What Is The Difference Between Fractional Work And Interim Work?

In recent years, fractional work and interim work are talked about increasingly often, and since there seems to be some confusion around the definitions, we want to clear up some of it. There can indeed be some overlap in their respective meanings, but let’s find out what they mean and what sets them apart!

What Does Interim Work Mean?

Interim work is commonly done through interim leadership, but let’s rewind a bit to the word interim itself. Interim has its origins in Latin, and in today’s English, Cambridge Dictionary defines it as follows: “temporary and intended to be used or accepted until something permanent exists”.

An interim leadership position in a firm usually seems to be offered as we traditionally have perceived office work to be, five days a week and a full working day each day. What matters most then is that the position is temporary, with a known end point.

When would interim work be offered then? For example when the previous person was let go of, when someone is temporarily out of office, or when they may have resigned unexpectedly. Until a permanent solution is found, an interim leader then steps in to perform the tasks involved with said position.

What this translates to out of the perspective of entrepreneurship depends on what you yourself do in the business you own. Are you an owner and board member? Are you the leader in addition to the two aforementioned roles? And do you need an interim leader or interim manager to help you out during a shorter time?

What Does Fractional Work Mean?

Fractional work is also commonly seen at manager and leader levels in firms. Clues are found in the word fraction, which may or may not raise fond memories from mathematics lessons during our school years.

Cambridge Dictionary in its Business English portion defines fraction like so: “a small part or amount of something”. They don’t have entries for fractional leadership, fractional management or fractional work yet, though.

Fractional leaders and fractional managers can build their working weeks from different fractions of various lengths such that they work for up to five employers (provided they spend only one day in each firm).

Someone might prefer fewer contracts that translate to for example two days spent in one firm and three days spent in another. This creates a situation with considerably faster progress on the projects in which the person is involved.

Fractional leaders typically have a background in the C-suite (CEO, CFO, CMO, etc.) or at the Vice President (VP) level. For the hiring firm, this creates a wonderful opportunity to access all the experience that the leader has built over a long timespan, but at a fraction of the full salary.

In startups, budgets may be limited, but needs corresponding to those of a more mature business. Another example where a fractional leader can step in is a firm in which growth has stagnated due to lacking expertise, the industry has evolved beyond current employees’ existing knowledge, or strategy work is non-existent.

Since this is a blog maintained by entrepreneurs for other entrepreneurs, why don’t you consider fractional work? If business is slow in your own firm, it may be an indication that things could be shaken up a bit. Depending on your skills and experience, perhaps you could work as a fractional manager or fractional leader one or two days a week for someone else? This would still give you ample time to work for yourself, too!

What Is The Difference Between Fractional And Interim Work?

As evident from their definitions, fractional work and interim work do have some overlap in the sense that positions for neither interim leaders and managers nor fractional leaders and managers are permanent and full-time.

However, interim work comes with a known deadline whereas fractional work can potentially go on indefinitely. On the other hand, interim work can very well be all hours every day of the working week, whereas fractional work by definition is only a part of that time.

For the firm this means they will pay a full salary to the interim leader or manager. If they instead were to hire a fractional leader or manager, the firm will contribute with a fraction of this person’s full income, hence fractional work.

No matter who you choose to hire, this is a great opportunity to tap into excellence in a manner that doesn’t break your budget. A win/win situation for all parties involved, in other words!

Please share your thoughts in the comments below! Have you considered hiring someone in these restricted types of work? Or have you yourself divided up your working week to contribute with fractional work in someone else’s business?

 

Photo credit: Rohit Choudari.