If your business is all set to participate in the uneven recovery of economy efficiently, you are fortunate enough.
But being this fortunate is not a guarantee that you will be able to afford full-time executives to oversee your expanding human capital. Human resource is a vital part of a startup but it definitely has a cost.
A start up need strategic initiatives to determine your course of action but it is definitely difficult to afford its cost.
Till date talent management is considered as one of the greatest challenge for founders. Despite putting all their efforts they nearly fail to recognize the right employees in their first year of business.
It incurs an extra cost and pressure to the newly born business and may lead them to the path of failure. The next option is to set up a recruiting department that may help you find the right talent, at the right place and in a right cost.
But, setting up a whole-new department is itself quite costly. What can be the solution?
Hiring a fractional executive can be the ultimate solution for startups or growth phase businesses. Fractional recruiters are leaders who become an essential part of their business from the part-time additions.
Their decades of experience and high-level proficiency can be seen in their “been there, done that” attitude. They are senior level people having a great experience with the real world. They have a grappling experience of facing the situation one cannot even stand.
These high-level freelancers work for only a percentage time of a full-time but can bring the same credibility and skill set as of a full-time employee.
We have summed up the benefits of hiring a fractional executive in 3 major points.
Scalability with company growth
Startups often face a major challenge in identifying the appropriate timing of introducing the right talent to your system.
If you are following the legacy employment model, you will on-board the talent prior you start earning revenues and this way a full-time hire will affect your profitability implications negatively.
And this is the benefits with fractional executives. Companies can ramp them up at the same time when organization is growing.
On the behalf of organizations, these executives are much better than full-time hires because they are at a higher experience level and need almost zero training before taking up your work. It helps the organization to plan the ramp more effectively.
Startups need the right talent most, but they lack the resources to hire the costly full-time executives. A fractional executive, the top talent becomes the part of the organization without any expensive cost tag.
In simple words, startups get 100% expertise and brain power without spending 100% of the true costs. It saves margins and bottom line.
Fractional marketing is an access to hiring the big brain talent on a fractional basis. Companies get to brain tap the most trusted minds that would be otherwise beyond their budget.
It is very important for startups to focus on their clients, customers and missions initially. Although talent management is also a crucial part of establishing the business, finding the right talent comes at a cost of focus on product or service or delivery.
The process of finding, bringing and hiring the new talent is more critical because they need much more turnover than running businesses. Fractional executives are skilled freelancers that grow with the company.
They basically free up the founders time to concentrate on finding more employees. This way founders get enough time focusing on their individual responsibilities and follow the company’s goals and timelines.
In short, you get the same skill set at hourly-bill rate instead of a monthly price tag. You don’t need to sit them idle for hours and perform when required. Instead, you can simply contact them when there is a requirement.
They may work out of your sight or office, but they will always be in the system through external emails and deal with the things even when they will be physically absent.
The experienced and reliable power houses will send emails from their home, make late night calls and would be available even out of the clock.
Photo by rawpixel.com from Pexels