Via CNBC
It’s a new age of opportunity and innovation, but a few factors are holding businesses back from taking full advantage of this. A significant hurdle is the scarcity of skilled labor, stemming from demographic shifts like an aging population and declining birth rates. The COVID-19 pandemic exacerbated these shortages by disrupting labor markets and fostering hesitancy among workers to re-engage in certain sectors. Furthermore, evolving skill demands in a digital economy have created mismatches between available positions and workers’ capabilities. Changing work attitudes, such as a preference for remote or flexible arrangements, have reshaped workplace dynamics, leaving many hiring managers uncertain about attracting highly skilled workers.
Given these societal shifts and mounting hiring pressures, managers must reconsider their assumptions about the future of work. They must also shed outdated hiring practices. Fraction, a novel venture founded by Praveen Ghanta, Alyssia Maluda and Jeffrey Baker, is offering innovative solutions to address these challenges.
A strategic concept: Fractional hiring
Fractional hiring is a strategic approach where businesses engage professionals part-time or on a project-specific basis, leveraging their expertise without committing to full-time employment. This model enables organizations to access specialized skills precisely when needed, transcending the limitations of traditional employment structures. By embracing fractional hiring, businesses tap into a diverse pool of talent to navigate the dynamic currents of the modern economy.
One entrepreneur’s fractional awakening: Praveen Ghanta
In 2007, Praveen Ghanta found himself at a crossroads. Moving from New York City to Atlanta meant leaving behind the lucrative tech jobs he once knew. With a surplus of time and a need for flexibility, he delved into the world of contract positions. Juggling roles at Oracle and Air2Web, he soon realized the potential of fractional work.
Working part-time for multiple companies wasn’t just a way to make ends meet; it was a revelation. Ghanta’s employers were happy with his work, and he received positive reviews and bonuses. But beyond financial gains, fractional work kept him sharp. Seeing how different companies tackled similar problems enhanced his skills and broadened his perspective.
When the startup bug bit him, Ghanta co-founded HiddenLevers. Fractional hiring became their mantra. They needed senior talent without diluting their equity stakes or breaking the bank. Their first fractional hire—a senior integration developer—proved a game-changer. Over nine years, he completed and maintained over 25 integrations, showcasing the power of fractional work.
They continued to build their team with fractional hires, from their future CTO to senior front-end developers and QA engineers. By 2020, they had a full-fledged software development team, thanks to fractional hiring. Even more than bringing efficient hiring to the team, fractional hiring turned out to be the key to staying true to the company’s vision.
An AI-powered solution for significant transformation
For his new venture, Ghanta has teamed up with Alyssia Maluda, who brings a unique blend of startup acumen and industry insight from the fintech sector, as well as Jeffrey Baker, whose software development expertise comes from a passion for creating industry-specific solutions. Together, they founded Fraction, which empowers businesses to update talent acquisition and workforce optimization with its AI-powered CTO. Even beyond the bionic CTO, Fraction offers a suite of services tailored to the evolving needs of the modern workforce, providing tools for flexibility and efficiency.
Whether through fractional hiring solutions for accessing top-tier talent part-time, an AI-enhanced CTO, or AI-powered tools for enhancing productivity, Fraction offers solutions that transcend traditional boundaries. Fraction has mapped the way forward, and they’re ready to share what they know.
