There is some convergence between freelancing and working as a fractional, but they are modalities that have many differences
Freelance workers are professionals hired to address specific tasks or services, but they are not part of the organization, and usually, they get involved at an operative level.
On the other hand, fraction workers are much more specialized professionals hired for a specific set of hours. Since they offer each company several hours a week, they end up providing their services to multiple businesses simultaneously. Fractional executives are hands-on professionals capable of advising and executing organizations’ strategies.
Related: The Most Demanded Profiles In The Fractional Work
What is the fractional work arrangement?
For executive positions, fractional hiring is an exceptional approach. Many roles, like the CFO, CIO, and COO, are positions where fractional hiring is effective. Some businesses hire a fractional C-suite officer rather than outsourcing or racing to fill a full-time position. This modality becomes beneficial for businesses that need the expertise of a C Level executive to grow and scale, but can’t afford to hire a full-time professional.
Is it different from the freelance model?
Fractional employment is not freelancing; it is not based on a particular project or campaign. It is continuing, just like any other employer/employee relationship. Fractional work varies from part-time labor in that the hours are both regular and specified, while an organization may occasionally arrange for a fractional employee to operate on a retainer-style arrangement. Fractional employees typically sacrifice benefits such as medical and dental in return for greater flexibility in work/life balance and the ability to live at their own pace.
How does the Fractional model Work?
Small businesses can hire fractional workers to minimize their costs. Fractional professionals provide in-depth and extensive knowledge without workers under a full-time agreement. Fractional executives may point business on the correct path and offer advice along the road. They understand what the company needs to do to expand its business because they have worked with successful organizations.
Working with specialists under a fractional agreement can provide small businesses with a competitive edge while saving money on many concepts like, hiring and recruiting expenses.
Related: How 21st century leaders are like
What are the Benefits of Working as a Fractional Executive?
The many benefits of being a fractional executive are linked to the flexibility that this type of agreement gives to the professional. Also, executives benefit from working in different industries and companies where they can increase their knowledge and expertise.
Moreover, fractional executives can expand their relations by engaging with different people performing in the companies they work with.
Flexibility: The New Priority
In today’s modern world, everyone is seeking flexibility and work-life balance. Fractional executives are usually called for C-level roles that demand a strategic approach to business and the willingness to execute day-to-day tasks.
Fractional executives enjoy the freedom of choosing when, how, and with whom to work. Also, they have the flexibility to organize the schedule as they feel best, living space to invest in their personal life or other projects.
BlueQuo
At Bluequo we are redefining the work paradigm between fast-growing companies and C-levels, providing the framework and lifestyle that both were wishing for. We are the first on-demand fractional executives marketplace for hyper-growth companies, and our main goal is to bring startups and C-levels together with an end-to-end solution, from matchmaking to performance management, that allows both parties to grow, on demand.
If you wish to join our professional community or hire a fractional executive for your business, contact us!