What is Quiet Hiring and How is it Shaping Today’s Workforce?
Rose Report: Issue 62
By Ted Rose, CEO of Rose Financial Solutions
From the Great Resignation to quiet quitting and quiet firing, the Covid-19 crisis has undoubtedly created an unpredictable labor market that turns on a dime. Two years ago, companies faced the challenge of the Great Resignation, a term describing the larger-than-usual exodus of employees from their jobs. Then in 2022, the labor market observed an uptick in quiet quitting, a trend where employees didn’t quit but instead stepped back from their engagement in the workplace, doing the minimum required to maintain their jobs. In the meantime, quiet firing took hold to spur underperforming employees to leave their companies.
As we enter the third year since the onset of the pandemic, there is a new trend reshaping the workplace—quiet hiring. In fact, quiet hiring takes the number one spot on Gartner’s Nine Future of Work Trends for 2023.
What is Quiet Hiring?
Simply put, quiet hiring is when a company acquires new skills and capabilities without hiring new full-time employees. The concept behind this trend is to reassign current employees to new roles to address essential needs. While quiet hiring can provide internal opportunities for employees, it can also create the risk of overburdening your workforce. Alternatively, many companies are quiet hiring by outsourcing their talent to fill in skill gaps and reduce employee burnout.
While quiet hiring is the 2023 buzzword, outsourcing personnel has grown in popularity over the last several years as companies struggled to fill positions and afford the escalating cost of hiring employees. Although cost-savings are essential in these uncertain times, outsourcing has advantages, including a larger team of knowledgeable professionals, fewer onboarding procedures, and faster delivery. Many companies are now turning to end-to-end solutions incorporating talent and technology to unlock additional value. Two years ago, a Deloitte survey found that 70% of surveyed executives indicated cost was a primary reason for outsourcing. However, Deloitte’s most recent survey found that access to new capabilities, business and operating model shifts, and keeping up with technology and regulation are the drivers for outsourcing.
As an innovator in finance and accounting outsourcing, RFS understands companies’ challenges when staffing their back offices. Our Finance as a Service solution goes beyond traditional accounting outsourcing by combining our cutting-edge technology platform, Easby®, with our best practices and our team of experienced finance, accounting, and tax professionals. Our solutions can support any area of your accounting and finance department, whether it’s a fully staffed solution or solution to fill in specific gaps. With fully staffed solutions, you gain access to our entire technology platform, our best practices, and our people. Alternatively, you can use our technology platform, Easby, with your existing accounting software to enhance the productivity of your accounting and finance departments. Please schedule a meeting below to learn more about our cost-effective and scalable solution.
This content is for information purposes only and should not be considered legal, accounting, or tax advice or a substitute for obtaining such advice specific to your business.
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