There are specific times and situations when managing businesses may require, either on a part-time or temporary basis, the hands-on assistance of individuals who are highly skilled and who possess extensive managerial and executive level experience. It is during these periods where an Interim Manager or Fractional Executive can be called upon to step in to fill in a void/gap or a managerial/executive role in the company.
An Interim Manager is typically hired by a company on a full-time basis for a determined period of time. An Interim Manager will take on a defined project or task and at other times will be to bridge a leadership gap within the organization while the necessary time is taken to search for and hire the appropriate full-time candidate for the position.
A Fractional Executive is very similar however he/she is typically brought in to take on a part-time specific role within an organization often without necessarily defining any specific mandate term. Better suited for start-ups and small to mid-sized growing companies who may not have the necessary financial resources to hire a full-time experienced executive. A Fractional Executive can be hired and compensated based on providing a fixed number of hours per month or a few days per week and often work for others at the same time.
Both share similarities in that these professional executives have a considerable wealth of knowledge and experience and can, easily and rapidly, be parachuted into a situation requiring immediate attention. They bring their skills, knowhow, guidance, leadership, proven track record of problem-solving and a fresh perspective to your organization at a fraction of the cost of hiring a permanent full-time executive.
Both work as independent contractors however, contrary to consultants, Interim Managers and Fractional Executives take on very active leadership roles within the organizations who hire them, leading the charge on specific functions, implementing changes and generally have the similar impact on your company as would a member of your permanent staff.
Here are some situations which you might find yourself facing when the assistance of an Interim Manager or Fractional Executive can be beneficial and enable you to reach that next level or to get through that difficult period:
If you can relate to any of the above situations know that an Interim Manager or Fractional Executive can very rapidly make a significant difference in your organization.
Contact us to discuss your specific needs.