The idea of using part time directors is not new one and many businesses have been using this method of working for many years. However, the demand for and move towards part-time directors across other functions is a more modern phenomenon which until recently has largely been met by experienced sole practitioners. Market research identified a clear need within businesses employing up to 250 people for part-time directors across a number of functions and with this in mind Part Time Executives Ltd was established. The business model was very simple, variable day rates to suit the client, with complete transparency in terms of cost meant an ability to provide all the benefit of a full-time director at a fraction of the cost.
What Type Of Business Would Use A Part Time Director?
The current economic climate and our experience to date suggests that businesses fall into 3 categories across a number of functions, the exception being engineering where specific sector skills are of paramount importance.
These 3 categories are best described as follows:
1. Businesses that are growing or planning to grow and want the benefit of full time directors without the cost.
2. Businesses that are stable but undergoing significant change which requires additional director level resources across one or more functions.
3. Businesses that are down-sizing and can no longer afford the cost of full time functional directors.
4. Businesses that a delivering project but lack the senior project management experience.
Why Employ A Part Time Director?
The benefits are plentiful but the phrase “part of the time, part of the cost and all of the benefit” encapsulates beautifully what a part time director brings to the business. By offering the services through a national network like Part Time Executives Ltd. there is a large pool of highly qualified multi – functional resource, which can operate on a flexible basis across the vast majority of the UK to bring strategic and operational benefit to the client. Every part time director is fully qualified, fully insured and operates their own VAT registered limited company. By providing the resource through Part Time Executives Ltd. the best match of client to director is always available but with the very necessary complete back-up and support of the national network.
One client explained that many of the benefits are described by “what you don’t get”:
• No national insurance to pay.
• No pension contributions to make.
• No holidays to fund.
• No company car to provide.
• No annual bonus to pay.
• No private health scheme to pay for.
• No extended notice periods.
• No over inflated severance deals.
• No employment tribunals.
• No long term redundancy commitment.
• No equity to give away.
• No recruitment fees to pay.
• No politics.
It is very interesting to compare a Part Time Executives day rate with the full time day rate taking into account all the items above – you will be very surprised by the lack of difference and when you consider the fact that you only pay the part time director when you as the client want him or her, the part time director option wins every time!
How Does It Work?
Each assignment is managed as a separate project with a programme of deliverables agreed in advance with the client. A suitable part time director is identified and a proposal is presented to the client identifying deliverables, cost and a simple set of Terms & Conditions. The part time director begins work and the project deliverables are reviewed on a regular basis with the client.
In summary the service includes all of the following:
1. A top quality professionally qualified director.
2. A director for long term strategic impact on a part time contract.
3. A nationally supported organisation.
4. Access to other multi-functional directors.
5. Access to a national network of Business Partners (accountants, solicitors, financiers etc.).
What Disciplines Does It Cover?
Market research has identified demand from SME’s for all of the following functions:
- Project Management
- Health & Safety
- Non-Executive Director
- Coaching and Mentoring
Conclusion and Summary:
Employing a part time director is a very cost effective solution which brings the benefits of a full time director. It also has the secondary benefit that your part time director is gaining experience and knowledge within other businesses on the days he or she is not working for you. By operating a “virtual structure” Part Time Executives Ltd. ensures there are no large regional organisations, franchise fees or overhead costs to fund which keeps daily rates extremely competitive.
In the first instance, if you would like to learn more about being a client, business partner or part time executive/director please contact firstname.lastname@example.org or take a look at the web site www.parttimeexecutives.co.uk.