The key to success lies in a well-defined organizational strategy, and with that comes an intentional plan around the workforce. When setting strategies, we are addressing a problem that needs solving or tapping into an opportunity, but also aligning on who is best to do the work. If someone on the team is fit for the role, that’s great. But if not, do you hire a new internal resource or outsource? Bringing on a fractional leader may just be the option for you!
Someone in a fractional role is an expert in their field and can take the time to understand the specific needs of your organization and how best to meet them. This approach allows your business to stay agile, responsive, and financially savvy in an ever-changing market, adapting its workforce dynamically to meet evolving needs. Here are two core elements to consider:
1 - Rooted in Strategy
The foundation of this approach is a strong strategic plan that clearly outlines the opportunities/challenges and goals of your organization. This clarity is crucial in determining whether a full-time role or a fractional position is necessary. For example, before deciding on a full-time Chief Marketing Officer (CMO), a company should assess whether the challenge at hand is about managing a large volume of work or about creating and implementing more efficient processes for scalability. If it's the latter, a fractional CMO could offer the specialized expertise needed for the task without the long-term commitment of a full-time hire. Really get down to exactly what kind of support is needed.
2 - Proven Value of a Secondary Workforce
The value of a secondary workforce has been proven as a tried-and-true approach. If you’re on the fence about the idea, here are some studies from Deloitte, McKinsey, and BCG:
Diverse skills & expertise: Deloitte's survey revealed that 70% of companies using a flexible workforce experienced a significant improvement in the diversity of skills and expertise. This diversity is key in building the right skills for the right solutions
More streamlined onboarding: McKinsey reports that organizations can onboard specialized skills 40% faster through a secondary workforce than traditional hiring processes. This efficiency is crucial in rapidly adapting to market changes and project needs.
Enhanced productivity: BCG found that leveraging a mix of permanent and fractional roles can save up to 30% in labour costs while maintaining or enhancing productivity.
Bringing on a fractional leader can be a game-changer for businesses. Fractional roles allow for a dynamic and adaptable workforce, suited to the needs of the organization at various stages. It’s about being intentional in how resources are allocated and ensuring that every role and function is strategically aligned with organizational goals.
Are you considering a fractional role or looking to build a more dynamic workplace? Let's chat!
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