The job market is super strong with an unemployment rate of 3.6 percent – just a hair above the half-century low of 3.5 percent that was reported before the pandemic. Restaurants, hotels and other hospitality industries are leading the way, and that’s no surprise with summer travel plans soon in play.
The challenge for many employers is that while job openings abound, it is hard to find people to fill those positions. As of March 31, 2022, there were 11.5 million open jobs in the U.S., which is the highest level of job openings since 2000, according to the U.S. Bureau of Labor Statistics. Even if a business finds the right person to fulfill a particular role, volatility in the market looms large and creates added pressure when committing to full-time salaries and signing bonuses.
That’s why fractional executives could be a beneficial solution to companies in need of leaders who help management teams achieve certain milestones without requiring a full-time post.
At Concepts Rise, we serve as fractional Chief Operating Officers (COOs), Chief Revenue Officers (CROs), and Chief Information Officers (CIOs) for companies that either cannot find full-time executives or do not have enough tasks or budget for a full-time executive. Our team focuses on streamlining operations, accelerating revenue growth, and innovating new technologies to help our client companies succeed.
To maximize a working relationship with a fractional executive, it is important to understand how they differ from an interim executive. Fractional executives are not engaged with the expectation that they are in a specific role to fill a temporary void of an outgoing executive until a new one is hired. Such is the case for interim executives.
Fractional executives are engaged to achieve a specific goal for a company without a full-time position. For example, a company may not have a need for a full-time CRO but would like to hire a fractional executive to help accelerate revenue growth, develop new client channels, roll out a new marketing strategy, and establish new sales teams. Fractional executives are able to solve multiple issues for an organization while at the same time provide a healthy outsider’s perspective.
Following are some additional examples when a fractional COO or CRO may come in handy:
- You’ve outgrown your operating model and it’s time to improve the structure, processes, and technologies to keep a business moving in the right direction.
- You’re in need of a seasoned leader (again, not necessarily a full-time employee) who can manage a team and turn existing company assets into something bigger and better.
- Revenue growth has stalled out and there is a need to innovate new ways to grow an organization.
- Customer retention is low and it’s time to implement a strategy that reverses the trend.
- You’re starting a new business and need help devising a roadmap, creating a financial model, generating revenue, and connecting with investors.
If you or someone you know needs help with any of these scenarios, please do reach out!
To your success,
Majid
Majid Abai
CEO & Founder
Concepts Rise
Office: 424-320-0523
Email: majid.abai@conceptsrise.com