By Twine on

Employee retention is a top priority for firms around the globe, after all, millennial turnover alone costs the US economy 30.5 billion dollars a year. According to the LinkedIn Exit Survey, lack of internal opportunities was the #1 cited reason for turnover. These facts have led Fortune 500 companies to develop internal mobility strategies to increase employee loyalty, encourage strong performance, and save on hiring costs.

Many companies have internal job boards and consider candidates that currently work for them, but only 24% have a well-defined program for advancement opportunities.  A successful internal mobility program has a few components. First, it empowers HR managers to evaluate and select internal candidates when hiring for a position.  Second, it promotes internal movement as a positive and essential part of career development; Nielsen halved their voluntary turnover rate after they integrated internal mobility into their Emerging Leadership program. Finally, it surfaces internal opportunities which fit employee’s goals and encourages movement between teams.