If you’re unfamiliar with the term fractional executive, we’ll catch you up to speed. Essentially, a Virtual Exec is synonymous with a fractional executive which takes on an executive role at a company for a “fraction” of their time, working more like a consultant and eliminating the need for lengthy interviews, long-term commitments, and high-end salaries. Fractional executives come seasoned with prior experience as a full-time executive within their career span. Often, fractional executives are used in Chief Financial Officer and Chief Marketing Officer roles, as well as Chief Operating Officer and Chief Technology Officer roles. Newer to the scene is our specialty, the fractional chief of staff.
With the skilled executives on our marketplace, your organization can tackle a wide range of projects — big or small, one-off or repeat, individual or team-based. Whether you need a CFO for a finance related project, or a CTO to help manage your software development team to build a mobile app or create a web portal, you’ll find talent on Virtual Execs ready to support your business.
Technology is making online work similar to local work, with added speed, cost, and quality advantages. To begin with, online work can happen wherever there’s a reliable Internet connection — an office, home, café, or rooftop. This also means you can choose who you work with, among a larger pool of Virtual Execs from around the globe. Payments are simplified when using Virtual Execs, as time tracking and invoicing are integrated into the process. Funding projects is also streamlined as the Virtual Execs platform builds fixed-price payment options into the process. There are some things that don't change when working on jobs online. Once the project begins, you'll want to communicate openly and clearly, and work to create a successful project for all.
Define your project. Outline your goals, deliverables, the skills you're looking for, and your desired deadline. By thinking through and describing your needs, you make it easier for prospective Executives to submit an accurate proposal. Once you’re ready, post a job and our system will instantly highlight promising matches. You can also search the entire marketplace and invite qualified Executives to submit proposals.
Start by writing a clear and concise job post. Also, when evaluating candidates, focus on those with proven work on similar projects. (We'll highlight a short list of Execs likely to succeed.) Communicate your needs clearly, then choose who to hire.
Most projects on Virtual Execs get completed on time and as expected, but if needed, we’ll step in to offer help. If there’s a disagreement between you and your Executive, we’ll provide dispute assistance and, if needed, connect you with arbitration.
You and your Executive agree upon the price according to your project scope and budget. Virtual Execs makes paying Executives simple and secure. Sign up to pay using Stripe and then choose to pay using MasterCard, Visa, or American Express. All payments are subject to a 2.9% Stripe processing fee and 10% for every transaction that an Executive bills with the client.
Hourly projects use our automated billing system. Fixed-price projects are divided into agreed-upon milestones.
One of the benefits of paying through Virtual Execs is that, in general, if your talent is correctly classified as an independent contractor you should not be responsible for reporting payments on Form 1099-MISC or any other tax forms. As a reminder, you are responsible to determine proper classification of all of your freelancers as either independent contractors or employees. For U.S.-based freelancers, you should refer to the IRS guidelines and other federal, state, and local regulations applicable to you. If your freelancer should be classified as an employee, then you should use the Upwork Payroll service. When you use this service, our staffing provider will employ the worker, handle all of the withholding and payment of taxes, and provide the worker with a Form W-2. Naturally, we’re not experts on tax matters for your specific business, so you should consult a tax professional if you have questions or concerns about this or any other tax-related issues. If you’re not based in the U.S. or have additional questions, please consult your local tax representative for more information on filing tax forms in your country.
You can evaluate Executives by reviewing their profile. Each Executive in our marketplace has an online profile that can include work experience and samples, client feedback, skills test scores, and much more. You may also want to look for an Executive in our Top Rated and Rising Talent programs. Then, have a quick interview with your top candidates to answer questions related to your project.
Once you’ve signed up, you can post a need, review matches, interview, and hire your preferred Executive, all on Virtual Execs.
In many ways, working with an Executive online is just like working with any other client. To be successful, you should choose work you're qualified for, communicate well with your clients and project team, and take the time to build great working relationships.
Execs using the Virtual Execs platform range from having worked at Fortune 500 companies to one-person startups. Virtual Execs clients can be top tech companies building a huge product or small businesses needing a brochure design. They might even be a solopreneur who needs some legal assistance. Whatever your preference, you'll have the opportunity to work with companies you like on projects you love.
That’s up to you. On Virtual Execs, you set and negotiate your own rates.
Virtual Execs provides a user-friendly platform to help you chat and share files, track your time, and get paid.
You can hire a (CEO )Chief Executive Office, (CTO) Chief Technology Officer, (CFO) Chief Financial Officer, (CMO) Chief Marketing Officer & Many More
There are a number of different ways to work with the fractional executive role within your company. Often, the executive has multiple clients and tailors their schedule to account for all needs. They can work virtually or in person. While some executives seek out business partnerships on their own, more and more are choosing to work within organizations that specialize in hiring out fractional executives, thus handling the paperwork, sourcing prospective clients, and offering branding, accounting, and legal support.
If you’re a startup or small-to-medium-sized business, crafting the ideal executive team may be a challenge. From a financial standpoint, having a whole team of full-time executives may not be reasonable for your bottom line. The trend among startups and small businesses in this quandary is to add a fractional executive to your team who can offer strategy and planning for a specific function of your company in a more cost-effective, efficient manner.
The number one reason businesses choose a Fractional Executive is because the cost-benefit savings are huge. With the average CFO’s annual salary hovering around $250,000, many smaller or startup businesses don’t have cash flow available to support that amount. By integrating a fractional executive, they still have access to the top talent, but spend less on payroll, plus retain savings on taxes, retirement benefits, and traditional hiring expenses. They can also ramp up over time as their needs grow. A smaller company may also find they don’t need a dedicated, in-house CFO or CMO, as long as their Fractional Executive can create a plan and systems to get them on the ground running. Having a temporary person to fill in some gaps and create some action plans may be just what your small business needs.