honestly...neither
as am employer i can say that names are the first things we see about someone. it indicated class - which in turn leads to education etc.
there has been a horrible trend over the last 10 years of giving kids cutesy names that, in all honesty, will look ridiculous on a job application.
the problem with names is that we don't choose them for ourselves - our parents do - and likewise our kids don't choose theirs.
Personally I have avoided cutesy or trendy names or nicknames etc and given my kids names that will stand up regarding furture uni and work prospects. What I call them in private is another matter.
So you're choices are Billy or Alfie - and that's fine and cute in private. But, or instance, if you want to call him Billy then what is wrong with William?