Staff augmentation is a convenient way to get the talent your credit unions need to round out a team; it’s not a new concept and it has a proven track record. Lately, though, there’s been a lot of conversation around fractional staff augmentation and the benefits it may offer.
Fractional staff augmentation is when your credit union contracts talent on a part-time basis, allowing you to access the exact skills you need for the exact amount of time you need. Fractional staff augmentation can be a cost-saving way to achieve the results your credit union is looking for without committing to hiring a full-time employee or purchasing full-time hours from a staff augmentation provider. Let’s look at some of the benefits of each program.
Traditional staff augmentation allows your credit union to select from a roster of full-time candidates to work with your team on any and all ongoing projects. Talent of this type is available to your credit union for 40 hours every week, allowing you to assign projects and adjust goals as needed.
Traditional staff augmentation is best for credit unions looking for long-term impact. If your credit union needs a resource to be part of an ongoing project, or for long-term maintenance of a system or process, then traditional staff augmentation may be most beneficial for you in the long run. This will allow the resource to become immersed in your company culture and processes, allowing them to meet goals and expectations with little instruction.
With traditional staff augmentation, you get a resource that can prove more cost-effective in the long run. Because they function as part of your team and work in a full-time capacity, they are able to attend regular staff meetings (if required) and adjust to new projects or goals immediately, rather than spending time in training.
Traditional staff augmentation may be the right choice for your credit union if you know you need a resource available for a year or more, or one that is available for 40 hours a week. Use these resources for ongoing or large-scale projects, as a way to complete or complement existing teams, or as a cost-effective way to build out a department that your credit union may not be equipped to build on your own, such as a business intelligence department.
Fractional staff augmentation
Fractional staff augmentation allows your credit union to access the same talent and resources that were available to you with traditional staff augmentation but on a part-time basis. Fractional staff augmentation lets your credit union purchase only the hours they need in order to complete a project or meet a goal.
Fractional staff augmentation is a great choice for credit unions who are looking for more short-term help. If your credit union is only looking to complete a one-off project that will take six months or less, fractional staff augmentation may be the right choice. This method is a great way to maximize budgets; rather than bringing on a full-time employee or diverting the attention of another resource, contracting a fractional staff augmentation resource allows your credit union to still work with skilled professionals while meeting deadlines.
Fractional staff augmentation also offers amazing scalability, for when your credit union finds itself needing more or less hours from a resource. If timelines suddenly shorten, it’s easy to request more hours from the resource. Likewise, if budgets grow thin or a project is moved down the ladder of importance, your credit union can easily reduce the number of hours you’ve requested from a resource.
Fractional staff augmentation is a great option for credit unions who have short-term projects. It’s also a great way to get introduced to staff augmentation of any type; if your credit union has been thinking about contracting talent but doesn’t want the commitment of bringing on a full-time resource, fractional staff augmentation can be a cost-effective way to get started and to determine what your credit union’s staffing needs actually are.
Whether your credit union needs full-time help or part-time, staff augmentation can help you meet your goals and stay on schedule. Consider your credit union’s needs before committing to one or the other; make sure you’re taking into account project scope, staff needs and capabilities and project length. If you find yourself with too many or not enough hours, talk to your talent provider about scaling up or down. They’re there to work with you and make sure your credit union succeeds. If you’re currently looking to fill any tech skills or positions, fractionally or full-time, check out the Trellance Talent Finder to view our available resources.