The cost of acquiring talent is not cheap. It can take months to find the right person, and once found, it's an expensive process to onboard them to your team. One way you can avoid this costly endeavor is by creating a company-wide internal mobility program that fosters leadership development while reducing costs and time for hiring outside talent. This article will outline what makes up an effective internal mobility program and how it benefits your business in the long run!
When looking for a new opportunity, employees generally consider three things: career growth potential, work/life balance, and pay. An effective internal mobility program can offer these benefits while increasing employee retention rates. According to the Society for Human Resource Management (SHRM), a well-run internal mobility program can improve employee engagement by 20%.
So what exactly makes up an internal mobility program? There are four main components: job postings, assessment tools, development programs, and mentorship opportunities.
Job postings are a way to make employees aware of the various opportunities available within the company. This can include both lateral and upward moves. Having job postings readily available allows employees to explore other roles within the company and see if there is a fit. It also gives them a sense of what is possible if they stay with the organization for the long haul.
Assessment tools help identify an employee's strengths and weaknesses. This information can then be used to create development programs to help them grow in their current role or prepare them for a potential move. Development programs offer employees the opportunity to learn new skills and gain experience in different business areas. They can also provide training on specific software or systems used within the company.
Mentorship opportunities allow employees to learn from those who have been in the business for a longer period of time. This can provide them with valuable insights and advice that they may not otherwise receive. It also helps foster a sense of community within the organization. By having these four components in place, you provide employees with the resources they need to grow professionally and personally.
Implementing an internal mobility program has many benefits, including reduced cost, time and effort for hiring outside talent, increased employee retention rates, and improved employee engagement levels. An effective internal mobility program is one that is well-rounded and provides employees with the tools they need to succeed. If you're looking for a way to keep top talent, then internal mobility is the way to go!
Creating an internal mobility program can seem daunting, but it's well worth the effort! By implementing these four components, you'll not only develop your current employees' skillsets, but you'll also be reducing the cost and time associated with hiring outside talent. So what are you waiting for? Start building your internal mobility program today!