Your New Favorite F-Word
Covid taught us a lot about what it means to work and run a business in the technological age. Our preconceived notions of clocking in at an office and putting in eight hours were stripped away, and a new reality of remote work cropped up. Even that took some getting used to for many companies and individuals.
At Titus, we’ve always worked in a mobile environment, so we were more than happy to jump in and share some of our tips for working remotely. And, even while we were ahead of the curve in the work-from-home arena, one thing that surprised me a little bit was the rise of the fractional worker.
The Fractional Worker Defined
So, what is a fractional worker? They’re individuals who work part-time for more than one employer. But they’re not a typical part-time or contract employee because they’re not hired to work certain hours or cover a shift and they’re not hired on a project-basis like a contracted employee would be. Basically, their week is fractured into smaller segments and they split their talents among their different employers as independent contractors.
Many of these people are senior leaders in their field and have taken a re-careering path and become consultants. This gives them the ability to offer essential information and their honed expertise to companies on a fractional basis. They receive work from their clients or partners and perform that work just as a hired employee would, but they’re not needed on a full-time basis.
Or they offer services to smaller companies who wouldn’t be able to afford their talents on a full-time basis. It’s a great way to spread their experience and it’s rewarding for everyone. Typically, they have more than one client they partner with and can create their own work schedules, to a degree.
A Fractional Example in Action
Imagine a company who needs a bookkeeper, but only on a limited basis, to do weekly payroll and take care of a few other budgetary items. Their needs were the same ten years ago as they are today but it’s the employee who’s changed. In the past people looked to busy mothers who spent most of their time at home with children or they counted on people who were recently retired to spend a few hours in the office. Today, those jobs are taken by fractional specialists who juggle their own businesses full of clients who need their expertise.
Why You Should Hire Fractional Workers
There are many reasons for hiring fractional employees and it goes way beyond not needing a full-time employee. These are some of the reasons I find that fractional employees are the best solution.
- They’re passionate about their profession
- They have “done-that” experience without burdening you with full-time hire expenses
- They are on top of trends, laws, and technology in their field
- They work “odd” hours so there’s not the same time 9-5 time constraints
- They have an outsider’s perspective that can be illuminating to the inside team
- They’re happier with a sense of control so you have less turnover
- Their expertise can often provide mentorship and grooming for your current employees
- Typically, no desk or office overhead for you to pay
- No need to pay benefits
- You only pay for what you need
- You can spend 50% less on this position and get the job done in less time
What’s interesting is that during Covid and this work-from-home revolution, it’s become clear that many more professions might benefit from a fractional work model. In fact, hiring fractional contractors for key leadership roles can be a huge benefit. Adding a passionate, experienced leader to your team can be a catalyst for growth within your company.
This gives you access to people with more experience and talent than you would have had if you were vying for them as a sole hire in a very heated and competitive marketplace. It’s especially useful for the mid-sized company who wants to grow and have access to the best talent in their field.
Fractional Integrators and EOS®
We interviewed our partner, Jamie Munoz of Catalyst Integrators to get her take on what companies can expect from a Fractional Integrator. Jamie leads a team of experienced Fractional Integrators, who support companies virtually and in-person, short-term or long-term, to help make their vision a reality. They support Visionaries, Integrators, entrepreneurs, and business owners to ensure their success with integrating EOS®.
“The strategic mind of an Integrator is a rare and beautiful thing and they’re hard to come by. When a Fractional Integrator enters the arena, we spread our talents and more Visionaries get access to us. Our assistance also gives the Visionary the freedom to reduce the amount of time they spend working in the business and spend more time focusing on how to build the business.
As Fractional Integrators, not only do we get versatility and a dynamic work schedule, we also can build upon the knowledge they gain at a rapid pace by working in more than one industry. Which, in turn, makes us an even more valuable Integrator.
What to Expect from a Great Fractional Integrator Fit
When you find a great Fractional Integrator for your company, you will experience all we bring to the table.
- We offer an outside perspective and are keyed into best practices along with what’s going on beyond your company walls
- We have experience in rolling out EOS® throughout the various team layers and stages of company growth
- We hold the Visionary and Leadership team accountable in a focused approach by using the right set of tools and challenging directly to ensure the overall greater good of the company is always kept in mind
Not only that, but Fractional Integrators don’t expect to be a full-time hire. We bring you our skills and if you do need a full-time Integrator down the line, we can be part of that recruiting process. Many of our clients also want to engage us as mentors and trainers for junior employees during our contract with them, dispersing high-level information and value that you wouldn’t be able to get elsewhere.”
– Jamie Munoz, Catalyst Integrators.
If you’re interested in exploring what fractional hires have to offer, connect with our team and we’ll be happy to start this discussion with you. For more about Jamie Munoz and her team at Catalyst Integrators, check out their website.
Titus with contributions from Jamie Munoz, Catalyst Integrators
Want to start a journey towards building a high performing culture? We can give you a roadmap. It takes less than 10 minutes.