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Quiet hiring is on the rise in 2023.
In recent months, a greater number of employers are giving employees additional responsibilities, upskilling opportunities, and internal mobility options, instead of relying on outside hires. This approach to employee development is becoming increasingly popular as companies seek to maximize the potential of their existing workforce.
In our latest article, we delve into the new concept of quiet hiring, exploring its benefits for both employers and employees, the risks of implementing a quiet hiring strategy too aggressively and insights into how organizations can implement this trend to everyone’s benefit.
In response to today’s rapid pace of innovation and economic climate, employers are looking for ways to fill roles without having to commit to growing their workforce.
This latest workplace trend is called “quiet hiring” and it will have a major impact in the workplace in 2023, according to Senior Director of Research at Gartner, Emily Rose McRae.
Quiet hiring refers to hiring short-term contractors or reassigning existing employees to new positions, thereby adding new skills to the organization without the need to hire and onboard new full-time employees.
It may be the latest workplace buzz word, but organizations have been “quiet hiring”, or reskilling, upskilling and redeploying talent for years.
Let’s explore the benefits of this new trend from the lens of both employers and employees, the risks of relying on it too heavily and uncover valuable insights to maximize the potential of your existing workforce.
80% of CEOs are concerned with talent availability. As job growth and competition for talent continues to remain strong even in today’s uncertain economic climate, organizations can no longer meet their talent needs through traditional sourcing methods and candidate pools. To fill these critical roles in 2023, organizations will need to encourage existing employees to expand beyond their horizons and provide the right tools for them to succeed in new roles.
Hierarchies and silos slow you down and can be costly. According to market research firm IDC, companies lose 20 to 30% in revenue every year due to inefficiencies caused by silos. By breaking silos down and redeploying talent across the organization, companies are able to tap into the full potential of their workforce and uncover hidden competencies. Additionally, quiet hiring can help reduce recruitment costs, as there is no need to advertise job vacancies, interview candidates, or offer large salaries.
67% of employees would quit if offered no internal mobility opportunities, according to a survey by Lever. Employees crave growth. By focusing on the development and advancement of existing employees, quiet hiring can help organizations to create a more positive and supportive work environment, where employees feel valued, empowered, and motivated to succeed. By offering existing employees the opportunity to grow their careers and develop new skills, organizations can increase job satisfaction and engagement, reducing the risk of talent loss and turnover.
Despite its many benefits, quiet hiring also carries risk. Organizations that rely on it too aggressively and implement this strategy with the wrong intentions run the risk of burning out their employees, reducing morale and decreasing productivity altogether.
This is understandable. If employers are continuously asking more of employees without providing the right support, increasing compensation, or doing it solely to improve their bottom line, it will cause employees to look for opportunities elsewhere.
Quiet hiring is an age-old trend that has gained attention due to the accelerating pace of innovation and economic pressures. When used correctly, It can be an effective tool to maximize the potential of your workforce, however, it can also have the opposite effect if it becomes your sole source of talent, or relied upon too heavily.
For these reasons, quiet hiring should be viewed as an ongoing practice, and a collection of year-round programs that enable employees to grow in any direction within your organization, rather than a temporary trend. This long-term outlook on employee development signals to talent that your organization genuinely cares about their professional success, and allows your organization to enjoy the benefits of the strategy without incurring any of the risks.
Redeployed employees must be given the right support, tools and resources to succeed in their new roles. Thrive integrates career management, upskilling and redeployment programs into one career wellness platform that supports the ongoing development of your workforce. Our suite of tools are designed to help organizations unlock new competencies and build a more resilient, adaptable, and sustainable workforce, while ensuring that they have the talent they need to meet business needs and achieve their goals.
If you are interested in learning more about our services, book a demo today or contact our team for more information at support@thrivemycareer.com
Learn more about the career wellness platform, solutions for your organization, and let us show you why our net promoter score is 73.
(the industry average is 28)
