Benefits of hiring a fractional analyst over a full-time analyst!
[Video Transcript]
Fractional versus full-time; it's a fun debate and an important debate, especially in analytics. Let's Dive In!
So fractional or part-time (outsourced); it's a fun debate in the data world and the analytics world because small businesses used to view data as “the thing that I was going to do when I became a bigger business”. It's now “data is what's going to help me become a bigger business”. It's really important and analytics are becoming much much more of a staple now. The question is, where do we get that talent? Do we hire fractionally? As you know, I'm Jack Tompkins with Pineapple Consulting Firm and we are fractional analysts. We do everything with data and analytics and a lot of things related to it too. There's several different reasons you can fall on either side of the fence but if you lean fractional, my big three reasons are right here.
Number one, the cost of course! The cost is just math. If you're going to hire a kid out of college to be the internal data analytics resource, you may pay 60 to 70 grand out of college, you know maybe 80 including benefits kind of thing; but they're fresh out of college so it's gonna be a learning curve. If you want a high-end, seasoned or veteran analyst, it's easily a hundred thousand dollars. You know data people are expensive. Fractional is going to be about half the bottom line. Now you won't have access 24/7 like you would a full-time resource, but you could easily get 80, 90, maybe even close to 100% of what you need done by a fractional resource for probably about half the cost.
So number two. As I mentioned, data people are expensive. Make sure they're not just twiddling their thumbs. Think about the actual workload. Data stuff seems scary. It's daunting, especially if you are not somebody who likes data or is an analyst in any sort of expertise capacity. Therefore, if they're gonna be twiddling their thumbs it's going to be a massive massive line item that you don't really want to pay for if there's not that much workload. Although it may seem scary, that workload to a regular data analyst is just work. That's just regular stuff. So make sure you assess the workload. Fractionally, obviously is much more of a contract or month-to-month type relationship so if the work dries up, the work drives up. We'll talk to you in a month. Easy as that.
The last one is much more of a fit kind of thing. As I mentioned, people are expensive, and it's because not a lot of people are good at it. A lot of analysts see the big dollar signs and go to work for the big four consulting firms, and consult with Fortune 100 companies because they will pay a lot of money. This is not all analysts. This is not all people at all, but some folks may view a small business as a stepping stone to get to the big four consulting or something that's going to go consult with Fortune 500 companies and pay a bazillion dollars. For us, for fractional resources, clients are the goal. Our goal is to work with you and keep helping you be data-driven, to grow your business with you. We are a small business. We want to stay in the small business world and we want to help other small businesses. This is the goal, not the stepping stone. There is more in the blog that I posted below but my quick three reasons are right there. These are my thoughts, just my thoughts; curious to hear yours. I love talking about this stuff so please feel free to reach out, seriously! I'm looking forward to talking soon, thanks so much!
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Thank you so much for watching our video on Full Time vs Fractional Data Analyst. Are you ready to take your business to the next level? Check out our fractional analyst page to help you determine if a fractional analyst could be just what you are looking for. If you need a custom solution or have questions, do not hesitate to send us a message! Thanks again for visiting Pineapple Consulting Firm.
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