How is hiring defined in the context of asset management?

In the context of asset management, hiring is typically defined as a short-term arrangement. This term refers to an agreement where an organization utilizes an asset for a limited duration without the intention of purchasing it outright. This distinguishes hiring from other forms of asset management practices such as leasing, which can often be long-term or may imply a commitment beyond mere temporary usage. When firms opt for hiring, they usually aim to satisfy immediate needs while maintaining flexibility, which aligns with the short-term nature of the arrangement.