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Hiring The Perfect Fractional Executive
Hiring the perfect fractional executive requires a focused approach, taking into account several critical criteria to ensure alignment with your business's specific needs and goals. Below are seven areas to consider before hiring a fractional executive for your business:
Research the track record: Assess the fractional executive’s history of professional accomplishments. Look for evidence of success in roles and environments similar to your business. A proven track record in driving growth, managing transitions, or implementing strategic initiatives in previous engagements demonstrates their capability to deliver results.
Always consider the experience of the fractional executive: Take into consideration the breadth and depth of the executive's experience, particularly in your industry or sector. The fractional executive that you choose should have a comprehensive understanding of the dynamics concerning your industry specifics. Side note: Hiring the fractional executive for a probationary period may be enough to confirm how useful the fractional executive can be for your business.
Identify the expertise: Identify the specific skills and knowledge the fractional executive brings. Depending on your business needs, this could range from financial acumen to technological innovation, marketing strategies, and operational excellence. The executive’s expertise should fill a gap and add value.
Purpose-oriented approach: Evaluate how the candidate aligns with your company's mission, values, and long-term objectives. Koinonia Training and Consulting is a faith based company that integrates the Christian faith in all processes of the business. Much like a faith based entrepreneur, a purpose-oriented will strive to achieve immediate business goals and spiritually contribute to your company's broader vision and culture.
Study the fractional executive’s market presence: You can assess the fractional executive’s knowledge and approaches better by studying their online presence. Their brand can either be a great addition or a liability.
How Should Fractional Executive Be Compensated:
Hourly rates: Hourly compensation is common for fractional work, especially with projects with clearly defined timeframes. Fractional executives can cost between $250 and $500 per hour.
Retainers: Monthly retainers ensure ongoing engagement and availability of the executive. This model provides companies with predictable costs and executives with a steady income. Retainers can range from $500 - $3,000 per month.
Day rates: While less commonly discussed, some executives may also work based on day rates, particularly for intensive involvement over shorter periods. At Koinonia Training and Consulting, we offer day rates upon request for religious organizations for conferences, convocations, and special services.
Dr. Dee Evans
CEO, Koinonia Training and Consulting
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