Get the Whole Picture on Fractional Opportunities

While at times it can feel like listening to a broken record, we are reminded time and time again just how much the Pandemic and subsequent Great Resignation changed the landscape of recruiting and employment in just about every industry.

In the months and years since, we’ve explored a myriad of ways that our work has evolved as a result, and nowhere is that more evident than the rise of fractional work opportunities – especially among seasoned C-Suite execs and those enjoying retirement.

What is a ‘fractional role’?

Although the concept itself can take on many forms depending on the industry and unique needs of an organization, the idea of seeking part-time assistance at the highest levels of leadership within a company can typically be approached in the following ways according to Reforge :

Advisors:

• Give feedback and guidance on a limited basis but they don’t actually execute
• Their function is to give advice, but they don’t typically interact with people outside of the core leadership team or own any tangible deliverables.
• While advisors command the highest hourly rate, they usually work a few hours each month

Fractional Executives:

• Provide advice but they’re more hands-on, dedicating up to 24 hours per week to own key deliverables or manage teams
• Focus on filling specific strategic and executional gaps in a leadership team.
• You can expect to pay a Fractional Executive working 20 hours a week about 60-70% of what you would expect to pay a Full-Time Executive, as their value is not directly tied to the number of hours they work.

Interim Executives:

• Commit 40+ hours a week
• Able to influence company culture, get involved in the team’s day-to-day, and are responsible for setting their function’s strategy and vision.
• Often hired for set duration of time

How are these roles good for business?

“Hiring fractional executives can be beneficial for businesses because it allows them to access specialized skill sets at lower costs than traditional hires would require. Additionally, fractionals can bring new perspectives and ideas from their previous experiences which can help drive innovation within the company. Finally, since these professionals only work part-time or on an as-needed basis there is no need to worry about long-term commitments like those required when hiring full-time employees.”

Interested? What are the next steps?

If this kind of role interests you as a potential next-step in your career (or coming out of retirement), start by thinking through how the ideal arrangement would look – especially if you’re looking at a senior-level role, ask yourself:

• What kind of time commitment are you looking for/able to make?
• Where do you areas of expertise align with organizations looking to fill these roles?
• What is your desired compensation structure?

“TheFractional Executive role is perfect for those who desire to lead and are looking for an opportunity to take on more responsibility without a full-time commitment.”

Be sure you know what you’re looking for

Of course, “the level of commitment, both on an hourly basis and duration of engagement vary by role and company needs .” Understanding both how much time you have in your day and, more broadly, how much time you have in your year, will narrow the scope of your search.

Additionally, “compensation comes in many forms and varies widely based on industry, experience, company stage, etc.”, so knowing where you need to be in that respect will help you further hone in on the best fit.

Understanding the motivation behind fractional positions can help you tailor your strategy to a specific organization. Consider how your professional experience can help impact their bottom line – whatever that may be.

According to House of Revenue , companies often seek out these kind of roles with very specific goals and expectations in mind including:

• “…providing strategic planning and execution support, developing growth strategies, improving operational efficiency, and more.”

• “…can be beneficial for businesses because it allows them to access specialized skill sets at lower costs than traditional hires would require.”

• “…bring new perspectives and ideas from their previous experiences which can help drive innovation within the company.”

TZR can help you

As is the case with any role worth pursuing, open communication with human resources and the executive team is essential to success. “The most adept Fractional Executives co-define goals with their founders/leadership teams to ensure they have specific goals to focus on.”

Marketing your skills and experience to companies looking to test the ‘fractional work’ waters and showing them how even a portion of your time can make a positive impact on their bottom line is what we do best.

TZR’s team of highly experienced professional recruiters can help you identify the best next step for you; we particularly excel at the C-suite-higher-level opportunities including sourcing top talent for advisory roles in the lumber and building materials industry.

And if your organization is interested in exploring fractional roles, we can help you understand the benefits, navigate the hiring process and identify the right fit among our pool of qualified candidates.

This article was originally published at tzrecruiting.com