With so much talk about an economic downturn, many business owners are faced with challenging decisions regarding staffing and budget.
The truth is, your business is still growing and you still need to bring on help if you want to sustain that growth – which is why fractional remote support makes the perfect third option in the decision of to hire or not to hire.
In a down economy when costs are needing to be cut, hiring fractional employees can save you and your company a lot of money.
When hiring someone, there's more to think about than just a wage. What about all of the countless other variables that go into determining cost? What about benefits, supplies, hardware — even the cost to provide AC for an employee?
With a team of fractional employees, employers save considerable money in real estate and other infrastructure-related costs.
Our Employee Burden Cost Calculator will take you beyond pay to give you a clear understanding of the true financial burden of any employee.
What Kind of Jobs Can be Filled With Fractional Employees?
You can hire fractional employees to fill many different kinds of jobs. At BELAY, we have four fractional service lines.
A Virtual Assistant can help streamline your day by not only taking on the extra, mundane tasks but by vetting your calendar. Your VA can be the first person people go to in order to schedule time with you.
This will put an intermediary in place and enable you to set boundaries with ease.
Our Accounting Services can take over all aspects of the financial side of your business.
Most of our Accounting Services clients are seriously extraordinary entrepreneurs who have seriously extraordinary demands on their time.
But with BELAY Accounting Services, you can say ‘goodbye’ to pulling all-nighters to process payroll and ‘so long’ to boxes of receipts that look more like ticker tape than important financial statements.
A website seems to consistently need edits, updates and additions. This is something that can be easy enough to do but often takes up time.
A Website Specialist can handle the heavy lifting for you so you and your business can shine.
Social Media Managers
Social media marketing is one of the best tools to use for your business, but when that becomes too much to handle, it starts to feel overwhelming – and you may contemplate throwing your computer out the window.
Let a BELAY Social Media Manager manage your unique social media needs – which can be varied, extensive and exhaustive – and build a strong online presence to get you back to what you love most: running and growing your business.
How Can Fractional Employees Benefit Your Company?
One of the biggest benefits fractional employees can offer to you, your team and your company is additional time back in your day.
When you hire the right remote employees who will complete the tasks you hate, you clear your mind and have more allocated time to focus on the growth side of your business.
There are many extensive costs and time commitments that come with finding, vetting and training a full-time employee.
If you don’t hire an outside recruiter or headhunter to find them, you’ll have to recruit the help of an internal team or take on the burden yourself.
During your search for the right person, you will need to write a detailed description of the job, post that description to a job board, possibly attend a job fair or recruiting event, run a background check or assessment tests.
Once that person is hired, you will have added costs to onboard them including training and paperwork and equipment costs.
Here are just a few of the sobering facts on the average dollars-and-cent – and time – costs per full-time hire:
- 10 hours of administrative time to onboard new employees.
- The average cost per hire is $4,700.
- It takes 36 to 42 days to fill an average position in the United States.
- 15% of Human Resources expenses are allocated towards recruitment efforts.
- It costs up to 40% of an employee’s base salary to hire a new employee with benefits.
- 63% of hiring managers and talent acquisition specialists report that AI has positively changed how recruiting is handled at their company.
- It takes, on average, 12 weeks for a new hire to become fully productive at work.
Luckily, a lot of that burden is taken care of for you when you partner with BELAY. It is as simple as setting up a call with a member of our sales team and expressing your problem areas and what you see your future wins as.
Once you’re placed with a rock-star contractor, you can use our provided resources to help guide you through the onboarding process.
And the best part? This entire process usually takes an average of two weeks — you read that right.
That’s what we’d call a win-win.
Recession-Proof Your Business With Fractional Employees From BELAY
BELAY is an industry leader in providing work in the gig economy – so we know plenty to guide intrepid business owners as they dip their toes in the contractor pond.
Thanks to the internet and internet-enabled devices, hiring a remote employee is the way of the future – and the future is now. A remote employee can execute on all of the functions of an in-house counterpart – and at a fraction of the cost (THINK: $2,000 saved per year by hiring a virtual employee on average).
You can scale. You can grow. And a gig workforce can get you there.