3 Reasons to Develop an Internal Mobility Program Now
As demand for skilled workers increases, leading HR practitioners have identified internal candidates as a critical pool of underutilized talent.
Though over 75% of US companies have noted they will be focusing on internal recruiting in 2017, only 23% of those companies have well-defined programs to facilitate internal mobility and surface new opportunities for their workers.
There’s an enormous opportunity for companies to build better internal mobility programs to to improve their employee retention, strengthen their talent brand, and improve the efficiency of their HR departments.
1. Your best talent expects mobility
The job market has fundamentally changed: the rise of digital job boards, professional social networks, shorter hiring cycles, and an increasing demand for talent between startups and established companies has given job seekers more options and flexibility than ever before. As a result, 1/3rd of the US Workforce is expected to turn over in the next six months, and most of that is attributed to lack of clear advancement opportunities and poor talent utilization.
Moreover, a nationwide Jobvite survey showed that over 51% of full-time employed candidates are actively seeking or open to other roles. Building a strong internal mobility program is the best way to satisfy your employee’s need for mobility, as 66% would look within their own company first.
2. Building Internal Mobility strengthens your talent brand
Talent brand (or employer brand) is increasingly recognized as essential to effective talent acquisition and retention. According to a report by LinkedIn, 65% of US companies label it their top priority.
A company’s career website and resources are the best way to build talent brand (say 61% of HR leaders). Moreover, opportunity for career advancement is one of the most important factors as to whether a candidate accepts a position (according to 45% of HR experts). Creating a well-defined and publicized mobility strategy shows that your company is devoted to your employees and their personal growth.
3. Mobility empowers HR efficiency
HR is moving from an administrative function to a core component of a company’s growth engine. 83% of companies identify talent as their top priority and regularly connect their senior executives with HR. This influx of focus has created a huge demand for talent, with 57% of HR departments identifying competition for talent as their top problem. HR departments with a clear mobility strategy can effectively evaluate and engage the talent within your company, leading to better team efficiency and significant financial savings.
These are just a few of the reasons why Fortune 1000 companies like Google, Johnson & Johnson, and Nielsen have started investing in building out internal mobility programs for their employees. With more and more research being done in the people analytics space, internal mobility is proving to be a priority for employee retention, talent brand and HR efficiency.