How Fractional Work is Becoming a New Career Trend
Fractional work gives professionals a chance to diversify their own portfolio while acquiring skills and staying relevant. Organizations benefit from company expertise at an economical rate.
Fractional roles will safeguard businesses against uncertainties as they offer flexibility and access to expertise whenever required. This is how.
Gig Economy
In fractional work, professionals have a means to work on large projects either as a side hustle or full-blown career. Being exposed to various clients keeps projects interesting for them and prevents burnout from the freakish long-term contracts from having just one or two clients/companies. Sales professionals, for instance, would contract with three clients, whereby fractional professionals will always have something in the pipeline.
Another important aspect that partially distinguishes fractional professionals from freelancers is that fractional professionals usually get retainer contracts so that companies need not worry about negotiating a contract on each occasion or managing an hourly rate. Thus, companies can be even clearer in getting just what they paid for, as compared to the risk of over- or under-hiring.
Given today's competitive yet cost-sensitive environment, many companies turned to fractional work arrangements to support agile working and enhance productivity. This is particularly true of Private Equity-backed firms that seek specialized skills for periods of time without incurring the costs associated with hiring a full-time employee or making extended commitments.
Often, Fractional Chief Marketing Officers (CMOs) are brought in to design the marketing playbook or take the creative direction of the brand. They may carry out what would appear to be the same responsibilities as full-time senior-level staff; yet, the benefits of their uniqueness shine forth: they contribute not just expertise and leadership to the company but also growth via strategic insights and initiatives to achieve it.
The Need for Expertise
Not all industries would be conducive to fractional work, though. If your company can have full-time employees that could be joining in the holiday party, then you might be better off doing so. But for some other companies, fractional employment offers the perfect can-do approach to obtain skills and knowledge they need.
On the other hand, fractional workers prefer having diversified responsibilities and short-lived occupations, which evoke more satisfaction for them. Working with multiple clients in such short time frames builds the preparation and execution skills of these workers. Such skills will assist them in working in any other shift in future.
Fractional work grants another edge to companies: it enables them to acquire expert knowledge without having to deal with the costs and commitments of hiring full-time employees. This is especially advantageous for developing companies with little funding to hire a full-time executive; plus, they provide insight on how other organizations have prospered so that businesses will avoid common mistakes in growth.
Fractional work employs individuals seeking to diversify their work experience in a manner that may be recognized as having great impact while gaining some competitive pay. Activated Scale is able to pair candidates with a number of roles along their ideal career path, all while building connections and invaluable experience.
The Need for Flexibility
Fractional work permits the building of a wide-ranging client portfolio on an ongoing or project basis and is an option best suited to an individual who is either at retirement or looking for flexibility in his or her career.
The trend is particularly obvious among the Millennial and Generation Z populations. Both generations engage in flexible work environments, utilizing technology to drive their engagement. They wish to sell their expertise by the hour to numerous clients while being free from the burden of working 40 hours per week for one employer.
Startups are hiring fractional CTOs and CIOs to lead their tech teams without paying for the pricey commitment of a full-time executive. Marketing firms are also using short-term contracts to hire fractional CMOs to carve out their strategies. Healthcare too is embracing fractional roles as a solution to cheaper expenses while sustaining exceptional customer service for patients.
While fractional work evokes images of side jobs, established executives have found a fractional model to support the balance within work and family life. Provided there is an appropriate view and tools, finding fractional work creates an avenue for seasoned professionals to continue making meaningful contributions at companies they support.
An Opportunity to Build a Diverse Portfolio
Fractional work presents opportunities for experts wishing to forge an impact without full-time commitments to ally with companies like Activated Scale to find clients needing their expertise while building up a portfolio of projects that will keep them engaged and build their skill set and professional network.
Fractional executive roles are usually project-based opportunities to provide expert direction and view for new enterprises and mid-level firms that do not have the budget for full-time executives. These roles are more frequently either monthly retainer fees or hourly.
Working with multiple clients makes it difficult to keep track of everything; setting expectations, prioritizing tasks for the day, and learning time management will go a long way in keeping things under control. Networking is also important when working fractional hours; this way, the support you can draw on from peers and industry leaders will help you get through challenges and find help whenever needed.
