Inner Circle Podcast Episode 031
Andrew Hay, COO of Lares, is my guest for this episode of the Inner Circle podcast. Andrew and I talk about the concept of part-time or “fractional” executives and the tremendous potential of allowing and hiring remote workers that many organizations miss out on.
Companies need executive leadership–but not all companies necessarily need all of the executive roles to be there 40 hours a week. You might not want a part-time CEO, but Andrew has worked with a variety of companies filling a virtual CISO role. The company needs someone to provide leadership and oversight of cybersecurity efforts. Instead of hiring a full-time executive to fill the CISO role, though, an organization can save a significant amount of money by enlisting the support of a part-time CISO. The organization gets the same expertise and the same executive leadership, but the individual filling the virtual CISO role only really needs to be engaged 1 or 2 days a week.
We also talk about the value of remote workers. Andrew is in Austin and his employer is in Denver–and that works just fine for both of them. Some companies or managers seem obsessed with the idea that a person can only deliver value or be productive if they sit in a designated cubicle at the office for 40 hours per week. There is certainly value to getting to know your peers and working together face-to-face, but commuting to and from work is a waste of time and there are a variety of situations and activities that occur during a work day that interrupt and distract from productivity.
Being open to hiring and working with remote employees drastically increases the potential pool of candidates. I don’t care what role you’re hiring for, there are many more qualified people for any given role in the world than there are within a 30 mile radius of your office. By hiring remote workers from areas with a lower cost of living, companies can pay less for the same or better productivity and reduce salary costs at the same time.
Organizations that fully embrace the concept could also scale down or eliminate the office entirely. Instead of renting and maintaining space for hundreds of employees, the company could lease a space a fraction of that size with a couple conference rooms for team meetings, and a collection of cubicles that anyone can use when they are in the office.
Check out the podcast and feel free to comment below to share your thoughts on fractional executives and the pros and cons of working remotely.