Can the fractional executive become a “thing”? Small-to-mid-sized businesses (SMEs) which includes startups, now represent just under 90% of employment in North America. They are hungry for talent but often lack the revenue base to support having highly qualified, experienced employees work for them – especially at the leadership level. Along comes fractional employment and the notion of the fractional executive.
So what is fractional employment?
The term “fractional employment” has been around for several years, but it is emerging as the new model for employment – especially in SMEs and startups.
Under the fractional employment model, an employee spends a discrete amount of time out of each week with multiple employers. In its ideal form, it could be 2 days each with 2 different employers plus one day to spend with a third company…..this would net out as a full work week for the employee.
Well, today, I have the luxury of having two seasoned executives to talk about their transition from corporate, full time employment to the new world of the fractional employment, with employees coming on board as the new fractional executive. Rory Capern (https://www.linkedin.com/in/rorycapern/) and Chris Hodgson (https://www.linkedin.com/in/christopherhodgson/) both ex-Google executives, join me to discuss their own transitions while giving great advice on how to make the jump if you are considering fractional work for yourself.
Key to their collective advice:
1. Focus on the impact you can make for your clients
2. Set expectations with your clients to focus on the output or risk spending too much time measuring the inputs (like time, etc.)
3. Know yourself, and therefore the kinds of companies you want to take on as clients to ensure the best chance at success
4. Leverage your network, trusted connections make it a lot easier to find that first client
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I guess publishing this podcast makes me a fractional