How Much Does a Fractional CIO Cost?
Running a nonprofit organization can prove difficult, especially because money can be tight. Budgetary limits can cause many nonprofits to keep their staff numbers low so that they don’t have to pay for as many salaries. However, low staff numbers can become overwhelming for current employees because it increases their workload and may even distract them from the responsibilities they were initially hired for.
That’s where fractional executive services come into play. Many businesses and organizations now hire fractional executives to help manage with leadership workload. These executives only work part-time or for a short period to help those who hire them get through big projects or busy times so that employees, especially those in leadership positions, can focus on achieving the organization’s mission. 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.
What Does a Fractional CIO Do?
A fractional chief information officer’s main responsibility is to manage an organization’s technology. Specifically, you might find these responsibilities under a fractional CIO job description:
- Develop and implement your organization’s technology goals
- Boost productivity via technology
- Negotiate for better prices on technologies
- Meet with other executives to discuss the pros and cons of new IT strategies
What differentiates a fractional CIO from other CIOs is how much they work. Fractional CIOs have all the same responsibilities as a CIO but for less time and money. You typically hire them from a third party source like Computers in Ministry (CIM), but they are still part of your team. Often with years of experience across several industries, fractional CIOs know how to create a technology strategy that aligns with the values and goals of each business and organization they work with.
If you have heard of a chief technology officer (CTO), you might be confused how a CIO and a CTO differ. The difference lies in the focus of each one’s role.
Is a CIO the Same as a CTO?
While a chief information officer often works alongside a chief technology officer (CTO), they are not the same thing. A CIO focuses more on the operations side of a business or nonprofit organization, while the CTO focuses on the customers. For example, the CIO might worry about cutting unnecessary costs related to IT. CTOs, on the other hand, focus on improving the technologies related to new products and services as well as getting a competitive edge over other businesses or nonprofits.
If you’re wondering, Is CTO or CIO better?, the answer is that one is not better than the other. They each have their own responsibilities within your organization, and they have to work together to make each of their roles successful. A CIO cannot check productivity and determine where costs can be cut if they don’t consult with the CTO to see what’s needed. On the other hand, CTOs cannot implement or improve technologies without first discussing with the CIO whether the organization has the means to do so.
After finding out the difference between a CIO and a CTO, you might have realized that your organization could use a CIO. Your next thought might be, then, whether you can afford it, even if it is a fractional position.
How Much Does a CIO Cost if Fractional?
According to vProfession, the typical fractional CIO salary is $100,000-$200,000. However, this number varies depending on several factors, including:
- How long you need the fractional CIO
- How often the fractional CIO works each week
- Where your nonprofit is located
With that being said, it is important to note that fractional CIOs cost much less than hiring a full-time CIO. The whole point is that fractional CIOs work for a few different businesses or organizations at once, so ultimately their salary will be split up between each of those (each might pay them different rates). Because they are part-time, not only do they have a smaller salary, but you also do not have to pay for their benefits because they won’t have any with your organization.
So where do you find an affordable, fractional CIO? At Computers in Ministry (CIM).
Suit Your Fractional Chief Information Officer Needs With Computers in Ministry
If you are searching for a fractional executive to lighten the load of your nonprofit organization’s team, then chances are you probably don’t have time for an extensive interview process to boot. Luckily, you don’t need to do that if you turn to Computers in Ministry (CIM) for help. CIM works with nonprofit organizations to support them in fulfilling their mission and achieving their goals. Among our many services are our CIO services.
We will provide you with fractional CIO services to aid you with:
- Technology research
- Capital allocation
- Roadmap creation
- Contract negotiations
- and more!
Are you ready to have a tech expert on your team to achieve what you thought was unattainable? Schedule a call with us today.