hiring a fractional CPO: step by step
supercharge your growth: the smart way to hire a fractional CPO
Is your company growing fast and in need of expert product leadership, but not yet ready to commit to a full-time C-suite salary? A fractional Chief Product Officer (CPO) might be the perfect solution!
A fractional CPO brings top-tier product expertise to your team on a part-time basis. Think of it as having a seasoned executive without the full-time commitment or expense. Let's dive into how to hire one.
what exactly is a fractional CPO?
A fractional CPO works with you part-time, usually a few days a week. They're not a full-time employee, but they're deeply involved in shaping your product strategy and driving its execution. They act as a product leader, providing the needed direction to your product team.
why choose a fractional CPO?
Here's why more and more growing companies are choosing fractional executives:
to save money
You pay for expertise when you need it, without the hefty price tag of a full-time executive.
to stay flexible
Scale up or down as your needs change. No long-term commitments.
to get diverse expertise
Fractional CPOs bring experience from different industries, offering fresh perspectives.
are you ready to hire a fractional CPO?
know what you need
What are your biggest product challenges? What goals do you want to achieve? Be specific!
define the role
Write a clear description and have as much information as possible. What will the fractional CPO do? What skills are essential? For example:
Experience scaling SaaS products
A track record of successful product strategies
Leadership skills to guide your team
Understanding of how the product impacts revenue
A data-driven approach
where to find fractional executives
Talent platforms like solace: Specialized in fractional executive placement.
Your Network: Ask for referrals!
Specialized Recruiters: Look for firms experienced in fractional recruiting.
interview like a pro
The next step is to dig deep during interviews. Ask about:
Their past successes (and failures!)
Their understanding of your business
How they'd approach your specific challenges - this is where the opportunity summary comes in!
assess fit, don't just assume it
Consider factors like communication style, leadership approach, and alignment with your company's values. By prioritizing cultural fit, you ensure a collaborative and innovative environment that enhances productivity rather than disrupts it. We encourage you to prioritize finding someone who not only has the technical skills but also the interpersonal skills to integrate seamlessly.
nail down the details
This is like homework for yourself and the fractional executive for a clearer idea of the opportunity and expectations. Roles can evolve even in a few months but having a place to start will set your fractional executive up for success.
Scope of Work: What exactly will they do?
Deliverables: What results do you expect?
Time Commitment: How many hours per week?
Compensation: What's the payment structure?
onboarding is key
Set them up for success! Give them the resources and introductions they need to hit the ground running.
fractional Hiring: the smart choice for growth
Hiring a fractional CPO is a strategic move that can give your growing company a serious competitive edge. You get the product leadership you need, without breaking the bank. Using specialized platforms like Solace can make finding the right fractional CPO easier than ever!
Ready to supercharge your product strategy? Explore the world of fractional executives today!
FAQs
Is Fractional hiring a good idea for tech companies?
How do I pick the right fractional executive for my organization?
When should a company consider hiring a fractional executive?
