This resource is brought to you by Carol Fraser
Carol Fraser has over 20 years of experience as a People/HR Leader and consultant. She focuses on creating strategic people strategy, culture, and practices that connect people to purpose, passion, and process. Carol is a certified coach, certified compensation professional, certified assessment and emotional intelligence facilitator, and is a leader in coaching and mentoring others in the HR field. Carol helps organizations build stronger foundations in organizational design and culture so growth is sustainable, scalable, and impactful.
Discover the Secret to Hiring the Perfect Fractional CHRO
A fractional CHRO is a part-time, on-demand chief human resources officer. Fractional CHROs are experts in their field who can provide you with the benefits and business solutions of having a full-time HR leader without requiring you to hire one.
Fractional CHROs offer business solutions in:
- Strategic planning
- Change management
- Talent management
- And so much more…..read on!
The People Experience
The people experience is the most important part of a business. It’s what sets your company apart from others, and it’s what keeps employees engaged and motivated to do their best work. As a result, many companies are looking for ways to improve their people experiences by hiring an executive leader of People however budgets may not afford a full-time hire. A fractional CHRO can help you create an environment where employees feel valued and appreciated while also improving employee retention rates.
A fractional CHRO will be able to focus on specific areas within HR that need improvement or enhancement, such as organizational design, ways of working, training programs or total rewards packages–allowing CEOs and owners to focus more time in other areas of your business without sacrificing quality control over these critical functions.
Engagement and Retention
Engagement and retention are two of the most critical factors in business success. Without the best people doing their best work, a company’s road to their vision can be slower than anticipated. Engaging employees can help you attract top talent, improve productivity, and drive profitability. A fractional CHRO can help you engage your workforce by providing them with an opportunity to interact with a senior-level executive who will listen to their concerns and act on them–a rarity in today’s world of remote management.
Fractional CHROs are also well suited for retention strategies because they provide a direct line of communication between employees at all levels of an organization and upper management. This allows for more effective communication about company goals and objectives as well as feedback from those who know best how those goals are being met (or not met).
Cost Savings of a fCHRO
Considering the time an organization would need to support people operations, most companies require some sort of administrative support right off the bat. That HR specialist is usually helping with payroll, benefits, onboarding and compliance. A company may be able to get a qualified candidate for about $50,000 for that.
Then they spend a lot of investment on recruiting, either hiring in house recruiters for about $70,000 each or they spend 20% of a new hires salary on outside recruiters which could easily cost upwards of $300,000 a year if you hire 15 people with an average salary of $100,000.
At this point, your HR department is still highly administrative, and this is what could likely be in place for the first 10 years of a company up to 100 employees. And no one has yet to focus on the strategic planning, change management, talent management, engagement, learning and development, and culture.
The cost savings associated with a fractional CHRO are significant. Because they bring strategy, network and experience to your organization, there is a seasoned professional ensuring that any administrative and talent acquisition activities are meeting the needs of a growing company AND they can ensure the foundation is set for a healthy growth.
All to often I see companies bring in lesser experienced HR managers for $100,000 and then they are over burdened with so much tactical work that there is no time afforded for the actual strategy for which they may not have experience. A fCHRO bring impact and value even if it’s for 10 hours a week, ensuring that investment in the employees is being capitalized, the bench strength is prepared for the growth and changes and the mission of the company is integrated into all people operations.
Benefits of an Experienced CHRO
The benefit of an experienced CHRO is that they can bring their knowledge and expertise to your company. They have seen the good, bad and ugly in HR management, so they know what works and what doesn’t. An experienced CHRO will be able to help you avoid common pitfalls that inexperienced candidates may fall into.
Examples of Experienced CHROs:
- Carol Fraser has been working in human resources for over 20 years. She started as a recruiter at a large corporation before moving up through various positions until she began leading HR departments as Chief Human Resources Officer (CHRO). During her career, she helped grow companies from 20 employees to 200, 100 employees to over 2,000 employees worldwide, integrated acquisitions of over a dozen companies and built programs to become an award winning team and company for its HR practices! Now she wants to use her experience with large organizations by joining yours as your new fCHRO!
Leadership and Performance Benefits of a fCHRO
A fractional CHRO can help with leadership and performance in many ways. First, it allows you to bring on board an expert who has already been through the process of building a successful HR function. The person will know what worked well in their previous job, as well as what didn’t work so well. They’ll also be able to provide guidance on how to avoid common pitfalls that come with starting up an HR department from scratch.
Second, a fractional CHRO offers more flexibility than hiring someone full-time. If you need extra support when launching new initiatives or during busy times like year-end reviews or open enrollment season, then this option can save money without sacrificing quality because as your fCHRO, they are a part of your executive team and are familiar with the company culture
Expanding the Fractional HR Leadership Model
In addition to the benefits of having a fractional CHRO, companies can also explore other fractional HR leadership roles to cater to their specific needs. These roles can include a fractional Head of Total Rewards, a fractional Head of Learning and Development, or even a fractional Head of People Analytics.
Fractional Head of Total Rewards
A fractional Head of Total Rewards can help companies design and implement competitive compensation and benefits packages. These experts can ensure that the organization’s reward strategy aligns with its business objectives and supports employee engagement, performance, and retention. By leveraging their expertise, companies can attract and retain top talent while staying within budget constraints.
Fractional Head of Learning and Development
A fractional Head of Learning and Development can provide a focused approach to employee growth and skill-building. These professionals can help organizations create customized training programs, professional development opportunities, and succession planning strategies. By investing in employee learning and growth, companies can improve overall performance, enhance employee engagement, and ensure that they have a strong talent pipeline for the future.
Fractional Head of People Analytics
A fractional Head of People Analytics can help organizations make data-driven decisions when it comes to their workforce. By utilizing analytics, companies can gain insights into employee engagement, performance, and retention, as well as identify potential areas for improvement. This data-driven approach can help organizations optimize their HR strategies and make informed decisions that positively impact their bottom line.
Hiring a Fractional CxO
If you’re interested in hiring a fractional CHRO or other fractional HR leader, here are some steps to take:
- Find out if the candidate has worked with other companies similar to yours. This will give you an idea of how they work with different types of businesses and what kind of experience they have had.
- Ask about their past clients’ experiences with them–both good and bad–and find out why those things happened (or didn’t). You want someone who can handle any situation that comes up at work, so it’s important that he or she has dealt with difficult situations before and knows how to deal with them effectively.
- Consider a discovery assignment to audit your current People Operations and identify which types of priorities need fractional HR leadership, partner to more clearly define what your People strategy is for your organization and what other skills or knowledge could be beneficial for you, your team and your company.
Overall, fractional HR leadership roles, such as a fractional CHRO, Head of Total Rewards, Head of Learning and Development, or Head of People Analytics, offer a highly flexible and cost-effective solution for organizations looking to enhance their people experience and drive business success. By leveraging the expertise of these seasoned professionals, companies can enjoy the benefits of top-notch HR leadership without the commitment of hiring full-time HR executives. This approach allows organizations to strategically invest in their workforce, ensuring that employees feel valued, engaged, and equipped to contribute to the company’s growth and success.
A fractional CHRO is a great option for companies that want to get the benefits of a full-time CHRO without the cost and commitment. Fractionals can help you solve your most pressing talent management issues, from performance management to succession planning, while even freeing up your in-house HR team to focus on other projects.
You can learn more at www.c4talent.com
Contact Carol: email@example.com