Here's One Talent Source You're Missing Out On
It's no surprise that we are currently in the war for talent. Most organizations have initiatives in place to improve employer branding and candidate experience. They are also looking to fine-tune what sourcing channels they are using to tap into the right talent for the organization.
Of course, these initiatives cost money, time, and really only impact one source of talent (arguably, a very important one) - external talent. However, organizations are overlooking one crucial area, and it ties back to internal mobility.
Why should organizations focus on employee experience and internal mobility? The number one reason is that you could be missing out on one of your most viable talent sources - internal talent.
According to Bersin’s Research Report, Alternative Sourcing Channels for Present and Future Talent Shortages, here’s a look at some of the key reasons more organizations should really start tapping into their internal talent pool a little more.
You already know they are a good culture fit. It can be difficult to assess whether or not a potential candidate fits the culture and environment of your organization, department and team. Although you can still run into culture fit issues on a department or team level, you have more information to evaluate an internal candidate (i.e. speaking to their supervisor, looking at their performance record, etc.).
Elimination of recruiting and on-boarding costs. From recruitment advertising to on-boarding, finding, engaging and hiring the right external talent into the organization can be an expensive endeavor. Then, if your new hire decides to leave within 30 days, your organization is still out the costs and has to start over from square one again. If more organizations look at their internal talent prior to advertising open positions, they could find a viable candidate that has a lower risk of leaving the position or being fired.
Productivity happens a lot sooner. Moving an internal employee to a new position is a lot less complicated than hiring a new external employee. They are already comfortable in the organization, familiar with processes and procedures, and have a greater potential to become super productive in a shorter timeframe than a newly hired employee.
Forget about crazy salary negotiations. Part of the struggle of finding the right external talent for a position comes down to negotiating salary and benefits. This is to be expected, but when an organization taps into their internal talent, they will actually save money potentially. In fact, according to the Bersin, most internal hires receive 18 percent to 20 percent less than an external hire. This means you could find the right person for the position, give them a slight salary increase, and it’s a win-win situation for the organization.
If you aren’t already thinking about your internal mobility strategy, it’s time to start thinking about it now. Whether it’s implementing an internal career site catering to your employees and their experience or developing a way to include your internal talent as part of your sourcing and recruiting strategy, it has to happen sooner rather than later. Otherwise, you risk missing out on one of your best talent sources – your internal talent.