How Fractional Services/Firm Can Help with Those Tech Layoffs
Unfortunately, there has been a shift in the financial world. Many tech startups are slowing down or freezing any new hires. While many businesses have been flying high, some still suffer from the global pandemic's effects on the economy. Investors and founders are preparing for an economic downturn, leading to the trickle-down effect for many tech businesses. Even with hiring freezes and layoffs, those daily tasks remain, requiring firms to look for ways to fill those roles. How can you still deliver services to your clients with fewer staff members on board? Consider a fractional service to help.
Are you interested in fractional services for your tech startup? At Take It Easy Group, we have the solution to help support growth even during these challenging times. Schedule a consultation today!
Tech Sector Showing Signs of Downturn
While some early-stage startups have been the first to experience the effects of an economic downturn, Big Tech companies are also facing layoffs and hiring freezes. Most of these actions are due to rising inflation and pressure to cut costs. Everyone from Netflix to Meta has shown poor quarterly results, resulting in hiring freezes. Much of the S&P 500, dominated by tech stocks, had lost over 20% of its value since the beginning of 2022. What does that mean for tech businesses?
Many businesses are looking for ways to shore up their revenue, which may mean cuts to the workforce. With fewer workers, these daily tasks must still be completed, especially at an executive level. While the solution would be to hire experienced individuals, most companies cannot afford those benefits and compensation rates. What is the answer? Hiring a fractional service to assist during these times of uncertainty.
Helping To Scale Your Business
Now, more than ever, tech businesses need to strategize on ways to stretch their resources. Turning to a fractional service can benefit a business in several ways. These firms can reduce existing employees' workload, allowing the tech company to focus on increasing its revenue. Tech leaders must decide how to spend capital and position themselves for recovery. A fractional service or firm can meet the needs of those businesses. These services will permit management to focus on their core competencies while not neglecting any office duties. Fractional services help businesses free up resources to concentrate on other money-generating parts of the company.
Businesses can scale these services to meet their particular needs. Plus, these services can be structured around the existing management team or used as a full-time outsourcing solution. For example, you may want a full-time office staff but use a fractional model for the executive assistant to help manage the schedule and perform tasks related to the tech firm’s executive office. As the business grows, the firm can modify or add more services.
These fractional services can be beneficial when a company, like a tech startup, needs an ongoing service. With the downturn in the market and hiring freezes, a fractional firm can become part of the organization for a set number of hours per week or month. Today, these tech businesses must be flexible to meet those constant workplace commands. With that, these businesses need to find the right individuals to fill those roles with specific skill sets. Utilizing a fractional service can expand the tech's ability to obtain those skills more efficiently, such as delivering on-demand access to an executive assistant.
In the past, attracting top talent was time-consuming, but with the current trend toward layoffs and hiring freezes, the work remains, but there is no one to fill the roles. Leveraging a fractional service model is a more cost-efficient and -effective way to hire the services individually, meaning that businesses can pay for the required services rather than keeping full-time members on the payroll.
Related: What Does an Executive Assistant Do?
Why Hire Fractional Services?
While many people are familiar with outsourcing work, how are fractional services different? By hiring a fractional worker, a tech company can receive the same benefits, but there is no need to hire a person on a full-time basis. That means a tech company does not have to pay out benefits or worry about retaining those employees in the company. Based on the level of needs, these fractional services provide individuals who can work at a "fraction" of the time as a typical employee. Often, they take on the same day-to-day duties, but these individuals eliminate the costs of hiring on a full-time basis.
Also, hiring a fractional service can help reduce the current workload of the employees and allow companies to have more flexibility with their finances. By using these fractional firms, tech businesses can reduce the time spent on mundane tasks. Many tech firms need individuals to set up meetings, do research, manage projects, and create documents. For that reason, these companies are turning to executive assistants. These highly trained individuals can delegate those high-priority tasks that help businesses run more efficiently.
How can hiring a fractional executive assistant help with your tech business? They can:
Cut down on research time
Manage the schedule and inbox for all executives
Help with presentation and preparations
Reduce the number of administrative tasks that are handled "in the office"
Make travel arrangements for the executive team
Create an organizational system for other office staff members to follow
If you are looking for ways to scale your business, consider fractional services from Take It Easy Group. We have a team of highly trained and skilled executive assistants that can free you up from those daily tasks so that you can focus on increasing your return on investment. When you face layoffs but still need to complete those essential duties, turn to us.
Are you interested in learning more about our executive assistant services? Reach out to us! Schedule a consultation today!