Many companies today indicate that their greatest challenge is finding the right people. especially great leadership. The challenges with finding the right leadership can come from either not being able to afford the talent they really want or simply not finding the leadership that will be the right fit for the culture or their specific needs. Occasionally, firms may also find themselves in a transition and just need temporary assistance. The good news for these companies is that in the last 10 years the employment market has seen a material shift in the amount of senior level talent that is available and willing help on a fractional basis.
Under a fractional basis, a company has both the ability to "try before you buy" and to rent temporary or transitory services until they are in a position to make a full time hire. This arrangement has tremendous benefits including:
+ Access to veteran level wisdom and experience
+ Typically rapid deployment of talent
+ Much lower cost than full time employment as you pay for only what you need
+ You often do not have to provide benefits or handle employment tax issues if you hire them as a 1099 contractor
+ Trying before you buy allows you to have greater ability to avoid the high costs of a bad hire
+You can make arrangements for whatever duration or amount of time fits your company's needs
+ Fractional executives often come with a wealth of contacts and resources that can provide greater returns
+ You can hire fractional leadership in most disciplines such as COO, CFO, CIO, CMO, CXO etc..
+ Many are willing to work virtually or with limited travel, broadening the geographic talent pool
In the end, hiring a fractional executive can be an ideal strategy for a business in transition that needs additional horsepower, higher level talent, or wants to try before they buy. If a fractional executive fits your needs and you would like help identifying the right resources please contact us at joe@thegrowthadvocate.com.
