A 9-5 Manager is Not the Only Solution, Try Hiring a Fractional Executive

Corporations of all scopes, from hyper-growing startups to global Fortune 500 corporations are all progressively employing fractional executives and fractional leaders.

If you think hiring a 9-5 C-level executive is the only solution for your hyper-growing business to thrive, then you are not the only one, but you will be surprised at what a fractional executive can bring to the table. Accommodating an on-demand executive to pinch-hit the uncertain leadership gaps meanwhile making comprehensive action plans is just what your enterprise requires. If you are contemplating a momentous development strategy, key incorporation, or expansion of your hyper-growing business, then bringing in the fractional executive will be a budding solution to replenish your leadership void.

Is It The Same As a Part-Time Professional?

Are you thinking of hiring a fractional c-level executive, but at the same time you are not certain if your business would benefit from hiring a fractional executive or whether this interim professional is the same as a part-time professional? Let us walk you through it. There is a slight overlap between fractional and part-time executives. Since fractional professionals are not hired on a project basis, they develop an enduring relationship with the employers. They offer more time than a freelancer, like working two to three days a week with one business, and two to three days with another. Instead, part-time professionals may fulfill the same assignment each shift. Fractional executives possess substantial experience with various organizations and therefore have the same set of diverse skills and knowledge for the position as in-house professionals. They may only work a fraction of the time, but they can have the same influence on your hyper-growing business that any full-time C-level executive offers. 

What is Fractional Employment?

When your hyper-growing startup accomplishes a certain scope, it encounters a whole new set of challenges that requires a professional touch. If you don’t have the means to hire a permanent executive, fractional employment will come to aid. Fractional employment is not project-based and the period for which a professional is hired is more than an average part-time employment agreement. Fractional executives will invest a fraction of their time in your business and will be paid fractionally without any additional benefits that permanent executives endure. Most often it is a win-win situation for everyone. Fractional employment will accompany a diverse set of expertise to your business as well as offer a positive sum of credibility as well.

Pros and Cons of Hiring a Fractional Employee

When hiring a fractional executive, you will not be sure whether it will be beneficial or not. We will help you in this regard. 

Pros: The numerous benefits of introducing a fractional executive into a business setting are now quite evident, including the knowledge and extent of executive know-how, an unbiased viewpoint, and an assessable, quicker return on invested capital. For your hyper-growing business, one of the major overheads you will have to bear is paying your employees. According to our statistics, paying employees takes almost 16-20% of a business’s overall outflow, which is a massive sum when you contemplate revenue and turnover. So hiring a fractional employee is cost-effective because you only pay a fraction amount as compared to an in-house executive. The CEO of Atomic Revenue, Tara Kinney says, “When their role is complete, fractional executives leave behind more qualified people to produce better outcomes using better processes.”

Cons: Then again, everything has a downside, and so does the hiring of the fractional employee. As much as they might do their best to catch the rhythm of your company, an executive on-demand might not be fully involved in the culture and dynamic of your business as much as a full-time employee.

Where Can You Hire This Professional?

Thanks to the digital era, the growing innovative technology has provided hyper-growing businesses the opportunities to discover desired talent. Nowadays there are many online platforms where fractional executives showcase their expertise. You can browse the internet on various websites and match the needs of your hyper-growing business and financial means to the most suitable fractional executive. Various firms allow fractional executives to offer their services and be recruited by businesses.

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