With the Fractional Executive, a new model of manager is emerging, efficient and prepared to manage transitions both financially and in terms of human capital.
In a lively and ever-changing sector such as tourism, the professional figure of the Fractional Executive undoubtedly represents added value. Let's see how.
Identikit of the Fractional Executive
Let us try to frame the scope of action to better understand the role and functions of the Fractional Executive. We do this by quoting an expert on the subject, Andrea Pietrini, Chairman of YOURgroup and author of the book 'Fractional Manager - a new profession for evolving companies'.
"Facing a process of transformation, growth, innovation and delicate phases such as the exit of a manager, the eventual selection of a new one or restructuring, pre-post merger or sale/acquisition, translates for most companies into an increase (or re-placement) of resources and investments. And this is true both from an economic and also - if not especially - from a human capital perspective. In such a context, but also in times of restructuring or turnaround, the optimal management structure plays a major role. The operation is not, however, so simple or straightforward. For this reason, many companies are increasingly relying on Fractional Executive services, even in the more traditional and extended form of Temporary Management, capable of providing support and accompanying towards the new set-up with competence, professionalism and without the obligation of considerable investment."
The Fractional Executive, or Fractional Managertherefore accompanies companies (usually SMEs) at a delicate stage of their journey. It acts as a business booster and develops new concepts that can help companies get back on track. "Fractional Executive refers, in fact, to a business model born in the United States some twenty years ago and designed to allow companies to enjoy the benefits of having experienced figures with specific skills available for certain periods, without the constraints of recruitment and with the possibility of training and seeing the internal expertise of their employees grow. A strategic asset that is appreciated and that introduces specific and necessary experience into the company."
The Fractional Executive and the Tourism Sector
In our specific field, the Fractional Executive mainly
- devises new market strategies
- analysing the competition
- studies and applies revenue optimisation techniques
- realise a business plan
All this without forgetting human capital, but rather by enhancing existing resources and retraining them with targeted training plans.
In line with the guidelines provided by the NRP, he also oversees digitisation processes to help the company enter a virtuous circle and acquire new customers. More than a 'Temporary Manager', we could call him a 'Transition Manager'.
The Fractional Manager also proves to be an essential figure in the management of Generational Changeover. What is meant by Generational Transition? And the "transfer, in relevant part or in full, of ownership of business assets (tangible and intangible), and managerial responsibilities to one or more members of successive generations, belonging to the kinship of the current "entrepreneurial core"". The main aim is to create the best conditions for business continuity.
For a country like Italy, where family management characterises many tourism businesses, it is essential to be able to count on a figure like the Fractional Manager to manage such a delicate process. Not only to preserve the balance between tradition and modernity, but also to protect Human Resources and project the company into the future, improving its competitiveness.
As Associate Partner and responsible yourCEO for the tourism and hospitality vertical, I am very concerned about the issues related to this management model. Indeed, I have observed that several companies, even in the pre-COVID era, showed a certain 'rigidity' when it came to hiring qualified personnel, especially at management level. Costs and rigidity in contract types risked paralysing a sector that should, instead, be able to react to every situation.
Flexibility and adaptability, the new key factors
The pandemic and the ensuing crisis have overturned all certainties. They have also taught us that flexibility and adaptability are decisive factors for surviving and coming out of the crisis. The crisis should not be wasted, but used to find new systems, new energy and new goals.
This is where the Fractional Executive comes in. In addition to promoting the business of the company in which it operates, it facilitates the meeting between qualified personnel and the business world, overcoming bureaucratic obligations and streamlining recruitment processes. All this fosters a mechanism that brings oxygen to the sector, ensures the professionalism of resources, guarantees motivation and can help to increase jobs.
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