Why People Are Leaving Traditional Roles to Be Fractional Executives
Nearly four years out from the start of COVID-19, the workplace continues to change.
A Women in the Workplace study (by LeanIn.Org and McKinsey & Company) shows that women leaders are “leaving corporate America at the highest rate in years,” citing stress and burnout, a lack of flexibility, and limited advancement opportunities. However, they aren’t leaving the workforce entirely—they are seeking new, independent opportunities in different industries or becoming an entrepreneur and exploring business ownership.
Both men and women are placing a higher importance on flexibility as they think of the future of work. According to the study, 68% of women and 54% of men value control over when they work, second only to opportunities to work remotely and healthcare benefits.
Last July, The New York Times interviewed Jacob Sheldon, the chief executive of a Shiny, a fractional talent marketplace, for a piece on fractional executives. He said, “The number of people seeking fractional executive positions far exceeds openings.” Jacob reported that they receive 50 to 60 applications each week from people seeking fractional roles—with only two to four new openings available
It’s not a surprise that professionals are increasingly looking for fractional executive roles: They offer flexibility, work-life balance, and more diverse opportunities. As a fractional executive, you can cater to multiple clients, apply your expertise in various contexts, and perhaps have a more fulfilling career. This trend is also driven by the gig economy, offering professionals the chance to explore alternative career paths and maximize their earning potential.
These are just a few of the reasons why financial professionals in particular are leaving their traditional roles and becoming fractional executives:
- High demand for their expertise
- Project-based focus allowing for ongoing learning
- Entrepreneurial opportunities to build their own client base
- Shorter commitments
- Easier transition to retirement
- Changing and evolving finance industry
Whether you would like to discuss the path to becoming a fractional executive or you need the services of our forward-thinking fractional CFOs, please reach out and request a consultation.