Choosing the right or wrong CTO directly impact the way constituents interact with your nonprofit. With that in mind, you want someone that knows what they’re doing and that comes with experience and expertise, but also other skills that make them a great leader.
These part-time executives—including chief financial officers (CFOs), chief technology officers (CTOs), and chief information officers (CIOs)—help organizations develop and implement changes that grow their mission and accomplish their goals.
The rise of fractional executive services has meant that more organizations are able to benefit from the experience of bringing on a C-suite executive without having to pay Fortune 500 prices. Some nonprofits are able to hire a fractional CTO for $50 an hour, while some pay into the hundreds of dollars an hour.
A fractional CTO is an individual who serves in a technology management/leadership role on something other than a full-time, salaried basis. The “fractional” name is deliberate, as this type of executive typically works a fraction of the time, perhaps on a fraction of projects.
If you want executive-level experience that fits your budget, then a fractional Chief Information Officer (CIO) might be the perfect solution. Fractional executive services are becoming increasingly more popular in the nonprofit sector, as they allow organizations to harness the power of executive wisdom at a fraction of the cost of a full-time executive.
One such executive is a chief information officer (CIO). Fractional CIO services can help your nonprofit with their technology operations so that other leaders without expertise in that field don’t have to figure it out on their own.
As part of fractional executive services, a fractional chief information officer (CIO) provides an organization with executive-level technology leadership at a fraction of the cost and on an as-needed basis. The affordability and flexibility of fractional CIOs can be especially valuable to nonprofits operating on a limited budget with fluctuating needs.
Good leadership is vital to the success of any organization—yet sometimes, the budget doesn’t quite allow for a full-time executive. This is why many people are going the fractional executive services route, for CEOs, COOs, CFOs, CTOs, CIOs, and any other C-suite position you can think of.