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THE RISE OF FRACTIONAL MANAGEMENT SERVICES
In today’s world, many businesses are stressed by the yelpification of their services and the glassdoorification of their salaries, benefits, and leadership styles. Many are also faced with unprecedented pressures to transform their businesses, to prepare for new disruptive competitors, or existing competitors gaining capabilities. These issues are further complicated by rapidly evolving digital technologies and the coming of AI.
As we enter 2017, hiring the best and the brightest has become a necessity to ensure viability. Competitive pressures are also being complicated by shortages of highly skilled individuals. In 2017, training programs will be more critical than ever, but salaries must be reviewed and adjusted, as new skills are mastered. Employers must also maintain a healthy work/life balance to prevent the malaise and discontent that develops when turnover rates become too high.
The days of employer/employee loyalty have long since passed. Today if we see a resume where an employee has stayed at a company for more than five years, we must ascertain if the candidate was advancing, or it might be a red flag. Many of us have also seen resumes where candidates change jobs as frequently as automobiles are traded.
Businesses need to tap into broad-based knowledge and skills using an On-demand model. This would help drive innovation, and facilitate revenue growth, while maintaining lean principles. Managers at all levels have a difficult time focusing and allocating enough attention to assigned tasks, let alone new ones that pop up. Valuable tasks must be automated whenever possible. Eventually, even the best and brightest may become overwhelmed, but not want to admit it.
Fractional managers have proven expertise and can serve as a trusted advisor to help businesses navigate short-term challenges. Fractional managers can assist companies in developing key players, balancing workloads when growth accelerates, or as big projects launch. They can also provide valuable skills in areas where they might be lacking or still developing.
Temporarily filling a vacant position when a manager unexpectedly gives notice can also be a healthy way to transition roles and discern if any changes might improve productivity. This interim approach also alleviates the inherent desire to fill a management vacancy rapidly. Interim managers can also assist with the transition by augmenting knowledge as needed. Once fractional managers are integrated, they can provide strategic input when others are too busy to brainstorm. Fractional managers can assist when a full-time position is not yet warranted.
The profile of a fractional manager is someone who prides themselves on being knowledgeable on a broad array of topics and is skilled at researching, comparing, selecting, implementing, and measuring. It is something that might be wired in their DNA. They thoroughly enjoy learning and consolidating information from multiple perspectives, and then balancing it with known outcomes to expand their depth and breadth of knowledge.
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