How are Fractional Executives Closing the Talent Gap?
Fractional executives or “interim” executives are increasingly disrupting the staffing, executive search, and consulting industries. These fractional C-level executives provide solutions for companies aiming to move away from “owning” their talent to accessing it on-demand.
By providing the knowledge and direction that businesses so badly need for a fraction of the cost of hiring them traditionally, forward-thinking companies are taking advantage of this game-changing solution to steal a march on their competitors.
But very few businesses accurately understand the full range of benefits a fractional executive can bring to the table, while others are struggling to understand the concept as a whole. So how can an interim C-level executive help your business?
What is a Fractional Executive?
Today, these experts go by many names. “Interim,” “part-time,” and “on-demand” are all terms used to describe executives of this nature. These individuals are highly-skilled experts who’ve held C-level positions in major companies, before subsequently deciding to go part-time or freelance. Organizations of all sizes can then make use of their expertise at a fraction of the cost and effort of employing them.
These individuals may only help businesses on a part-time or temporary basis, but their knowledge can instigate transformational change within a company. It’s relatively typical for a fractional executive to spearhead a new business growth cycle.
What Are the Benefits of Hiring a Fractional Executive (C-Level Executive)?
The benefits of bringing in such an experienced leader into your team are multifaceted, and they extend far beyond simply helping a business to expand.
1. Leadership and Expertise
An experienced leadership team is often lacking in start-ups, small, and family-owned businesses. Often, these organizations rely upon their original entrepreneur who’s struggling to surround themselves with a seasoned team. Unlike business consultants who may be fresh out of their MBA class, fractional C-level executives have already been there and done it in a business setting. They possess real first-hand knowledge of being in the trenches and delivering results under pressure. This type of experience is priceless when the chips are down, and strong leadership is required.
Better still, they can call on their prior knowledge of successfully incorporating change throughout an organization. Small to medium-sized businesses tend to call on the services of major consulting firms when handling business change. However, these services are often theoretical and conceptual. A fractional executive can simultaneously develop ideas and implement them into the “nuts-and-bolts” processes of an organization.\
2. Cost-Effective Knowledge
Frequently, a company requires a transformational leader to implement the changes necessary for continued business growth. Yet the salary, benefits, and equity requirements to compensate a leader with the commensurate experience is unaffordable. By hiring a fractional executive, small businesses can reap the rewards of utilizing a leader with the requisite ability without the overheads to match.
Additionally, interim executives tend to operate similar to an entrepreneur – fast and lean. Unlike consulting firms who send conflated teams to address problems, these experienced leaders can affect huge organizational change with the help of just a few team members.
3. Increased Agility and Flexibility
By tapping into the expertise of a fractional C-level executive on-demand, you can utilize this low-cost talent access as a competitive advantage. For instance, a medium-sized business looking to scale may need the leadership of both an experienced COO and CFO. With this flexible model, you can gain the expertise required for less than the cost of hiring for one of those positions full time.
It also increases your agility as a company. There’s no need to be tied to a leader for any specified length of time. You can achieve the growth you need under the stewardship of a knowledgeable executive, before releasing them as you consolidate the market gains you’ve made.
Why Turn to On-Demand Senior Executives?
One of the most significant investments a business can make is acquiring and retaining top talent. Yet, in many cases, the required skills are beyond the financial, recruiting, talent, or experience reach. This situation is where fractional C-level executives are a great resource for your organization.
On-demand fractional executives allow small to large-sized businesses to achieve their goals at a fraction of the usual price and without the pain of a lengthy recruitment cycle.
Here at Ovesto, we operate under a simple mantra: Optimize Investment Outcomes. We understand that one of the most significant investments a business can make is acquiring and retaining top talent.
So if you would like to take advantage of the capabilities of experienced C-level executives without the associated risk and overheads, speak to a member of the OVESTO team today to discuss your requirements. We hand-vet our fractional executives to ensure they are the best of the best when it comes to delivering targeted outcomes.
JOHN R. MILES
John R. Miles is a Navy veteran and the founder and CEO of OVESTO, the leading provider of on-demand executive staffing. OVESTO provides transformational leaders for fractional, interim or project assignments. Miles is widely viewed as an expert on digital disruption, problem-solving, and business transformation. He is a highly sought after speaker, consultant, and writer. Miles has significant business experience a Fortune 50 CIO, ASX 10 CISO, and seasoned private equity leader in CEO and COO roles across several diverse industries.
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