Why take the fractional approach?
Fractional hiring is the practice of hiring an employee to work just a fraction of the time a full time employee would work. This allows the individual to be fully focussed on the priorities of the business and the business saves costs in this approach.
Here are some of the specific benefits of taking a fractional approach to full-time employees for SMEs:
- Cost savings: SMEs often have limited budgets, so any way to save money is a big plus. Hiring fractional employees can help SMEs save money on things like recruitment fees, benefits, payroll taxes, car allowance, holidays, sick pay and pension contributions.
- Flexibility: SMEs often have fluctuating workloads, so it can be difficulty to hire and hire employees on a regular basis. Fractional employees can be hired for specific projects or tasks, which gives SMEs more flexibility in terms of staffing needs.
- Access to top talent: SMEs can access the expertise of top talent with having to commit to a full-time salary.
- Reduced risk: Hiring fractional employees can reduce the risk of hiring the wrong person. If a fractional employee doesn’t work out, SMEs can simply end the contract without having to go through the lengthy and expensive process of firing an employee.
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