The United States and the rest of the world are slowly revitalizing themselves following the COVID-19 pandemic. But the possibility of a global economic downturn is threatening businesses in every sector.
Economists predict a recession in the coming months, which is set to highlight existing problems faced by companies attempting to manage remote and hybrid working.
However, businesses can hope to remain healthy by tapping into outside talent like expert consultants, contractors, and fractional talent for a more flexible workforce. Utilizing such talent is known as “flexible growth strategies,” which have proven effectiveness.
Still, despite the well-known success, many company leaders are shying away from adopting the flexible growth way of working. But these are the same businesses that are likely to flop during the recession. After all, there are plenty of benefits that come from using outside talent, like decreased churn, improved margins, enhanced productivity, and richer work culture.
Providing Support and Benefits to Full-Time Employees
Every time the market swings, a brand-new set of challenges come to light — and facing a recession is different. During times like these, businesses in all sectors tend to stop hiring. Plus, they find themselves unable to supply the necessary budgets for full-time salaries, taxes, and benefits.
As soon as layoffs start, operations are hit with the impending gut-wrenching sense of doom as employees wonder whether it’s their turn next. In response, the employment market expands, causing huge demands, which sees companies inflate their bonus packages and FTE salaries to secure top-tier talent.
But this constant pendulum swing costs money and time and leaves remaining employees feeling expendable and unappreciated. Even though introducing fractional talent is similar to the full-time hiring procedure, the outcome supports the baseline and boosts team morale.
However, it only works if done correctly.
Companies should assess the current state of affairs to create an actionable plan that provides support in the correct departments. Fractional hiring models should be precise to avoid expensive options that may alienate existing staff members.
Hiring The Perfect Talent for The Job at Hand
Businesses open to thinking outside the typical budget and geographical boxes will gain access to a much wider talent pool.
Now is the time to negate the never-ending interview and onboarding cycle. By becoming a flexible growth company, businesses identify the perfect people for the ideal duration.
Naturally, fractional talent hires should improve the company’s output while enhancing the culture. The best talent draws on personal experiences and expertise to aid business scaling and align with ever-shifting corporate needs.
Leaders looking to adopt the fractional hiring model should focus on fresh perspectives likely to inject renewed energy, creativity, and work ethic into the team to carry them through otherwise-difficult times of economic change.
Of course, companies shouldn’t forget about trust. Individuals can look fantastic on paper but can’t hold their own when it comes down to it. Therefore, consulting with well-established specialists should become a major component of any flexible growth plan.
Such Fractional Hiring Makes Business Funds Go Further
Provided business leaders implement the plans effectively, fractional talent hiring can stretch budgets further while increasing production. Specialists are more likely to have the knowledge necessary to deliver worthwhile outputs at an accelerated yet pre-defined rate.
The trick is to find experts who accurately leverage their years of experience and industry-specific knowledge to immediately implement a well-developed plan without needing extra onboarding or training.
While some businesses might be concerned about fractional hire rates or retainers, they should consider the potential effectiveness and speed at which consultants can achieve their objectives.
Mindsets Over Strategies
Ultimately, becoming a flexible growth company isn’t just about implementing strategies. Instead, it’s a major mindset change that must occur throughout the entire entity.
The growth mindset involves measurable goals and objectives that accurately guide and support every department, its managers, and their teams. It’s a thought process that encourages leaders to evaluate their outputs for maximum results.
At the end of the day, businesses that are able to analyze their current situation, expertly budget their resources, and tap into top-notch talent outside their front door will be successful throughout times of economic distress.