Business

Addressing Immediate Hiring Needs Through Quiet Hiring

Published

2 years ago

February 28, 2023

Hiring usually falls into three categories: backfilling roles, creating new ones, or addressing immediate needs. Quiet hiring is about that third category, even if it doesn’t technically involve any new hiring.

The idea of this strategy is to prioritize the most crucial functions at a given time. With Gartner predicting “quiet hiring” as the top workforce trend for 2023, it’s important to know exactly what it is and how to use it appropriately within the organization.

Quiet hiring is essentially when an organization gains new skills without having to hire a full-time employee. Sometimes, it means hiring short-term contractors or providing current employees with more responsibilities. This can mean moving employees around between departments, training them and hiring up, or simply taking on a heavier workload.

Jason LaMonica, COO of staffing company Spec on the Job, weighs in on what quiet hiring would look like for blue-collar industries. “It’s about changing the narrative,” he says. “Instead of upskilling or promoting internal managers with no experience in the field, hire a contractor outside of your organization and train them before making a full-time committment. They know the industry and they know the field. With a little bit of training, they’ll get the job done right.”

According to LaMonica, hiring contractors provides a number of benefits for companies seeking to address immediate hiring needs while saving onboarding costs. These include streamlining hiring by saving time and resources on recruiting, onboarding faster and from a wider talent pool, and allowing the staffing company to handle compliance needs.

“Hiring contractors allows companies to fill talent gaps faster,” LaMonica says, “especially if they are staffing to address peaks or valleys in their business. Moreover, it provides companies with time to ensure that the new contractors are a good fit for their team as well as easier avenues to terminate their contract if they aren’t.”

The reality is, since the onset of the Covid-19 pandemic, there has been a labor shortage that continues to increase each year. Some argue that this is due to employers refusing to pay the appropriate wage to their employees. Others counter that, since there are more job openings than people, jobseekers are taking advantage to get a higher paying role. Regardless of why there’s a labor shortage, there still exists a need to quickly adapt to the rapidly evolving workforce.

By hiring from outside the organization and providing the necessary training or schooling, companies will be able to increase retention, engagement, and productivity. “When companies work with trade schools or community colleges to provide additional training to its contractors, it provides those outsourced employees with something to look forward to,” LaMonica insists. “By offering clear paths for development that could eventually provide them with full-time employment, there’s a lower chance that they’ll seek another job that doesn’t offer advancement opportunities.”

“Whether or not we go into recession, everyone’s a little nervous,” concedes LaMonica. “Every employer still has financial goals to meet, and they can’t meet those goals if immediate hiring needs aren’t met.”

According to the Society for Human Resource Management (SHRM), the average cost per hire is $4,700 and it takes about 36-42 days to fill the position. In a potential recession, this is too much of an expense for any company, quiet hiring and upskilling current employees help reduce that cost.

According to LinkedIn’s survey, “companies that excel at internal mobility retain employees for an average of 5.4 years, nearly twice as long as companies that struggle with it.” For companies looking to improve retention rates from the contractors they oursource, this is a significant number to consider when thinking about their hiring needs.

“I’m passionate about building companies, growing teams, and having my work change the world,” LaMonica states. “As part of a staffing company dedicated to blue-collar industries, it’s important to know when recruitment costs outweigh hiring within the company.” Understanding this difference will help companies become recession-proof by increasing employee retention and lowering overhead costs.

Business

Remote Professionals Getting More Value for Their Work Thanks to Borderless Banking

Published

4 hours ago

July 10, 2025

Matthew Wiles

Not too long ago, the idea of working remotely from an island in Thailand or a co-working space in Berlin sounded like the kind of fantasy only tech moguls or backpacking freelancers could afford.

Fast forward to today, and it’s as good as a global reality. Millions of professionals have cut the cord from traditional office life in exchange for flexibility, freedom, and a work-life balance that fits their personal rhythm and not their employer’s timezone.

However, as remote work has reshaped how people earn a living, it’s also pointed out the existing limits to most of the world’s financial systems. Traditional banking simply wasn’t built for a workforce that’s always on the move, operating in multiple currencies, and getting paid across borders.

Thankfully, that’s where borderless banking like Black Banx have proven vital, and has quietly transformed the way money is managed for people vacationing and working overseas alike.

The Rise of the Remote Work Economy

Remote work isn’t just a pandemic-era trend that faded with Zoom fatigue—it’s become a defining feature of the modern workforce. A recent survey revealed that over 39% of Gen Z and Millennials planned to live and work abroad for extended periods this year, many staying six months or more in a single location. That’s beyond a short trip, and can be considered as good as a sabbatical with a substantial lifestyle shift.

According to recent estimates, the digital nomad economy now also contributes as much as US$787 billion annually to the global economy. And this isn’t just entry-level gig work. A third of digital nomads earn between US$100,000 and US$250,000, while another third take in US$50,000 to US$100,000 annually.

It is indeed evident that the manner in which many make a living has changed. Unfortunately, most financial systems haven’t kept up.

Where Traditional Banks Are Still Falling Short

For those who have ever tried to open a bank account abroad or receive payment from a foreign client, they already know the drill: the paperwork is endless, delays are frustrating, and the fees? So much to do, even for the smallest amounts of money.

Just to name few of the hurdles remote workers still face with conventional banking:

Account setup restrictions: Need proof of residence, tax IDs, or a local job offer—things many digital nomads simply don’t have.
Slow international transfers: Payments can take days to process, which is a nightmare when rent’s due.
High foreign exchange fees: Currency conversions often come with steep, hidden costs.
Limited multi-currency support: Most banks still force users to operate in a single currency, making financial planning chaotic at best.

And perhaps most tellingly, many banks have digitized their operations but haven’t personalized their services. According to Accenture’s 2025 Banking Trends Report, while digital transformation has improved efficiency, it often sacrifices the customer experience. That’s not great news for people who live outside the lines.

Borderless Banking for Professionals Across the Globe

The concept of borderless banking goes far beyond wiring money internationally. Fundamentally, it’s also about being able to eliminate the friction between people and their money, no matter where they are in the world, and maintaining an ecosystem where geography, bureaucracy, and currency don’t stand in the way of financial freedom.

A working example of this is Black Banx, a Toronto-based fintech founded by German billionaire Michael Gastauer. Since launching globally in 2015, it has grown to serve over 78 million clients in 180+ countries as of Q1 2025, proof that people take to digital banking solutions when it is accessible, affordable, and is useful in just about any locale.

In the first three months of this year, Black Banx had also earned US$4.3 billion in revenue and US$1.6 billion in pre-tax profit, more than double from the same quarter the previous year and showing it has consistently delivered tangible value to global customers—remote professionals included

How Borderless Banking Maximizes Value for Remote Workers

1. Instant Account Access—No Strings Attached

The times of hunting down local branches or collecting endless documents just to open an account are finished. With borderless banks, users can open an account in minutes using just a photo ID—no proof of address or income required. That’s a lifesaver for anyone living outside their passport country or hopping from one location to another.

2. Multi-Currency Mastery

Managing money in multiple currencies used to mean juggling several accounts—or worse, losing money on conversions. Borderless platforms like Black Banx support 28 FIAT currencies and allow real-time currency conversions at competitive rates. That means remote workers can:

Invoice clients in one currency
Spend or save in another
Hedge against local currency fluctuations
Avoid excessive conversion fees altogether

3. Seamless, Real-Time Global Payments

Getting paid late, or paying others late, isn’t just inconvenient; it can damage relationships and disrupt your cash flow. With real-time payment support, remote workers can receive funds instantly, no matter where their clients are. This is particularly valuable for freelancers and entrepreneurs juggling multiple contracts across time zones.

Plus, bulk payment features and API integration streamline processes for those running teams or businesses.

4. Built-In Crypto Options

It isn’t surprising that many digital nomads are already deep into crypto. Whether it’s for investment, faster transactions, or avoiding traditional finance red tape, crypto is becoming essential.

Since 2016, Black Banx has allowed users to send, receive, and convert crypto (like BTC and ETH) within their accounts. That integration saves users from having to manage separate crypto wallets, and adds another layer of flexibility to their financial toolkit.

5. Secure Transactions

Remote workers often log in to work from cafés, coworking spaces, and airports, to name a few. Of course, this flexibility of being able to work almost anywhere should never come at the cost of security. Borderless banks like Black Banx use end-to-end encryption, AI fraud detection, and two-factor authentication to keep accounts safe from risky elements.

Financial Freedom, Not Just Convenience

Perhaps the most overlooked benefit of borderless banking is the freedom it provides. Not just to access money, but to fully participate in the global economy. For millions of professionals in underbanked regions like Africa, Latin America, Southeast Asia, borderless banking has become a gateway to financial inclusion and a way to take on opportunities that typically wouldn’t be available to them if not remote.

By removing barriers to entry, platforms like Black Banx empower underserved individuals to both take control of their finances and increase their earning power by working with companies from higher paying markets. This democratization of finance isn’t just good for individuals, it’s good for the global economy as a whole.

As Black Banx CEO Michael Gastauer put it: “Our multi-currency solutions enable businesses to tap into global talent without worrying about payment complexities. We make cross-border transactions as seamless as local ones.”

The Road Ahead

By 2030, the number of digital nomads worldwide is expected to soar past 60 million, according to the Forbes Technology Council. That means tens of millions of workers will be navigating foreign currencies, time zones, and financial systems—all while expecting the same seamless experience they’d get at home.

Indeed, remote professionals aren’t just looking for places to work—they’re looking for systems that work for them. In a lifestyle built on flexibility, traditional banking is proving too rigid, too slow, and too expensive.

Borderless banking services like those offered by the likes of Black Banx, on the other hand, offer exactly what today’s global workforce needs: instant access, multi-currency support, real-time payments, crypto integration, and enterprise-level security—all in a streamlined experience.