One of the most interesting conversations we are having with senior operators right now is not about compensation. It’s about choice.
A growing number of experienced executives are opting to remain independent rather than returning to full-time roles. These are not leaders who cannot secure permanent positions. In many cases, they have multiple options. What they are evaluating, however, is something more specific: autonomy, clarity of the role, and proximity to impact.
For private equity-backed businesses and growth-stage companies, this shift matters more than it may initially appear.
Independence is no longer a stopgap
Historically, independent consulting was often viewed as transitional. An executive between roles. A bridge during uncertainty. That framing is increasingly outdated. Many transformation leaders now view independence as a deliberate operating model. It allows them to focus on defined outcomes, work across multiple businesses, and avoid the structural friction that can come with permanent corporate roles. They are motivated by scope and accountability rather than hierarchy. At the same time, a parallel trend is unfolding inside permanent roles. Compensation across senior leadership remains competitive, as reflected in The Barton Partnership’s 2023–24 Compensation Insight Report. Yet strong pay has not eliminated restlessness. Leaders increasingly evaluate roles based on influence, pace of decision-making, and alignment with strategy rather than salary alone. In other words, financial reward may secure retention in the short term, but it does not automatically secure engagement.
What this means for portfolio companies
For PE firms and their portfolio leadership teams, the implications are practical. First, the available talent pool is broader than it looks on paper. Some of the most capable operators are not pursuing traditional employment, but they are highly open to well-scoped transformation roles. Others in full-time positions may not be actively looking for work, but they will engage if the opportunity represents a clear step up in influence and impact. Second, the design of the role has become as important as the profile of the candidate. Leaders want to understand decision rights, the value creation plan, the time horizon, and the real appetite for change. If those elements are vague, even a competitive package will struggle to attract talent. Third, retention conversations need to evolve. When a high-performing executive expresses curiosity about independent work or new opportunities, the answer is rarely a simple compensation adjustment. More often, it requires an honest discussion about whether their current scope matches the ambitions of the business and their own growth trajectory.
Blurred lines between interim and permanent
Another development we are seeing is a softening of the boundary between interim and permanent leadership. Some independent consultants move into full-time roles once the value creation agenda is clear and the cultural fit is established. Others prefer to remain project-based but build long-term relationships with sponsors and operating partners across multiple investments. This flexibility can be a significant advantage for firms willing to think creatively. Bringing in an independent transformation leader pre-deal or immediately post-close can accelerate Day One impact. In other cases, a permanent hire is the right move. The key is being intentional rather than defaulting to one model. The shift is clear: senior talent now considers both paths equally viable.
A market defined by choice
Highly skilled leaders want clarity around what they are accountable for and the authority to deliver on it. They want to see how their work connects directly to enterprise value. Most importantly, they want to know their contribution is advancing the business, not simply sustaining it. That desire cuts across both independent consultants and full-time executives. The common denominator is control. Control over scope, over pace, and over the environments in which they operate. Leaders are being more deliberate about where they apply their experience and how closely they are positioned to decision-making. For firms that recognize this shift, the market offers real opportunity. There is exceptional talent available, but it is discerning. Organizations that assume compensation alone will secure long-term commitment may find retention and attraction more volatile than expected.
