Interested in hiring a fractional COO for your business? Make an informed decision with our overview of fractional COO services, benefits, rates, and tips for hiring.
What’s a Fractional COO?
A fractional COO is a Chief Operating Officer hired on a part-time or interim basis, providing businesses with operational leadership without having to employ a full-time professional. Chief Operating Officers are usually second-in-command to the CEO, working closely to support day-to-day operations, implement strategies, and ensure the business is running efficiently.
Fractional COO services are becoming increasingly in demand among startups, scaleups, and even established organizations seeking the seniority and expertise of a full-time COO, but for fewer hours and at a fraction of the cost. Fractional COOs typically work for more than one employer and are paid on a monthly contractual basis.
Hire a Fractional COO for your organization
Who Needs a Fractional COO?
Hiring a fractional COO can be a great option for organizations of any size that are looking to scale their operations efficiently but may not be ready or lack the budget to hire a full-time Chief Operating Officer. Whether it’s a business startup amid rapid growth, an organization looking to expand into new markets, or maybe a major business restructuring, fractional COO services can appeal to a range of needs.
Business startups, fast-growing companies, and those undergoing a transition (e.g. if a full-time COO or CEO departs) can especially benefit from hiring a fractional COO to provide stability and hands-on support that aligns with their unique needs.
InsurTech is a complex industry and we needed a highly experienced transformation and change manager to manage a company acquisition and portfolio integration. The 10x-er was essential to manage the project successfully within time and budget.
Suzanna Koning, CEO at InShared (InsurTech)
What Are the Benefits of Hiring a Fractional COO?
The flexibility of hiring a fractional COO brings a range of cost and efficiency savings. Instead of paying for a full-time COO working 40 hours a week, organizations can benefit from the same level of operational expertise on a part-time or contract basis, tailored to their specific needs and budget. This arrangement is becoming increasingly appealing when hiring for senior roles like COOs, as organizations can rely on their services as and when it’s needed, e.g. managing transitions or offering CEOs hands-on support for challenging, resource-intensive projects.
Hiring a fractional COO instead of a full-time COO is also beneficial if an organization needs immediate operational support. The hiring process is typically much less time-consuming, with many fractional workers available on demand and ready to be hired immediately. Seasoned fractional COOs are also adaptable and typically come with years of experience in multiple industries and at different business stages, enabling them to quickly embed themselves into an organization and implement scalable, cost-effective processes that drive sustainable, long-term growth.
Interested in hiring fractional talent in other areas of your business? Start searching for a range of roles including CFOs, CSOs, Project Managers, and more.
What Skills Should a Fractional COO Have?
A fractional COO’s job responsibilities can be broad in scope and vary from one industry to another, but generally, they should combine strong leadership and communication skills with a talent for implementing more efficient, cost-effective ways of working across the company. Common fractional COO services include:
- Organizational restructuring: Ensuring teams are structured and operating productively and cost-efficiently
- Implementing business strategy: Fractional COOs should be able to translate the ‘bigger picture’ ideas and strategies of the CEO into actionable, practical solutions
- Change management: Guiding organizations through significant change and/or high-stakes projects, such as expanding into new markets or launching new products
- Financial management: Ensure business operations are financially sustainable, managing budgets and analyzing financial performance
- Project management: Hands-on executive guidance for critical projects to ensure timelines, budgets, and expectations are met
What Are Average Fractional COO Rates?
Fractional COO rates depend on experience, industry, and the services required, but they typically vary between €150-400 per hour. Some may offer a fixed monthly retainer amount or per project, which may be preferred for organizations seeking long-term support.
Compared to a full-time COO or interim COO, working with a fractional COO provides organizations with greater flexibility in negotiating the exact hours and services provided, often making it the more cost-effective option.
Hiring a Fractional COO For Your Organization: Find Top Talent with 10x
10x is a members-only platform giving organizations access to a strictly-vetted database of elite fractional COOs and other fractional job roles. With a proven track record of connecting the top 1% of fractional talent with ambitious organizations across a range of industries, you can request access to the platform and we’ll work with you to find the perfect match.
FAQ
Can I Hire a Fractional COO on an Hourly Basis?
Yes, many fractional COOs offer their services on a flexible hourly basis. This can be a lot more cost-efficient for companies, particularly if they only need temporary or project-based support.
How Can 10x Help Me Hire a Fractional COO?
10x connects organizations of all shapes and sizes with the highest quality fractional COO services on demand. As 10x is an invite-only platform, the first step is to request access. You will then be asked to answer a couple of questions to better assess your needs and goals. This input is vital in helping us to pair you with the most suitable 10x-er for your organization. Our experts thoroughly vet all 10x professionals before matching, making sure they have the right knowledge and experience to solve your challenges and add value from day one.
How Much Does a Fractional COO Consultant Cost?
The costs of fractional COO consulting can vary depending on the specific needs of your company, the duration of employment, and the fractional COO’s level of experience. So the exact amount is calculated on a case-by-case basis. Sign up to the 10x platform and we’ll work with you to find a match that fits your specific needs.
What Are Some Tips for Hiring a Fractional COO for My Business?
- Define your needs and goals: What business challenges are you facing? What are your objectives and expectations? Answering these questions before hiring will help inform your search for a candidate with the right background and experience.
- Industry experience: Make sure you hire a fractional COO with a proven track record in your industry or with organizations facing similar challenges, e.g. scaling for growth, reducing operational costs, or supporting the CEO.
- Assess their skills: A great fractional COO should have an eye for efficiency and strong people skills, so make sure any potential candidate has proven experience. A reference check or reviewing their past work is highly recommended.
- Find a great communicator: Fractional COOs often work across departments to execute the decisions of the CEO, so strong communication skills are essential. Look for someone with experience in scaling businesses, change management, and improving efficiencies.
- Working arrangement: Consider the duration of employment and the expected working hours per week, as well as how much you’re willing to spend. These factors can vary widely, so having these details on paper will make it much easier to agree on fractional COO rates that fit your timeline and budget.
Would Startups Benefit from Hiring a Fractional COO?
Hiring a fractional COO can be a smart investment for startups, as they’re more likely to lack experienced operational leadership that can help them scale operations and grow the business efficiently.
From a cost perspective, startups are also more likely to have limited budgets and resources to justify a full-time COO hire. Fractional COOs can help founders and CEOs to navigate rapid growth and change while absorbing some of their more hands-on job responsibilities, helping them focus on other aspects of the business.
Startups are frequent clients of 10x’s fractional work platform, typically needing executive support without wanting to commit to the long-term costs of a full-time COO.
How Do I Find a Fractional COO for My Business?
One of the most effective methods for hiring a top-quality fractional COO is via dedicated fractional work platforms that have experience in connecting businesses with the right professionals. Leveraging these platforms gives you the best chance of hiring a candidate who has proven experience, aligned to your unique needs and goals.
10x’s invite-only platform has a highly-vetted database of 500+ fractional professionals on demand, including top fractional COOs. Request access to the platform today to start the hiring process for your business.