Deciding whether to hire a fractional executive or a full-time employee?
Here are a few things to consider when making this decision:
- Goals: Consider the specific needs and goals of your organization. If you need specialized expertise or leadership for a particular project or initiative, a fractional executive may be a better fit. If you require ongoing leadership and management of the company, a full-time executive may be more appropriate.
- Budget: Consider your budget and resources. Hiring a full-time executive can be expensive, as it often requires paying a salary, benefits, and other compensation. Fractional executives are a more cost-effective solution. You make smarter investments by contracting 100% of an expert’s skill set for the time you need, not recruiting, interviewing, hiring, onboarding, and paying a full-time salary with benefits.
- Timeframe: Consider the timeframe for your project or initiative to start and end. If you need immediate expertise or guidance for the next few months, a fractional executive is a better fit. If you require 40+ hours/week of work without a sense of urgency to get started, then a full-time executive is a better fit. In most urgent cases, it makes sense to bring in a fractional executive ASAP.
- Risk Tolerance: Consider your risk tolerance. Hiring a full-time employee is a long-term commitment and comes with the risk of turnover and potential cultural fit issues. Fractional executives offer a lower-risk option, as you can end the engagement when the project is complete or if you’re not satisfied with their performance. You also get to begin working with them immediately to ensure it’s a good fit, instead of spending several months courting a full-time employee and waiting for them to begin onboarding.
Ultimately, the decision to hire a fractional executive or a full-time employee will depend on your organization’s specific needs and circumstances. It’s important to carefully evaluate your options and choose the solution that best aligns with your goals, budget, timeframe, and risk tolerance.
Want to learn more about fractional executives and how they can solve your company’s problems?
Check out What is a Fractional Executive?