Why a fractional CIO?
A fractional CIO is simply a part-time or shared Executive role. You can learn more about the rise in fractional Executive roles here.
Here are some situations when a fractional CIO makes sense:
Don’t want a full-time CIO
Budgeting for a full-time CIO can seem daunting. According to Salary.com the median cost for a full-time CIO is $320,497, while the range typically falls between $272,218 and $376,709.
Enter the fractional CIO, a business and technical leader who divides their time between several businesses, providing each with top-level expertise at a fraction of the cost.
One way to think about the fractional CIO model is that most executives create 80% of their value from 20% of their effort. Thus, a fractional CIO is totally focused on maximizing their time for value creation.
Don’t need a full-time CIO
Not every role in a business requires a full-time commitment. The CIO role at small and mid-sized enterprises often does not need to be a full-time role.
And, having one person attempt to hold the CIO role and another possibly related or lower level role in the company is suboptimal.
The reason for this is focus. It can be difficult to think about the future and innovation when you are constantly dealing with day-to-day issues.
See: Why focus is a leadership superpower
Can’t find the right fit CIO
Today’s market for executive level talent is exceptionally competitive. It can take from six to nine months to find an available qualified candidate using traditional methods.
This means months of lost opportunity to create value for the business. Change is happening too fast to allow for this long of a gap in leadership.