What was your first reaction when you heard that Bill Gates would be running Microsoft on a part-time basis until the recruitment of another chief-time executive?
Whole business world was titillating at this announcement.
‘Outsourced’, ‘part-time’ or ‘fractional’, these few words were unheard until few years. As we speak more about fractional recruiting, we get to know the sense behind these words. The arrangement is becoming more and popular these days and a lot more people are interested to enter this set up.
There are many startups that need seasoned CEOs but couldn’t afford it due to their limited resources. This part-time solution works fine with both the parties.
Modern businesses run on talent and are always in search of talented people that love to embrace their freedom, independence and go off the books, the freelancers.
These people are known are “supertemps” and they very well know how to maintain their position and a powerful personnel. They are not your average, regular temp worker.
The phenomenon is powerfully gripping the business world and its benefits are proven.
What is a fractional or part-time CEO?
Fractional or part-time CEOs are best suited for mid-market organizations that either don’t need or afford a full-time leader who can guide them from his knowledge and strategic leadership qualities. His skills can bring the same aura as an accomplished and experienced CEO would bring to the company. This is the charm of Fractional marketing set up.
Though fractional CEOs are the part-time additions to the startups yet they function as the full-time CEOs discussing the marketing related opportunities manage strategic marketing events of the start ups, conducting various workshops and marketing audits.
Hiring a Fractional CEO is much like “renting instead of hiring” with no long-term commitments- saving time, recruiting costs, shortening of delays and elimination of interviews and relocations.
Their necessity in the market
These days business grows at a very dynamic pace. There is no precise formula about that defines the requirement of C-suite authority. There can be no universal indicator especially when it comes to small level businesses. Even the executive level businesses face challenging business transformations at time and look for some specified augment level services for an interim period of time. The advanced technology has made it easier to access the exquisite talent and contact it remotely. Almost all size of companies contract with on-demand CEOs or we can say Fractional CEOs.
Benefits of hiring a Fractional CEO
Well, it can be highly beneficial for your startup. They serve you with the services you require without increasing your overhead expenses.
They impart their knowledge and talent temporarily to your company and help you plan a long-lasting insight. They understand what metrics are key to a successful startup.
The market is full of outstanding talent who has a leveraging thrust and significant experience to help a start up but, they don’t want to take up full-time position or change their location. The basics of Fractional marketing explain how hiring an experienced CEO impacts your clients hugely and potentially get your startup a meaningful position in the market. Moreover, it is an opportunity to work and learn under different leaderships. The list of benefits of hiring a Fractional CEO is endless.
- Experience: It enables your startup to work under the vast experience of trained leaders. Fractional CEOs have been through the problems you don’t even know of, and they have dealt with them in the past very well.
- Scalability: Their experience and skills scale up you start up faster. Your fractional CEO knows how to make the plan and how to execute it.
- Trust or respect: As already discussed, the Fractional CEOs are usually a big name in the market. They are trusted for their past experiences and reliable because of their problem solving attitude. Investing in them is like getting advice from your seniors without putting your picket in danger.
- Practicality: The founders cannot do everything on their own even if they are limited on their resources. They will always need a forced rank order for a better impact. Fractional marketing CEOs bring this kind of atmosphere into your startup.
- Guidance: Anyone can copy and paste from Google if the data is going up but there are hardly any people why can explain the reason behind it. Fractional CEOs are the guidance that help can help you bounce back.
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