The lack of professional development and advancement opportunities is jeopardizing productivity and driving employee turnover. Not only is it more important than ever to understand the true cost of losing your employees, it’s imperative that you take action now.
Internal Mobility—a process that encourages internal talent to move from one position to another—can help. But how can talent management build an effective strategy that raises visibility into the right opportunities?
In our ebook, "Intro to Internal Mobility", you’ll learn the current state of the employee experience and the steps you need to take to ensure your employees are thriving at your organization.
For a sneak peek into the ebook, read on!
Why Employee Experience Matters
Employees are leaving organizations at an alarming rate. In 2018 alone, 3.58 million people quit their job. The last time this many workers quit their jobs was in 2001. But people aren’t only leaving their jobs for more money.
According to LinkedIn’s 2019 Workforce Learning Report, 94 percent of employees say that they would stay at a company longer if it invested in helping them learn more skills. And simply providing opportunities for upskilling isn't enough—organizations have to make sure employees are aware they're available.
When an employee does decide to leave a company, the consequences are costly. For each employee lost, it costs an organization up to 200% of that employee’s salary.
Employee turnover also affects team morale and productivity. Losing a valuable team member is not only disappointing, it's also a reminder that there are other opportunities outside of the company. And then there's the problem with loss of knowledge: 42% of the skills and expertise required to capably perform in a given position will be known only by the person currently in that position.
To boost employee retention, it's up to you to build a culture where employees are encouraged to look inside the company for new opportunities.
4 Must-Have Elements for Every Internal Mobility Strategy
Internal mobility is a win-win for all. For employees, it inspires professional growth by making it easy to find and apply for jobs. For talent management, it identifies employees ready to advance by viewing internal mobility insights.
As you begin to identify a strategy that works for your organization, there are four components to consider.
1. Internal Career Site. An internal career site, or employee portal, is the hub for the entire employee experience. When employees are ready to look for new opportunities, they should be able to log in to the site, receive personalized job recommendations, and easily apply for them. Fit scoring further helps employees identify which roles are right for them, as well as skills they need to develop.
2. Career Pathing. Gone are the days where the “corporate ladder” was clear. To boot, talent development is no longer an optional perk or reserved for only certain positions. It’s expected by today’s talent. To keep employees engaged, they need clarity on the next steps for their careers, as well as the tools and knowledge to succeed.
3. Diversity & Inclusion. Employee resource groups (ERGs) help support diversity and inclusion initiatives. Inclusion in one of these groups not only drives engagement, but also uncovers new ideas and leadership potential in the organization by providing comfortable forums for the sharing of ideas.
4. Employee Referrals. Employee referrals are the best way to get your highest-quality candidates who stay longer at your company. Empower your internal talent to promote job opportunities to their professional networks by offering incentives, hosting open house events, and simplifying the referral process.
Enhancing Your Employee Experience with Internal Mobility
Providing a clear path that shows you're invested in your employees is the only way to make an impact and build loyalty. Are you ready to get started?
Learn more: Get the "Intro to Internal Mobility" ebook
See Internal Mobility in action: Sign up for a demo today!