How to Find and Hire Interim CTO for Your Company
In this age of active digital transformation, the need to create high-quality technology products has never been more significant. Established businesses and startups seek to gain a competitive advantage by reflecting the essence of their business in decent tech solutions. Whatever industry you work in, be sure that technology has touched every aspect of our lives.
So, you need to bring innovation into your business. Or maybe you’re a tech startup. CTO services can help you here. The function of the chief technology officer is frequently overlooked, with the assumption that the CEO is the company’s universal solution. Yet, you cannot do without the CTO if you require the introduction of exceptional technologies that fully represent the spirit of your organization.
Finding such an expert may be challenging, particularly when the IT industry is experiencing a critical talent gap. Add the high compensation of such a specialist, like an average annual income of $165,182 in the US, and you will realize why you’ll need to work hard to find the perfect candidate.
But don’t worry: businesses have an excellent option to hire an interim CTO. It’s a specialist who will help you get your technology up and running until you’re ready to recruit a full-time employee. We’ll learn what type of specialist it is in this article, as well as:
- The difference between the interim CTO and a permanent CTO.
- Why your business may need such a specialist.
- The interim chief technology officer responsibilities.
- Other important positions, such as interim CIO/CDO/CTO.
- The benefits of having an interim CTO for your company.
- The cost of chief technology officer services in various countries.
Keep reading our post to understand what to look for when hiring an interim CTO.
Looking an interim CTO for your company? Hire a top executive in Mobilunity!
CTO and Interim CTO: the Difference Explained
The chief technical officer is a specialist who oversees the company’s technology operations and is in charge of the development team and suppliers. It is an expert responsible for implementing innovative solutions and improving corporate efficiency.
The CTO and interim CTO roles are strikingly similar. But keep the following thoughts in mind while choosing between those two:
- The permanent CTO is primarily responsible for development team management and cultivating partnerships with industry executives and investors. Effective management becomes possible because such an expert is more business-oriented and understands all company’s internal processes and pitfalls. That is, this is a long-run specialist.
- Businesses typically hire interim CTOs for fast, efficient, and smooth implementation of technology solutions. Such an expert will assist in gathering a development team and will be solely responsible for resolving technical challenges. Interim CTOs, as a rule, work on a contract basis. This specialist’s working approach is frequently flexible as well. This professional will typically work 3-5 days a week compared to a full-time CTO. It is like an intermediate stage when the company needs a competent technology expert, but for some reason, this business is now unable to hire a permanent specialist.
There is also an option to hire a remote CTO. This specialist is especially suitable for startups or companies with limited budgets.
Why Hire an Interim Chief Technology Officer?
Interim CTO will become a significant asset to any business. It doesn’t matter if you are a startup, a mid-sized company, or a large enterprise. Organizations of various sizes, workloads, and financial capacities will require the assistance of a trained technology professional at some point. Here are the reasons for hiring such an expert for each sort of business:
- For startups
The interim development director is likely the best option for new companies. First, the startup configures the workload according to its current budget by engaging such an expert. In this way, the company can improve its efficiency without spending too much money on hiring a full-time employee.
Second, innovation and a unique vision are essential to startups. An interim CTO can share his valuable technical expertise and help define a strategy for developing technology solutions that will benefit the company in the future.
- For mid-sized companies
In this case, the interim engineering director can help enhance the company’s existing processes. It applies to establishing a more efficient team of developers and submitting ideas to improve existing technology products. The interim CTO can also assist when a mid-sized company wants to expand.
- For large enterprises
Large firms that have not recruited or wish to replace their permanent CTO for whatever reason may hire an interim CTO first. In this way, businesses will get a fresh look at the state of affairs and advice on improving technology. Besides, sometimes unforeseeable situations appear. That necessitates the immediate assistance of a competent professional. Thus, the interim CTO may help in the successful resolution of any technical issues.
Responsibilities of an Interim CTO and How to Hire One
As previously stated, the interim CTO is responsible for most of the duties that a full-time employee in the same role would do. Since it is one of the leading positions in the company, it involves solving many different tasks.
The following are the primary interim CTO’s responsibilities:
- Setting up software development operations;
- Software architecture selection and database development;
- Creating a technology product road map;
- Gathering a development team;
- Supervising the development team’s work;
- Assisting the team in product development;
- Evaluation of innovations that the company can potentially involve;
- Introduction of innovations in business;
- Reporting on technological operations to executives and investors;
- Managing budgets related to the development team and equipment;
- Coaching of management and staff on technical issues;
- Purchasing software and services.
Before hiring an interim CTO, you should first determine which business requirements you have to address. From the question “how to find CTO” to interviewing possible applicants, compile a detailed description of tasks and areas of work. Evaluate whether an expert has the necessary abilities before hiring him. The essential skills are listed below:
- Expertise in technology
The interim CTO won’t benefit your company if he does not have substantial knowledge of technology. Such a specialist should have experience as a developer and a thorough grasp of all procedures from the inside. Understanding of technology encompasses things like programming languages (one or more), architectural styles, and cloud infrastructure, among other things.
- Solid understanding of technology strategy
This experience involves understanding how to set up processes so that your product achieves all its goals.
- Product management skills
It is also an integral part of the interim IT director’s work. After all, thanks to such skills, this specialist will help you properly launch the product on the market and attract customers.
- Communication skills
A person in a leadership role, such as a part-time CTO, must know how to express his views to others while earning respect. Communication skills are also necessary for effective team management.
CTO and Other Abbreviations
There are many executive positions available in the world of technology and business. And for whatever reason, they’re all spelled similarly. To avoid confusion amongst specialists, we recommend that you familiarize yourself with the following top roles:
CIO (Chief Information Officer)
CIO is a senior executive responsible for new technology acquisition, deployment, and information resource management. An interim head of IT is a highly strategic specialist who analyzes data and guarantees the company meets its objectives.
CISO (Chief Information Security Officer)
CISO is one of the leading positions in the company. Such a specialist protects the company’s and its customers’ data. This expert typically works under the supervision of the CIO.
CDO (Chief Data Officer)
A chief data officer is a senior executive in charge of a company’s data use and management. An interim CDO can process, analyze, extract, trade data, and so on.
CTO (Chief Technology Officer)
CTO is a representative of the company’s top management, which largely determines the technological strategy of the business and is responsible for implementing innovation.
CEO (Chief Engineering Officer)
CEO is on top of all engineers in the company. Such a specialist is in charge of leading the development team and ensuring the projects’ timely completion.
CTIO (Chief Technology Innovation Officer)
CTIO is a company employee who plays a leading role in innovation. Unlike the CTO, this expert focuses purely on new technological ideas implementation.
CXO (Chief Experience Officer)
Tech CXO is a leading specialist in ensuring high-quality business interaction with customers. This manager is also responsible for improving the overall experience within the company.
Benefits of Hiring an Interim CTO Officer
You already know a lot about a specialist like CTO and that he is suitable for businesses of any size. What advantages will you receive from this expert? We’ll tell you more about them below.
- Technology-related practical skills
The interim director of development is a person with significant expertise in the technology field. This expert understands how to create a faultless product fast and effectively.
- Time-saving opportunity
As in the previous statement, everything here depends on the expert’s extensive knowledge. Your interim CTO will be able to adapt the development process so that your product can hit the market quickly.
- Focus on key business goals
All technology-related procedures are under the supervision of the CTO. He will oversee the team, develop a product launch strategy and monitor the timely completion of tasks. At this time, you can focus on critical business operations.
Interim CTO services are much cheaper than hiring the same full-time employee. Therefore, it is an ideal option for companies with limited budgets. You may engage a part time CTO to get even more financial benefits. Furthermore, this expert will save you money by avoiding wasteful technologies and assembling a team suitable just for your project.
- Consistent process of technology implementation
The interim CTO is a strategist. This expert will clearly describe the product’s vision and walk you through the processes necessary to put it into action. Therefore, clarity of work is also an advantage for hiring such a specialist.
How Much Do Interim CTO Services Cost?
If you’re considering using an interim or virtual CTO service, you should know what to expect in terms of fees. We’ve compiled a list of monthly wages for such professionals in the following countries: the United States, Germany, Switzerland, the Netherlands, and Ukraine. More information about them is in the table below:
- The United States – $13,728
- Germany – $9,362
- Switzerland – $13,263
- The Netherlands – $8,156
- Ukraine – $4,000*
*Ukrainian salaries are provided based on Mobilunity’s Recruitment Team research on the local job markets. All salaries are net and do not include the service fee (in case of hiring on a dedicated team model). The salaries are provided for comparison purposes and could be not entirely accurate. Contact us to know the exact cost of hiring a developer corresponding to the required parameters.
Given the scope of work these professionals do, we feel that their wages are well justified. An interim CTO is a fantastic investment that will help your company grow and prosper.
Find Your Reliable Interim CTO in a Ukraine-based Company Mobilunity
We’re a Ukrainian IT company that offers expert interim CTO services worldwide. Mobilunity has more than 40 customers in 15 countries. We’ve been supplying startups, mid-sized companies, and large enterprises with teams of exceptional developers for over 11 years. Our CTOs have also helped many organizations stand out from the crowd by implementing decent technical solutions. As a sample:
The interim directors of development from Mobilunity have extensive experience in various fields, including fintech, e-commerce, data management, logistics, SAAS, and even more.
We follow the three “Rs” concepts while working with clients: recruit, relationships, and retention. That is, our company takes care of hiring highly qualified experts, builds close ties with our customers, and does everything to make our specialists an integral part of your business.