Earlier this year Callum Borchers, a columnist for The Wall Street Journal, wrote an article called “These Professionals Aren’t Retired, they Just Have Zero to Prove.” The article highlighted successful professionals living what has been dubbed “a post-achievement lifestyle.” These professionals are high achievers who found enough success early in their careers that they no longer need to engage in the daily office grind to bring in a regular paycheck. Some have socked away enough money to live lavishly for the rest of their lives and some have just enough to maintain their current lifestyle. And now, they are focused on maintaining a work-life balance on their own terms. Many are still working in some capacity or another – in part-time (fractional) capacities or on hobby projects – but all are focused on living the life that they worked hard to build early in their careers. The article got a lot of people talking!In true WSJ fashion, the article highlights the extreme versions of this scenario (like an ex-CMO that left a seven-figure salary and approximately $10M in future earnings to rock climb in the mountains). But one-percenters aside, the narrative around fractional work is actually becoming more common than many people realize.
An Insider’s Perspective on Fractional Executive Work
This move to fractional work is a career path that we are very familiar with at CFO Selections because our team of CFO consultants is made up of mid-career and late-career financial executives that have decided that they want the kind of work-life balance that only fractional work can truly offer. They recognize that fractional work offers many benefits, such as:
- Diverse Experience
- Flexibility
- Varied Challenges
- New Opportunities
Our team of fractional CFOs is comprised of high-achieving professionals that have left the traditional in-house executive role in favor of taking on a more consultant-like role that allows them to engage more strategically. As a result, we have a unique perspective to share with you about how to find the best leadership talent!
The Untold Benefits of Fractional Leadership
What we have seen time and again working in the fractional space is that the kind of executives who are drawn to fractional work are typically the best in the business. Why? Fractional executives are at the top of their game because:
- They have already "been there and done that," becoming subject matter experts and learning the right lessons to lead well along the way. Now they have the context and impartiality to be the best person in that role at your company. And while this kind of experience can also be found when hiring for a full-time role in-house, you will pay considerably more for it!
- If they are in a place in their lives where they don’t need to work full-time for the money and they are still choosing to work anyways that’s an indication of the kind of passion that they will bring to the role. They are working because they love what they do and the work truly means something to them, which is something that no benefits package can replace.
- Fractional executives are masters of practicing work-life balance, and they have the resume to prove it. They have a clear track record of balancing achievement and wellness, which is something that in-house employees often find difficult (if not impossible) to achieve due to the ongoing pressures of the role. This is a key differentiator between hiring a fractional leader versus an in-house leader because failing to take the time needed to rest and recharge can lead to executive burnout, which can hamper the long-term success of the business. Hiring a fractional executive just inherently imbues rest and recharging, which can better facilitate business planning and contribute significantly to business growth.
Choosing a fractional executive is often the smartest thing you can do for your organization because it gives you access to more experienced, passionate, and balanced talent. This is the kind of secret that your competitors may already know (and if they don’t, keep it to yourself!).
If these benefits sound appealing to you, you’re in good company. Fractional leadership is becoming more common at today’s top mid-sized organizations than ever before for all these reasons. CEOs and owners are becoming wise to the fact that not only can hiring a fractional leader save them considerable money, but it can also give them a significant leg up on the competition.
When you need a fractional CFO or a fractional Controller, we can help! Our team of fractional financial executives has extensive experience across a wide variety of industries to lend to your operations. They can come alongside your organization to offer the outsourced financial leadership you need to thrive and grow. Contact us today to find out more!
