We return today with part two of our fractional executive series. In part one, we explored how the evolving workplace trend of fractional executives is a game-changer for businesses in need of C-level leadership expertise and insight.
Sharing their own experiences around this trend was John Healy, chief executive with Whrrr Work (formerly VP and managing director for Kelly), and Neha Goel, a fractional CMO with the Rippler Group (formerly CMO and VP of marketing for Utmost). Both return in part two where we look at when and how to engage a fractional executive.
As discussed in part one, a fractional executive serves as a flexible and on-demand approach to talent acquisition. Whether it’s a role such as a chief marketing officer (CMO) or chief procurement officer (CPO), businesses now have scalable talent options to execute critical programs and initiatives.
In part two, we’ll look at what to consider when choosing a fractional executive and how these leaders can best support businesses.
Fractional Doesn’t Mean Insignificant
Despite the term, a fractional executive leads, advises, and supports their client’s business with the same tenacity and resolve as a permanent member of the leadership team. In fact, without such expertise, a business may be facing failure. This is all the more reason why the selection process must be rigorous (check out CPO Rising’s decision tree “Do You Need a Fractional CPO”).
Businesses have several considerations when choosing a fractional executive, says Goel. She notes the specific expertise required, an executive’s track record or experience with similar companies, the scope and duration of the project, as well as the company’s budget. “It’s also important to define clear objectives and KPIs to ensure the engagement’s success,” adds Goel.
Healy couldn’t agree more. Holding a fractional executive accountable for agreed-upon results is essential. It’s what separates choosing a fractional leader versus an external consultant or advisor. “Whether engaged as a freelancer or as a part-time FTE or via an external service provider, both parties need to take the time to define and agree on expectations — even when one of those expectations is to develop answers to the unknown,” he says.
However, equally important, and sometimes overlooked, is the cultural fit between the executive and the existing leadership team, says Goel. Cultural fit, along with other criteria that are critical when making a permanent hiring decision, should carry the same weight when deciding on a fractional executive. The consequences are just as damaging.
Support From Within
You have decided to hire a fractional executive and identified the must-haves as part of the selection process, but how can this leader best be leveraged in your business? While many fractional executives work remotely, they understand the criticality of in-person leadership and engagement. Still, how can businesses best utilize fractional leaders during their assignments? What areas of support are most conducive for such leaders?
Goel provides a few areas where fractional leaders can deliver the most value:
- Providing strategic leadership. At the top of the list is strategic leadership, which is generally the impetus for engaging a C-level executive. However, ensure collaboration between a fractional executive and other members of the leadership team. Decision-making in a vacuum is not a valuable outcome.
- Driving key projects. Utilize the leader’s expertise to help determine strategic trajectories and projects to achieve objectives. Fractional executives should be the driving force behind key projects but not necessarily involved in the execution. Instead, they are monitoring progress, advising on implementation, and tracking performance.
- Transferring knowledge to the existing team. Most fractional leader assignments are short-term engagements. Thus, transferring knowledge to not only the leadership team but managers as well will be crucial for sustained growth and success. Knowledge is power. Imparting wisdom and sharing lessons learned should be an expectation of a fractional leader.
“They should act as catalysts for change and innovation, offering an external perspective and a network of contacts, while being adept at quickly understanding the company’s challenges and opportunities to create immediate value,” says Goel.
When Healy takes on an assignment, he finds helping a company develop a more intentional orchestration of its workforce ecosystem occurs through different actions and phases.
“There is a learning and development action that occurs in the first phase of an engagement, followed by an assessment of organizational maturity and readiness,” says Healy. “The action plan for deploying specific elements of the program is dependent on the client’s ability to take action and dedicate the time and resources to the effort — in each case, those are unique circumstances.”
“As a result, the trust and candor in the relationship are critical to ensuring expectations on both sides are met … we both gain value when an initiative is deployed and achieves the results desired, or when the initiative is stopped early in the process, saving time, effort, and expense for all involved,” adds Healy.
With only a couple of weeks until 2024, the demand for fractional executives will continue as uncertainty remains and more companies enter the marketplace. The Future of Work is about redefining the “traditional” and exploring new paradigms for workplace success. Fractional executives have found their place in that endeavor.
