Many executive roles don’t require someone on a full-time basis.
This may be because there simply isn’t enough work to make up 40 hours a week or because you’re an SME in the process of growing and you need to adjust your requirements accordingly.
Say for example you have never employed a marketing director before. It’s unlikely that you’re going to go from not needing this type of professional at all to suddenly needing one on a full-time and permanent basis.
The beauty of using part-time execs is that you can choose how many hours you want them to dedicate to your business and it therefore doesn’t have to be such a big financial commitment. Another benefit is that you’re not tied into a permanent contract which is ideal if you’re looking for help on a particular project or issue or simply need some valuable business advice.
One of the biggest mistakes SMES can make is becoming fixated on the idea of hiring a full-time person for the role of their non-executive. If there is a need to have someone with you full-time then you should of course do this but if you’re only doing it because you feel you should, this could prove to be a costly mistake.
Top quality executives employed on a permanent basis are expensive so you need to ensure that you can afford to pay a competitive salary to attract them in the first place. You also need to keep them interested in the role once you’ve employed them which can be difficult if there simply isn’t enough for them to do.
If you would like more information about how a part-time executive director can help to improve your business, please feel free to contact NXD and we will be more than happy to help.