The co-hosts interview Cindy Wagman, the President and CEO of TheGoodPartnership.com. Cindy discusses the concept of fractional executives and how they can benefit nonprofit organizations. She explains that fractional executives are hired at an executive level for a fraction of their time and cost compared to full-time hires. This allows organizations to stretch their budgets and hire higher-level expertise. Fractional executives are not employees but rather consultants who are paid a monthly retainer. They become part of the team and provide strategic oversight and implementation.
Cindy shares her experience of starting as a fractional fundraiser in 2015 and growing a team to provide fractional fundraising services. She emphasizes the importance of implementation for small organizations and how fractional executives can provide consistent and meaningful results. They offer a proven roadmap for organizations and allow executive directors to focus on their core responsibilities without the stress of managing inexperienced staff.
The discussion expands to different types of fractional executives, including CFOs, HR professionals, marketing experts, and evaluators. Cindy explains that if a role is not core to program delivery, there is likely a fractional executive available for that position. The hosts discuss the importance of understanding and embracing fractional leadership as a strategic move, rather than being hesitant or uncertain about it.
When it comes to budgeting, Cindy suggests comparing the cost of hiring a junior full-time employee in the same role to get a starting point for the budget. The cost of a fractional executive varies depending on factors such as location and position, but it is important to consider the full cost of hiring someone, including benefits. Cindy also mentions the variability of workload for fractional executives, which can fluctuate based on the organization’s needs.
Towards the end of the interview, Cindy addresses individuals interested in becoming fractional leaders. She mentions her Fractional Fundraiser Academy and offers coaching services for those looking to start their consulting businesses. She highlights the flexibility and control that fractional leadership offers, particularly for individuals with young families or those seeking a different work-life balance.
The hosts conclude the interview by discussing the changing landscape of labor, the benefits of fractional leadership for both organizations and individuals, and the need to embrace this concept as a progressive and effective approach to nonprofit leadership.