Quiet Hiring is rapidly gaining popularity for the numerous benefits it offers both employees and employers. Quiet Hiring refers to organizations filling skill gaps by empowering their existing employees to develop their careers and upskill or reskill, rather than hiring externally for those skills. This not only serves as a cost-cutting strategy, but it also allows employees to build meaningful careers within the organization which increases both retention and overall employer approval rates.In a time where 56% of HR managers are struggling to fill their recruiting targets and meet future skill needs, Quiet Hiring presents a win-win scenario for both employees and employers.
For employees, this new approach allows the freedom to explore new opportunities and career growth by taking on new challenges, which in turn helps boost retention rates. Quiet Hiring is also often more cost-effective than external hiring, as it sidesteps the costs involved in recruiting and training new hires, estimated to be over $400,000 annually for large enterprise organizations.
Quiet Hiring also enables organizations to embrace skills-based strategies and develop full skills visibility, which in turn facilitates workforce pixelation and maximizes employee potential. As 98% of companies indicate they want to experiment with skills-based strategies, Quiet Hiring fits seamlessly into a workforce strategy that prioritizes upskilling, skills visibility, talent mobility, and enhancing the employee experience.
Quiet Hiring presents a timely solution to the challenges presented by the global economic slowdown. By developing the skills of their current employees, organizations can fill skill gaps, boost retention rates, and sidestep the high costs of external hiring. It is considered a current trend in the human resources field, but the companies who will be wise enough to incorporate this method to their organization’s DNA will prevail. It will help them build a healthier organization by combining the aspirations of employees with the objectives of the whole organization.
Source: CTech
