Outsourcing leadership roles can offer your company insights without the price tag of a full-time employee.
FRACTION OF TIME
Fractional executives give you a fraction of their time but all of their experience. You may be able to hire an individual for a specific project or retain their services on an hourly or ongoing basis.
WHO TO HIRE
While it makes sense to have the central leader of your business, the CEO, as an in-house full-time employee, you may need help with things like finances, marketing, information technology, or human resources. But you may not have enough work to keep them busy. This is when using a fractional consultant makes sense. You can use staffing companies that specialize in fractional relationships or find a retired professional who’s doing consulting.
IS IT RIGHT
Many professionals who take on outsourced or fractional roles have served as executives before, sometimes for multiple companies. However, you also want to ask about their industry experience and why they think they can help your business.
While you won’t be taking on a full-time salary and don’t need to pay for their benefits, executives with several decades of experience don’t come cheap. So, budget accordingly.