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.