What the Heck is Quiet Hiring?
Going into 2023, there’s a new term being used that has to do with hiring employees and they are predicting it is going to dominate the US — Quiet Hiring. So, what is it and what do you need to do about it?
The phrase is described as when an organization acquires new skills without actually hiring new full-time employees. This could mean hiring someone outside the organization as a contractor for a short period of time or moving current employees around to different roles in the company. The “quiet hire” has gained popularity from the hesitancy to hire new employees given the uncertain future of the economy.
Hiring an outside contractor might be to fill an acute need in the company. A great example is one of our peer companies which has been asked to do ‘just the onboarding’ for another peer company in the same industry. They have a need right now and can take advantage of an opportunity with some outside contractors who will do a fabulous job.
Moving an employee to another role can also help the company to see where there can be improvements or where there are breaks in a process that can be seen with ‘fresh’ eyes. It can also help you to see more ways to create revenue streams.
At First Steps Financial, we realized the need for new business owners to have better financials when they are starting out building their companies and doing the bookkeeping themselves. A long-time employee and I are now working on creating courses for business owners to do simple bookkeeping in QuickBooks Online. We are able to move into a new area and create an income stream without hiring a new person to take on the role. We utilized the expertise within the company and provided a project that was fun and worthwhile.
Are you going to quiet hire?
- Can you move employees around to different positions to achieve better results?
- Do you need to hire a contractor for the short term to take advantage of an opportunity?
Not to mention, quiet hiring has advantages for employees too. By transitioning to another department or role, they are able to add on new skill sets that they may have an interest in. Their value to the company increases, too, and when times are good those are the employees who will reap the benefits, both financially and with positions of recognition.
Want to talk more about this or other new business ideas? Head to www.firststepsfinancial.com and let’s talk!