Let us imagine what those fractional executives origin stories could have been like.
Example 1: The Part-Time CEO
Probable origin: A small startup with limited resources may have found itself in need of a full-time CEO, but couldn't afford one. Instead, they opted to hire a part-time CEO who could dedicate only a few hours per week to the role. Over time, this arrangement became the norm, with the CEO taking on other responsibilities outside of the company.
Potential solution: Encourage the company to either find a full-time CEO or invest in developing the current part-time CEO's skills and experience. Alternatively, consider restructuring the company to better align with its available resources.
Example 2: The Freelance COO
Probable origin: A larger company may have faced financial constraints and decided to bring in a freelance COO to provide strategic guidance and support. As the relationship progressed, the freelancer began to take on more responsibility, eventually assuming the de facto role of COO.
Petential solution: Offer the freelancer a permanent position within the company, potentially with a reduced salary commensurate with their new responsibilities. Alternatively, explore options for integrating the freelancer's services directly into the company's operations.
Example 3: The Virtual CMO
Probable origin: With the rise of remote work and virtual teams, a company may have found it necessary to hire a virtual CMO (Chief Marketing Officer) to manage its online presence and digital marketing efforts. However, as the company grew, the virtual CMO's responsibilities expanded beyond their original scope, encompassing traditional marketing channels as well.
Potential solution: Consider promoting the virtual CMO to a full-time position within the company, providing them with dedicated resources and support. Alternatively, explore opportunities for integrating the virtual CMO's expertise into existing marketing departments. By formalizing their role and providing adequate resources, companies can avoid perpetuating the problem of fractional management.
