In today’s fast-paced business landscape, adaptability and cost-effectiveness have become key factors for the success of any organisation. One area where this is increasingly evident is in our world of human resources (HR).
More and more businesses are opting for ‘fractional HR’ services, rather than maintaining a full-time, in-house HR team. In the current economic climate, this decision offers a unique opportunity to streamline operations, reduce costs, and access specialised expertise. It’s a move that can benefit both the organisation and its employees, particularly when it comes to employee retention.
Here, we discuss exactly what fractional HR is and highlight the benefits associated with employing fractional HR services.
What is fractional HR?
The term typically refers to using part-time or temporary HR teams, as opposed to hiring full-time, permanent staff. This approach allows organisations to flexibly allocate HR based on workload, specific projects, or other factors, rather than relying solely on a fixed and full-time workforce.
Fractional HR can include hiring freelancers, consultants, or temporary workers to address specific needs, providing a more adaptable and cost-effective approach to staffing within an organisation – similar to that of the ‘gig’ economy.
What are the benefits of fractional HR?
- Flexibility and efficiency
One of the standout benefits of fractional HR is the flexibility it provides. Unlike a traditional in-house HR team, you can dial up or down the support you need based on your current business priorities. This adaptability is especially valuable in times of change or uncertainty, such as economic downturns or periods of rapid growth. Fractional HR providers offer different levels of engagement, from People Director to People Partner, ensuring your HR support aligns with your business needs.
- Continuous coverage
Fractional HR can provide consistent coverage throughout the week without the costs associated with a full-time in-house team. It’s a way to achieve the benefits of an everyday HR presence, even if the actual hours worked are spread across multiple clients. This 24/7-like availability can help ensure that HR-related matters are addressed promptly, creating a better employee experience.
- A broader perspective
e-volveHR has a wealth of experience and best practice ideas as a result of working with a variety of clients in different sectors. This diverse exposure enables us to offer unique and innovative solutions to HR challenges, helping your organisation stand out in the competition for talent. The infusion of fresh ideas can be a powerful tool in boosting employee morale and, in turn, retention rates.
- Reduced risk
Having the flexibility to adapt quickly is essential. Fractional HR services can be easily terminated or scaled back if circumstances change, avoiding the costly and complex redundancy processes associated with full-time employees. This risk mitigation can be a crucial factor in making HR decisions that are not only good for the business but also for employee morale and job security.
- Access to specialised knowledge
With us, you gain access to more than 50 years of collective HR knowledge and experience without the hefty price tag of hiring full-time experts. The embedded consultant model ensures that your organisation receives the benefits of specialised HR expertise – such as employment law – which is essential for avoiding legal pitfalls and ensuring your HR practices are compliant and fair.
Ready to boost your organisation’s flexibility and efficiency with fractional HR? Explore the benefits today and make the shift towards a more agile HR strategy. Contact us to learn how fractional HR can benefit your business.