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

How Black Banx Has Sped Digital Payments Into Its Global Phase

Published

1 day ago

March 13, 2025

Matthew Wiles

The payments industry has grown substantially in the last decade, with digital transactions now practically a given in most parts of the world. A key contributor to this globalization of payments has been Black Banx, a Toronto-based global digital bank founded by German billionaire Michael Gastauer.

Through innovative fintech solutions, a commitment to financial inclusion, and strategic investments in blockchain and artificial intelligence, the company continues to make transactions quicker and easier no matter where the sender or receiver is in the world.

The Cross-Border Payment Boom

Global transactions have never been more essential to the world economy. From businesses engaging in international trade to individuals sending remittances back home, the demand for fast and cost-effective cross-border payments has skyrocketed. In fact, FXCintelligence projects that the cross-border payments market will hit an astonishing US$290 trillion by 2030, driven by the rise of e-commerce and digital trade.

Historically, moving money across borders wasn’t simple. Traditional banking relied on a complex web of intermediaries, leading to slow processing times, high fees, and inefficiencies. But fintech has changed the game. Companies like Black Banx have introduced digital-first solutions that eliminate unnecessary middlemen, enabling instant, affordable transactions.

Black Banx’s Rapid Growth: A Testament to Demand

Black Banx has experienced explosive growth, reflecting the increasing demand for seamless global payments. By the end of 2024, the company’s customer base had expanded to 69 million users across 180+ countries—a staggering 76% growth from 39 million in 2023.

This growth wasn’t accidental. Black Banx’s success stems from its ability to offer frictionless cross-border banking, catering to individuals and businesses worldwide. It’s offerings include:

Instant Multi-Currency Accounts – Customers can open accounts online within minutes, eliminating the need for physical bank visits.
Cryptocurrency Integration – Black Banx has accepted Bitcoin and Ethereum since 2016 and expanded its crypto services in 2024 by integrating Solana and the Lightning Network, allowing for ultra-fast, low-cost cross-border transfers.
Zero-Intermediary Transfers – By leveraging blockchain technology, the company bypasses traditional banking infrastructure, significantly reducing fees and processing times.

AI-Powered Payments: Enhancing Speed and Security

If there’s one technology that has reshaped digital payments in 2024, it’s artificial intelligence. AI is now at the heart of fraud detection, customer service, and transaction optimization, making global payments more secure and efficient.

Black Banx has fully embraced AI, using predictive analytics and automated systems to streamline operations. AI-driven chatbots handle customer inquiries, reducing response times and improving service efficiency. Meanwhile, real-time fraud detection algorithms flag suspicious transactions, preventing financial losses and building customer trust.

The results? Black Banx achieved a cost/income ratio of just 68% in 2024—one of the best in the industry—demonstrating how AI-powered automation can drive profitability while maintaining top-tier service.

Financial Inclusion: Breaking Down Barriers

Despite living in a digital age, over 1.4 billion people worldwide remain unbanked, according to the World Bank. Traditional banks have long failed to serve these individuals due to bureaucratic hurdles, geographic limitations, and high fees. Black Banx has made financial inclusion one of its core missions, particularly in underbanked regions like Africa, the Middle East, and parts of Asia-Pacific.

In 2024, the company’s impact on financial inclusion was profound:

32% year-over-year increase in SME clients in Africa and the Middle East – Black Banx empowered businesses in these regions with seamless digital banking services, reducing reliance on inefficient traditional banking channels.
Instant digital accounts with minimal documentation – Unlike traditional banks, which require extensive paperwork, Black Banx allows users to open accounts quickly, enabling greater access to financial services.
Affordable cross-border transactions – By eliminating intermediaries, the company ensures that even those in remote regions can send and receive payments without excessive fees.

The Future of Cross-Border Payments: Crypto and Blockchain

Cryptocurrency is no longer a niche asset—it’s gradually become a key cog in the global payments machine. Recognizing this early on, Black Banx became one of the first digital banks to integrate Bitcoin and Ethereum into its platform back in 2016.

In 2024, the company doubled down on its crypto-first strategy, incorporating Solana and the Lightning Network. These technologies allow users to complete cross-border transactions in seconds while avoiding the high fees and delays associated with traditional banking infrastructure.

Black Banx is also exploring crypto-based lending services, a move that could disrupt traditional financial models even further. If successful, decentralized finance (DeFi) solutions could provide businesses and individuals with access to capital without the constraints of conventional banking regulations.

A Year of Record-Breaking Financial Success

While many tech companies faced financial turbulence in 2024, Black Banx defied expectations, posting record-breaking numbers:

Annual revenue: US$11.1 billion (exceeding the forecasted US$10.8 billion)
Pre-tax profit: US$3.6 billion (far surpassing the original US$2.4 billion projection)
Customer base: 69 million users worldwide
Cost/income ratio: 68% – demonstrating operational efficiency
Capital distributions: US$2.90 per share

Black Banx’s financial success highlights the immense demand for efficient digital banking services, proving that fintech is not just a disruptor but the future of global finance.

What’s Next for Black Banx in 2025?

Given its past success, Black Banx is setting ambitious goals to build on its 2024 momentum. The company aims to:

Expand its customer base to 100 million users – By reaching more individuals in emerging markets, Black Banx hopes to further its mission of financial inclusion.
Strengthen its presence in digital asset banking – With growing demand for cryptocurrency-based financial services, the company will continue integrating blockchain solutions.
Enhance global payments infrastructure – By entering new markets and refining its AI-driven systems, Black Banx plans to make transactions even faster and more accessible.
Lower its cost/income ratio – Through further automation and AI optimization, the company aims to improve operational efficiency.

By embracing AI, blockchain, and a relentless commitment to financial inclusion, Black Banx has clearly been key in accelerating the transition of the world to a truly global payments system.