier talent to utilize their unique skills to make unprecedented improvements, taking on critical but under-addressed issues.
- The fractional strategy provides the option to identify a new solution faster and identify candidates with an amplified willingness to engage compared to dated hiring practices.
- The cost of fractional hiring removes the ancillary payroll employer/employee burden from the client.
- Relationships between employer and employee have shifted, but several leaders still see employees as beholden to them, and employees often feel underappreciated.
- The fractional employee treats their "employer" as a "client" rather than a "boss."
- A part-time fractional contributor typically won't be watching the clock because focus is paramount.
- A fractional hiring strategy eliminates the tired practice of paying full-time wages for positions that are only needed for a fraction of the time.
Benefits of Fractional Hiring Candidate
- Compensation for fractional contributors can exceed the market ceiling and their next organizational step.
- Fractional contributors mitigate the risk of losing the only income source due to company or market conditions.
- “A” level employees are typically less inclined to gravitate to the social aspects of the job, and fractional contribution will all but eliminate that dynamic.
- When the fractional contributor settles into each part-time client, they will likely be able to manage their schedule with three employers as the demand requires.