Are you a small business owner curious about fractional HR? Learn all about this new HR idea – what it means, how it works, and how it can benefit your company.
What is fractional HR?
Fractional HR, also known as part-time HR, is an outsourcing model that essentially, and quite innovatively, allows small businesses to access the expertise and support of HR professionals on a part-time basis or, alternatively and quite conveniently, on an as-needed basis. This strategy, therefore, provides a flexible solution for businesses. Furthermore, it’s a model that effectively optimizes resources, ultimately leading to potential cost savings. This can include everything from recruiting and hiring, to employee training and development, to compliance and risk management.
How does it work?
Fractional HR providers typically work remotely, providing services via phone, email, or video conferencing. Many providers offer a range of services and customization options to meet the unique needs of your business. You may opt for a few hours of consulting per week, or customized retainer packages that give you access to ongoing HR support.
What are the benefits?
Fractional HR enables small businesses to leverage HR professionals’ expertise in various industries, guiding them through complex HR challenges like compliance, talent management, and employee relations. Moreover, it also grants greater flexibility for accessing HR services, without the costs associated with hiring full-time HR professionals. Consequently, this approach can be financially advantageous for many businesses.
Who is it for?
Fractional HR is a great fit for small businesses, startups, and nonprofits without the resources for full-time help. It’s also ideal for growing businesses or larger companies needing specialized expertise and support to bolster their HR team.
How to choose a fractional HR provider?
Choosing the right fractional HR provider is key to getting the most out of your investment. Look for providers who have experience working with companies similar to yours, and who offer a range of customizable service options. Be sure to ask about their rates, service level agreements, and customer service policies. Finally, check references and reviews from other clients to get a sense of their reputation and track record.
Conclusion:
Microenterprises can avail themselves of adept counsel to administer their labor force through the implementation of fractional HR, circumventing the need for onboarding a full-time HR professional. The advantages encompass amplified flexibility, specialized acumen, and fiscal efficiency. Intrigued? Initiate contact with a service provider this instant to deliberate your requisites and potential strategies.
Contact HR Business Partners a Minneapolis, MN-based HR Consulting firm specializing in fractional HR services today to discuss your individual HR needs, or take a look at our short explainer video