Juggling Jobs Just Got Easier: The Rise of Fractional Executives
Post on March 5, 2024
Fractional Executives are having a moment in 2024 - and it’s for good reason.
While the world seems to be bouncing back on the heels of the pandemic, we’ve seen a number of flexible work arrangements emerge: remote companies, part-time gigs, and more freelance consulting than usual.
Many leaders have assumed the role of fractional executives - though as the supply and demand increases for this role, so does the ambiguity around what the title means and what the role entails.
What are Fractional Executives though?
A Fractional Executive is a seasoned C-suite professional who offers their expertise to businesses on a part-time basis, serving as a temporary leader to address leadership gaps or leverage their experience during pivotal phases of company growth. Instead of committing to a full-time hire, companies opt to bring in Fractional Executives to occupy interim positions, reducing both time and costs associated with traditional full-time hires.
Hiring a Fractional Executive in place of a full-time employee comes with a bunch of benefits. As an organisation, you get access to top-tier talent, without having to shell out top-tier salaries. Benefitting specifically smaller companies and startups, they are a great way to have access to expertise without having to find the resources to hire them as full-time employees.
Here are some of the advantages that come with working as a fractional employee in today’s work landscape and the long term gains it can bring for your career.
Flexibility and Work-Life Balance
If you are someone who prefers working on a part-time or project-based basis, this is the perfect job role for you. Find the perfect balance in your work and your personal life, without having to let go of opportunities that can further your career growth. The rise of the flexible employee also comes as a boon for working parents, who need to prioritise their family over a 9 to 5 job. Whether you are at the pinnacle of your career, or looking down the barrel of retirement, or even taking your first steps towards the entrepreneurial life, a fractional role will help you claim control over your routine and chalk out your schedule to balance your commitments efficiently.
Diverse Skill Set
Working in the same role, with the same responsibilities can be mundane. But as a fractional employee, you can take on multiple projects at the same time, and work with different organisations from different sectors. This variety is the perfect backdrop to gain experience in different segments, facing challenges and collaborating with team members. Derive the most out of someone else’s experience and upskill yourself with each project that comes your way to stay ahead of the curve.
Increased Income Potential
There is a common misconception that working part-time in a freelance or consultant capacity can lower your income. The fact is, fractional work can lead to improved earning potential. A number of factors contribute to this. The growing demand for skilled professionals with niche, honed skills can set you apart from the rest of the resumes that land on someone’s table. If you have been smart along the way, and developed a unique skillset, you can leverage it to charge the premium you deserve, making it more profitable to work on a fractional basis.
Expanded Network For Growth
Working with multiple companies and professionals across industries as a fractional executive can help you build a diverse network and unique connections. They can help you grow in your role in the present and in the future by bringing you onto new projects, collaborations, and via referrals. Enjoy the domino effect and stay open to every new opportunity that comes your way!
Improved Work Satisfaction
Taking on fractional roles can bring you the perfect fit in terms of skills and interests, giving you the perfect platform to work on projects that align with your passions and values. When people are able to work on projects they genuinely enjoy, job satisfaction sky rockets, with better job satisfaction and overall well-being.
The Role of Co-working Spaces
Co-working spaces serve as the perfect backdrop for fractional professionals to thrive. They offer better resources needed to juggle different projects and clients. These spaces, accessible through workbuddy, are the perfect combination of a structured, yet flexible workspace.
The workbuddy model offers you the chance to work at multiple locations across Singapore to give you further geographical flexibility. We allow you to choose your workspace for the day depending on your convenience, based on which location is most conducive for your day’s agenda.
Finding a community of like-minded professionals, creates an atmosphere of support, collaboration, and the possibility of new opportunities.
Rounding Up
The rise of fractional employees is testament to the evolution of the work landscape post the pandemic, with professionals looking for flexibility, diversity, and greater work-life balance. Having access to a co-working space, especially with platforms like ours coming to the fore.
Having the right infrastructure, flexibility, and community support helps fractional employees thrive in their dynamic roles.
If you need help deciding which coworking space in Singapore is right for you, contact us today. Our team know the city’s coworking scape like the back of their hands and will point you in the right direction. We can offer free consults for companies and teams too. We’re here to help you find your ideal workplace match.
