Have you ever tirelessly searched for talent, but came up empty-handed? The answer might be right under your nose?
The war for talent rages on, with 38 percent of employers having difficulty filling jobs, according to a 2015 survey by ManpowerGroup. It takes more than just posting externally to job boards to fill your open positions with qualified employees who last. The 2015 Talent Mobility Research Report by Lee Hecht Harrison found that 24 percent of 257 organizations say the top challenge they face is a lack of organizational understanding of talent mobility and how it can be leveraged.
Talent mobility is a "strategic initiative that helps companies to optimally leverage their organizational talent pool to fuel business growth." Your internal talent pool may be your best source of hire. Many companies, however struggle to find a system that works for them.
The Benefits of Talent Mobility
Establishing an internal talent mobility program is crucial to growing your company and retaining your organization's A-players. Here’s why you need to look to your internal workforce to fill open positions:
Saves Time & Money
By hiring internal candidates, you’re eliminating a lot of time, energy, and money you use to focus on hunting for external applicants. No more complicated job posting strategies, where you have to rent some job board space and cross your fingers.
Instead, invest in an internal career portal for your employees to access. Make sure you consider their experience when designing it.
Keep things simple. The interface and dashboard should be clear and straightforward so navigating through multiple pages is effortless. Incorporate a social element that includes personal profiles, where employees can post, share, and message one another. Add message boards and other digital social spaces for employees to share ideas and discuss relevant company news.
Employees should also have the ability to sign up for job alerts that send notifications to them when a new job posting appears. This keeps top talent informed about open roles that are relevant to them and align with their professional goals.
Facilitate Succession Planning
Plan for future talent needs to make upcoming transitions as smooth as possible. When a senior employee or manager vacates their position, you don’t want a disruption to your operations. The best bet for succession planning is a talent mobility program.
The Lee Hecht Harrison report found that 21 percent of organizations say the top challenge they face with talent mobility is having no strategic approach to identifying future talent needs.
Predicting future talent needs is difficult to do, but you have to start by looking ahead in the year. Are you launching a product that will require more boots on the ground? Do you plan to expand your company? Are departments being redefined? Are new investors getting involved?
Also, you can predict turnover rates by using some simple math equations. Take the number of employees that left during the year, then divide them by the sum of employees at the beginning of the year and employees at the end of the year that is then divided by two. Multiple your quotient by 100.
For example, say you lost 20 employees over the course of the year. You started the year with 150 employees and ended with 144 -- 150 plus 144 is 294, which when divided by two equals 147. Therefore, 20 divided by 147 is 0.136, or 13.6 after it is multiplied by 100.
Your turnover rate is 13.6 percent. These metrics can help predict future turnover.
With a talent mobility program, you are assessing skills and finding your A players who are ready to move up and considering what employees are interested in making lateral moves. The Lee Hecht Harrison report found that only 42 percent of companies understand their employees’ unique skills and experience.
You need to know what employees have which strengths so you know how to properly develop them to fill job openings and succeed departing staff members.
Improve Engagement and Trust
Employees who know they are being considered for advancement are more engaged and motivated to work and push themselves for the sake of growth. The 2014 Global Workforce Study by Towers Watson found that career advancement opportunities are among the top driving forces for employees, according to over 32,000 respondents.
Also, by investing in your talent pool, you’re showing that you trust them. Trust is crucial to creating a happy work environment. When talent knows they are trusted and respected by their leadership, they feel more confident and satisfied with their work.
Kes Thygesen is the co-founder and head of product at RolePoint, a complete social recruiting suite that provides unrivaled access and reach to quality job candidates. Connect with him and RolePoint on LinkedIn and Twitter.