Matt Widdoes is the CEO of Mavanan exclusive network of leaders from the fastest growing companies in tech.
Well before the pandemic and the Great Resignation, people all over the world were working remotely in various capacities. From journalists and engineers to account managers and corporate representatives, various professions had already embraced emerging technologies to break with the traditional office model and expand what it means to work effectively. Then the lockdowns and sudden social distancing caused by the pandemic accelerated the adoption of remote work to almost every field almost overnight, and now, two years later, ‘working from home’ is almost as common as working at home. Location.
While the global health crisis necessitated this change, it also proved the value and potential of moving out of the office and into a reality where trusted, capable professionals can work anywhere. This shift has forced companies that have long been exclusively office workplaces to recognize that the future of business is likely to be both virtual and decentralized, at least to some degree, and that workplace flexibility is quickly becoming more important for job seekers and active workers alike.
To attract and retain top talent, more companies will need to move to this new hybrid work model, which I’ve already seen is hugely beneficial to clients and businesses under an alternative name: “fractional hiring”, a proven but previously under-reported practice. that unlocks new benefits for business growth.
Defining fractional hiring
By “fractional hiring” I mean a hiring model that breaks the traditional barriers of location, scheduling, and compensation to ensure outside talent can perform well with minimal oversight and within a specified time frame. Simply put, fractional hiring seeks decentralized and dedicated short-term expertise that can deliver results in a fraction of the hours it takes a full-time (and often heavily-led) generalist to produce. When done carefully, fractional hiring can save your company significant resources, including capital, time and energy, while giving your team new insights and ideas.
The needs that can be met by fractional hires are extensive, from filling an existing team member on extended leave (when you don’t want to replace that person completely) to taking care of new projects, campaigns and changing client expectations supported by specialists with just the right expertise to offer a clearly defined sprint. Fractional hiring is particularly suited to flexible and fully remote work environments, as top talent can often do much more with less when properly positioned and supported, regardless of their location.
Unblock resources to unlock remote growth
Given the many economic, health and political factors that have challenged companies on a global scale in recent years (including aggressive inflation and skyrocketing mortgage and rental prices for office space), more companies have found their resources swell and growth stalled without any clear insight. in how or why they got there. A knee-jerk response to this disconnect has often been to hire more people, fire underperforming employees, and/or cut hiring altogether—none addressing the core problem (i.e., what’s stopping your company from to grow).
One truth that has become clearer to me throughout my career is this: Your growth solution is unlikely to come from restructuring internal resources, no matter how quickly or completely. Rather, it will come from clearly defined ideal outcomes and the steps you take to achieve them – and openness about where the right talent can come from to deliver those results.
A single strategic, fractional expert can often drive sustainable business growth by objectively identifying the real bottlenecks and using their own experience to help your team overcome those barriers – and they don’t have to be in your brick-and-mortar office full time to do this effectively.
Encouraging decentralization through technology
While there are numerous benefits of fractional hiring and remote working, its adoption has been largely driven by technological innovations and tools released only in the past decade. Video conferencing, real-time digital communication channels (such as Slack or Trello), affordable mobile hotspots for on-the-go Wi-Fi access, and cloud-based storage and calendar management services are just a few of the technology drivers that are driving the ability to stay connected and produce effective in hybrid work settings. Now, with the dawn of Web3 and increasingly immersive online experiences, we are on the brink of a whole new era of digital connection and collaboration that will continue to scale, iterate and expand the business technology we have at our fingertips – and consequently , the ability of outside talent to work and deliver results anywhere in the world.
This is just the tip of the iceberg. My company has been analyzing this space for some time now and our experts predict that companies will start to free up space for a Chief Outsourcing Officer in the coming years. So the companies that are now embracing the fractional hiring model (if they haven’t already) will be the early adopters, putting them well ahead of the curve for the next era of business. They will see their money go further, speed up their production, see their team scale and their business advance in its market and in the future with fractional hiring. They just have to be willing to find the right people for the job – outside of their own backyard.