If you’re reading this article, you are probably excited about knowing who Fractional Executives are and what they do. You also want to know whether hiring a fractional executive may be a plus for your business and make it thrive more. Well, this article explains who these individuals are and their role in your business if you hire them.
Keep reading to discover all the relevant aspects that will help you consider what’s best for your business.
The word fractional executive may be relatively new to most people. In essence, a fractional executive is a person a company hires as a replacement for full-time work. This individual mostly works as the firm’s consultant, which helps do away with expenses related to long-term commitments, increased wages, and any other benefits related to full-time employment. The expectations of having a fractional executive are to help you with cost leadership and provide executive leadership for your team. Since this could be a long-term relationship, this type of leadership could involve the executive working a specific number of hours per week or month.
Just like a full-time executive, the fractional executive will be tasked with similar functional areas in that role. They will be responsible for reporting to the CEO or company President/COO and provide all the required reports, similar to what you would expect from a full-time executive. The only difference will be that a fractional executive will have less of a time commitment.
Your business may be too small to need a full-time executive’s services, but it sure needs more than just a mentor or advisor. There are currently more opportunities for businesses to take advantage of this talent pool’s know-how without investing in a full-time executive.
Usually, you will hire a fractional executive to help with your market leadership, business team development, and leadership in a team or team management. The executive will act as your chief information officer, providing leadership strategies that will help propel your business to further heights. They will also lead a team responsible for developing technology in a business. In a nutshell, fractional executives’ purpose will be meeting your company’s defined goals and objectives by implementing strategies to help your business scale up.
At Fractional Worx, we aim to partner fractional executives with businesses that require their services the most. Furthermore, we offer services to enable companies the ability to pay attention to their business instead of their headaches, as well as to help them assess their people, processes and systems.
