Why don’t you use a fractional executive?
Some industries have soared while going through the Covid-19 crisis and can barely handle the demand, whereas in other sectors organizations are struggling to survive. Yet companies on either side are faced with a similar challenge: they need executive talent to keep their operations going – to handle the extra workload or to keep the business afloat – however not on a full-time basis. The temporary nature of the requirement, financial or budgetary limitations, or the company’s size or current state of affairs might not be allowing for a permanent headcount.
A fractional executive could be the answer in this kind of situation for many small, medium and large organizations: they would contract the executive on a part-time basis only, with the allocated amount of time depending on the requirements and budgetary means of the organization. These assignments are typically agreed upon for a fixed number of hours or days per week and accordingly billed on an hourly or daily rate. One could refer to this as “active or participative consulting”, as the fractional executive not only brings expertise and advice to the organization, she/he will also actively engage in the daily operations.
Fractional executive services bring multiple benefits to enterprises and not-for-profit organizations:
They quickly get a skilled and experienced executive on board to address imminent challenges or develop new opportunities, leveraging her/his expertise.
Fractional executives have experience in various organizations & industries, and their skillsets are very transferable across sectors, enabling them to have a fast impact within the organization.
The company’s budgets can be better controlled, with the time allocations and related costs being pre-determined.
There is typically less resistance from existing staff, leading to more productive cooperation with the teams, as the fractional executive will be regarded as a trusted 3rd party coming in to deliver upon specific goals or objectives. The part-time, independent-based nature of the contract largely removes fears for a “career competitor” or a “hidden political agenda” with the existing employees.
The assignment only runs as long as needed by the client and does not create longer-term commitments or liabilities.
When required, the fractional executive can also act as a mentor or coach to one or more of the organization’s team members, facilitating a more permanent transfer of knowledge and expertise.
Fractional executive services offer flexible and cost-effective solutions to organizations in need of temporary leadership support. These can be crafted around the business and budgetary needs of the clients and can be deployed easily and fast.
I2ACT Canada offers fractional & interim executive services to support sales, marketing and business operations leadership in small, medium and large organizations. If you want to learn more about the fractional & interim executive services I2ACT Canada can offer, and the solutions & skills it can bring to your organization, visit the website or contact Dirk Baerts.