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Towards the end of last year, I promised to provide some more insight into the increasing demand we’ve been seeing for fractional interims. The pandemic was the catalyst for the huge increase in flexible working that we’ve become more accustomed to, but this flexibility is not limited to just where interims work but also how they work. Over the past 12 months we’ve seen a marked increase in clients engaging with fractional interims – in fact, nearly half of the interim assignments Tucker Stone placed last year were fractional. But what does ‘fractional interim’ entail?
It’s an innovative approach that involves bringing in experienced executives or leaders to navigate periods of transition, manage strategic initiatives, or provide specialised expertise but who aren’t necessarily required to do so working full-time, certain days or even a set number of days each week – it’s far more fluid. For example, this could be to deliver a specific project that needs to be completed across the next 6 months but, with certain milestones along the way, the fractional interim can flex their workload up and down where necessary. This creates a flexible way of working where they manage their time according to peaks in demand. This model is in contrast to the traditional approach of full-time engagements, offering a more flexible and cost-effective solution for businesses seeking immediate access to high-calibre talent. In the same breath, it enables interims to work with a handful of clients at any one time and build a portfolio of work as opposed to the more traditional moving from one assignment to the next.
So, what are the primary benefits to this versus a traditional interim engagement?
Cost Efficiency
Fractional interims allow organisations to access top-tier talent without the financial burden associated with full-time or even part-time commitments. This cost-effectiveness is particularly beneficial for SMEs looking to leverage experienced leadership without breaking the bank.
Flexibility
The flexibility inherent in fractional interim leadership enables organisations to adapt quickly to changing circumstances. Whether facing a sudden crisis, pursuing a specific project, or managing a period of transition, the ability to bring in experienced leaders who can flex their level of support up or down according to demands of the business are an invaluable resource.
What does 2024 hold?
Like most, I hate to make predictions for fear of falling flat on my face however, as we look ahead in 2024, I believe the fractional interim market is poised for growth and evolution where several trends could shape the landscape.
Increased Acceptance and Adoption
The success stories of companies leveraging fractional interim leaders will encourage broader acceptance and adoption of this model. As more businesses recognise the value of flexible leadership solutions, the market is expected to expand across industries.
Diversification of Talent Pools
The pool of fractional interim leaders is likely to diversify and grow. From conversations I’ve had, there is a growing appetite amongst interims to work in a much more fluid way and, as such, we expect the companies access to talent to increase as interims themselves get greater opportunity to work in this way.
Technological Integration
Advancements in technology will play a significant role in shaping the fractional interim leadership landscape. Virtual collaboration tools, data analytics, and artificial intelligence will enhance the ability of fractional leaders to work remotely and make data-driven decisions.
In summary, fractional interim has emerged as a dynamic solution for organisations seeking to engage with interim talent. As we move into 2024, this trend is poised to continue its ascent, providing businesses with the agility they need to thrive in an ever-changing business landscape and, by embracing fractional interim leaders, companies can harness the power of experienced professionals to address immediate challenges, drive strategic initiatives, and secure a competitive edge in their respective industries.
Mark Ladds
Interim Partner
mark.ladds@tuckerstone.com
