In today’s ever-evolving, fast-paced work environment, companies need to be agile and flexible enough to stay ahead of the curve and differentiate themselves from their competition. And to do that successfully, you need to leverage every potential competitive advantage. Hiring a fractional executive is one of those advantages, as it could bring a wealth of knowledge and experience to your company without your having to commit to the expense of a full-time hire. Here are five scenarios in which companies should consider hiring a fractional executive.
1. Hands-On Experts That You Don't Need Full-Time Yet
As your company grows, it’s likely you’ll need the expertise of a specialist in a particular field—but maybe not enough to justify a full-time hire. In this scenario, consider hiring a fractional executive part-time to bring their experience to your company. For example, let’s say you’re launching a new product and need someone to lead the product-development team. A fractional executive with a background in product management could be a great fit.
2. You’d like to “try before you buy” an executive hire
Hiring a full-time executive is a big, time-consuming task, and it can be challenging to assess whether they’re the right fit for your company. Interviewing is imperfect, and executives are typically excellent interviewers. A fractional executive provides a risk-free opportunity for you to test the waters before making a long-term commitment, allowing you to assess their skills and fit with your company culture before making a full-time hire. And let’s be honest—sometimes you don’t know exactly what you need. Having someone in the role on an interim basis is a great way to help you figure that out. An interim executive could help you calibrate and suggest people who might be right for the role.
3. You’re seeking help with big decisions and strategy
Even experienced business leaders could benefit from the fresh perspective of an outside executive. Fractional executives can bring a wealth of experience and knowledge to your company, helping you make important decisions and develop a solid strategy for growth. Whether you’re looking to expand into new markets, launch a new product, or make other people changes, a fractional executive could help guide you in the right direction.
4. You’re searching for interim leadership to bridge a temporary gap
In some scenarios, you may find yourself in need of a leader to step in temporarily to fill a gap. This could be due to a sudden departure, a leave of absence, parental leave, or other unexpected events. A fractional executive could provide interim leadership, allowing you to maintain the stability and productivity of your company during a challenging time of transition.
5. You’re concerned that deep-domain experts are too expensive to hire full-time
When you’re trying to get ahead in a competitive business environment, finding the right talent can be difficult, especially in niche fields. If you need someone with experience in a specific area, such as cybersecurity or blockchain technology, it can be expensive to hire a full-time executive with that level of skill. A fractional executive could bring their deep-domain knowledge to your company on a part-time basis, helping you stay ahead of the curve without breaking the bank.
In a nutshell, hiring a fractional executive could bring many benefits to your company, regardless of its size or stage of growth, and could be a flexible, cost-effective solution for your executive-talent needs. From hands-on expertise to interim leadership, a fractional executive could provide the skills and experience you need to get—and stay —ahead.