Hiring fractional executives has become a common strategy for companies seeking experienced leaders without the grueling process and long term financial commitment of hiring a full-time executive. Like every new addition to the organization, ensuring the partnership is successful requires more than just signing a contract.
Here are steps that you can take to ensure success:
Prepare Existing Team Members
Just like with bringing on a new full time employee at an organization it is important to communicate with existing team members when a fractional executive joins your team. The best way to alleviate any uncertainty is to hold a meeting introducing the new fractional executive. Your existing team is an invaluable resource to the fractional executive as they complete an initial assessment of your organization. A kickoff meeting will provide an opportunity for each member of your team to share their function within the organization, understand how the addition benefits the company overall and understand what impact, if any, this may have on their work.
Embrace Transparency
While traditional full-time employees may endure a series of orientations and slowly learn about the organization, fractional executives hit the ground running. They rely heavily on transparent and open communication from the CEO to understand the company’s needs and challenges. Companies must be honest about their existing and past roadblocks as well as the current state of the business. In return, fractional executives can provide informed guidance and actionable steps. reach out to their network if something exceeds their skillset. This mutual trust and honesty will set the stage for a fruitful working relationship.
Use a Quarterly Plan to Prioritize and Review Progress
Lastly, patience is key when working with a fractional executive. While they bring a fresh perspective, new strategies and expertise that will lead to some immediate small wins fractional executives, they cannot turnaround your organization overnight. Developing a quarterly plan to prioritize the scope of work will serve as concrete evidence of what progress has been made. Reviewing it each at the end of each quarter will allow planning for what needs to be accomplished next. Be patient as problems are uncovered, solutions provided and change is implemented that will help you reach overall goals.
Working with a fractional executive can be a highly effective strategy for companies of all sizes. By preparing existing team members, embracing transparency, and having patience for change, reap the benefits of partnering with a seasoned leader.
