This article from SmartBrief discusses the growing trend of hiring fractional executives in today’s fast-paced business environment. Fractional executives are seasoned professionals who offer part-time or contractual leadership and strategic guidance to companies. This is especially useful for companies that don’t require or can’t afford a full-time C-suite executive but still need expert insights.
- Fractional executives differ from advisors or consultants in their level of commitment. They usually work between four to 20 hours per week on an ongoing basis and their goals are aligned with the company’s key performance indicators, typically set to quarterly goals.
- Benefits of hiring fractional executives include expertise, cost-effectiveness, and flexibility. They bring decades of experience to tackle complex challenges, are paid only for the hours they work or projects they undertake, and provide the flexibility to adapt to different business phases. They also offer improved decision-making, increased productivity, and enhanced team morale.
- The roles that commonly employ fractional executives include chief marketing officers, chief sales officers, chief operating officers, chief financial officers, and chief technology officers.
- The article concludes that considering a fractional executive is a strategic decision that aligns with modern business needs. It allows companies to leverage expertise, enhance flexibility, and optimize resources, offering a solution for adaptability, growth, and sustainable success. Before hiring, companies should research to find the right fit as the right match can be a game-changer.
Won J. You, founder of WJY Studios, is a seasoned design leader and educator who’s spent over 20 years designing and creating award-winning experiences. He has led innovation efforts as design director at Discovery Communications, where he successfully incubated, patented, and launched products, and more recently, he’s directed experience design work for Porsche, Edward Jones, The Los Angeles Times, and Cedar Fair. Connect with Won on LinkedIn, or follow WJY Studios on Instagram. For business inquiries, reach out at Hello@WJYStudios.com.
Opinions expressed by SmartBrief contributors are their own.
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