Scaling businesses and processes is a challenging yet essential task. Roles and responsibilities within organizations are consistently evolving into complex and often demanding functions as companies attempt to keep up and maintain their competitive edge while staying within their resources.
This need for capacity and knowledge has given rise to fractional executives, and through the years has proven that fractional executives are becoming a popular choice for companies looking to remain competitive in such a fast-paced world.
What are fractional executives?
Fractional executives are accomplished professionals who can provide leadership and strategic expertise to organizations through their extensive experience within their field.
They work with a company on a part-time or temporary basis, offering their specific knowledge and skills, and typically serving in high-level or C-suite roles such as Chief Financial Officer (CFO), Chief Marketing Officer (CMO), Chief Technology Officer (CTO), Chief Operating Officer (COO), and more.
Why hire a fractional executive?
There are quite a few reasons to hire a fractional executive within an organization including:
Cost Effectiveness and Flexibility
As experts in their respective fields, fractional executives bring their years of experience and proven effectiveness and success to a new organization. Since they are not working in a full-time capacity, this can be a cost-effective option for the business. The company is saving on full-time salary, benefits, and other costs associated with full-time employees.
Fractional executives also offer flexibility in schedule, allowing the company to retain their services for a fraction of time, like once a week or once a month, or on a project basis.
Fresh Perspective
Fractional executives often offer a fresh perspective as someone observing the company, not bound by past experiences within the organization or a long-term commitment. This can be especially helpful when dealing with difficult decisions. They are also able to provide insight into what may be a better process or practice for the organization as they have experienced many different work environments and challenges in their area of expertise.
Efficiency
Fractional executives understand the value of their time and expertise. They often prefer to work as promptly and efficiently as possible, aiming to provide results rather than spend too much time theorizing.
They utilize various strategies to aid the company’s growth and meet its organizational goals and objectives in the most efficient way possible.
Risk Mitigation
As seasoned professionals, fractional executives have an eye for risk mitigation. While they strategize, they can also help prepare for whatever issues may arise and help minimize mistakes that may prove to be costly for the company.
When is the right time to hire a fractional executive?
While there are many situations where hiring a fractional executive can be the right choice, the following are some common ones:
- Projects: Hiring a fractional executive for a special project may prove to be effective as their work and specific expertise are only needed for a certain amount of time.
- Crisis: If a company is facing a crisis and there are difficult decisions that need to be made, bringing in an unbiased expert may be a wise choice.
- Lack of Leadership: A fractional executive may be a good fit for a business with a need for temporary leadership but has not yet filled the positions. When an organization needs to move forward and there is a gap in the leadership, fractional executives can step in and take the reins until the best candidate for the position is hired permanently.
- Times of Significant Change or Growth: When an organization faces significant change or expansion, fractional executives may be able to provide the necessary guidance and strategic planning for the transition.
Where can I find fractional executives?
Not all fractional executives are true experts in their field. It is important to find someone whose expertise has been proven. There is also a risk that the fractional executive might not be the correct fit for the company.
Working with MetaExperts means working with thoroughly vetted talent, carefully selected to fit your company’s needs. Each professional in our pool of over 1,100 vetted MetaExperts has gone through our comprehensive qualification process and is ready to get to work making an impact for your organization.
If you are in need of a fractional executive, contact the MetaExperts team today.