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THE EMERGENCE OF FRACTIONAL AND INTERIM ROLES
- Fractional and interim roles have been a large part of the workforce for years with a concentration on short term specialized needs or project work.
- Interim and fractional executive level roles have experienced significant growth as businesses grapple with the ever-changing landscape of remote working conditions and the emergence of the “Gig” economy.
- Successful businesses in all industries and all sizes are realizing the value to hiring an interim or fractional leader to help maintain stability and address organizational “stress” (leadership change, significant growth, limited budgets, etc.)
Why hire an “Interim” or “Fractional” role?
Bringing an interim leader into your organization offers several benefits. Some reasons to bring on an Interim or Fractional Leader include:
- Significant Cost Savings vs. Permanent Solutions.
- Extensive experience by function.
- Support your company’s immediate needs.
- Accelerate growth or turnaround assistance.
- Improve organizational efficiencies.
- Organizational mentorship and coaching.
- Experienced “external” strategic advisor.
What’s the Difference Between Fractional and Interim?
- An Interim Leader is a full-time staff member that creates a bridge during an executive transition or before hiring a new executive.
- A Fractional Leader is a part-time solution to provide access to otherwise unattainable talent, providing your business the opportunity to leverage highly-skilled staff on an as needed basis.
What organizations need from interim leaders?
Interim leadership is not just about filling a position until another person comes along; interim leaders are agents of organizational change. Because these individuals are coming from other organizations and past leadership roles, they have the ability to bring new ideas and solutions to current organizational issues., such as: Termination Management, Business Analysis, Crisis and Project Management, Streamlining Organizational Communication, and other critical business needs.
Some things to know about fractional or interim leaders:
- These types of positions can span a wide variety of time. Companies note Interim tenures span between one month and two years, with an average of about seven months. For Fractional leaders; time commitments span between four and twenty five hours a week, with an average of about fifteen. Similar to Interim positions, Fractional positions typically average about seven months in length.
- Interim leadership jobs include Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief Revenue Officer and similar senior leadership positions in areas such as Human Resources.