EP 476: How fractional employees are shaping the future of agency culture with Sara Daw
Nov 18, 2024
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Sara Daw, the owner of a fractional CFO firm in the UK, discusses the evolving landscape of work where fractional employees are becoming essential for agencies. She explores the concept of the access economy, allowing agencies to tap into diverse skills without full-time commitments. Sara emphasizes the importance of psychological ownership in fractional relationships and offers strategies to foster connection and teamwork in hybrid environments. This conversation provides valuable insights for agency leaders on shaping a future-ready workforce.
The integration of fractional employees into agency culture allows access to diverse skills while maintaining cost efficiency and flexibility.
Building psychological ownership and strong relationships among both full-time and fractional workers fosters a cohesive and engaged remote workforce.
Deep dives
The Changing Landscape of Agency Work
The podcast discusses the shift in agency work from traditional in-house teams to a hybrid structure that includes contractors and fractional team members. Historically, agencies relied on full-time employees and specialists, all working together in a single location. However, with advancements in technology and the changing needs of clients, agencies have increasingly embraced a mix of full-time staff and outside experts to stay competitive. This adaptation allows agencies to offer a wider range of expertise and respond more quickly to sophisticated client demands.
Embracing the Access Economy
The concept of the 'access economy' is introduced, emphasizing how businesses can access specialized talent without the need for full-time contracts. This model benefits both clients and contractors, allowing for flexibility and resourcefulness in meeting project demands. The discussion highlights how fractional leaders bring essential skills to businesses that cannot commit to hiring full-time executives. This relationship fosters a unique bond between businesses and their fractional employees, similar to traditional employment relationships, but built on a foundation of trust and psychological ownership.
Building Effective Remote and Hybrid Work Environments
Creating a cohesive culture in a remote or hybrid workspace is essential for the success of both full-time employees and fractional contractors. Best practices include strong communication, team bonding activities, and the establishment of a clear organizational vision that unites team members. The podcast emphasizes the importance of being present and invested in relationships, regardless of physical proximity to cultivate a sense of belonging. Moreover, integrating intentional touchpoints, such as shared social activities and co-creating projects, enhances trust and communication across diverse team members.
The Future of Employment and Fractional Work
The conversation explores the future of employment, predicting a significant shift away from traditional full-time roles towards a more flexible contract-based workforce. As businesses recognize the benefits of fractional relationships, these arrangements are expected to become increasingly mainstream across various industries. The blending of full-time employees and fractional workers will create dynamic teams that can swiftly adapt to market changes while leveraging specialized skill sets. The podcast concludes by highlighting the importance of fostering community among fractional employees to sustain engagement and build relationships, thus enhancing overall productivity.
The future of work is becoming more fractional. Instead of full-time, in-house teams doing all the work — how many of us grew up in the agency world — fractional employees like contractors and freelancers can take on more and more complex roles for us.
With remote and hybrid work still on the rise, we can leverage fractional employees to bring a more diverse portfolio of skills to the agency without breaking our bottom line.
Sara Daw joined me this week to share her knowledge about fractional employees and how they fit into what she calls “the access economy” where we can access a larger pool of talent at our fingertips without actually having to make a full-time hire.
We dig into what it means to build psychological ownership in fractional relationships, how fractional employees can make themselves more known within the agency culture, and how the future of work will evolve as the whole concept of employment shifts and changes.
This episode comes with a lot of deep thinking homework that will challenge you to look at the workforce you want to build for your agency’s future and the infrastructure you need to start building in order to support that. There’s a lot of good stuff here to share with your leadership team, so get ready to take some notes on this one.
A big thank you to our podcast’s presenting sponsor, White Label IQ. They’re an amazing resource for agencies who want to outsource their design, dev, or PPC work at wholesale prices. Check out their special offer (10 free hours!) for podcast listeners here.
What You Will Learn in This Episode:
What is the access economy?
Why does the access economy work so well?
How psychological ownership plays into fractional work and the access economy
The importance of psychological ownership in our relationships with fractional employees
Getting a breadth and depth of skillsets in a fractional C-Suite and fractional employees
How employment will evolve as we lean into fractional employment and hybrid work
Creating culture and creativity in fractional work environments
How to be more connected and intentional with relationships as a fractional employee
Having the right skillset at the right level
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