Talent management with a focus on internal mobility is a direct response to the Great Resignation of 2021. But, some organizations are still suffering from a low retention rate, with top employees voluntarily leaving in search of more fulfilling positions.
Workplace Trends 2022
Most workplace trends in 2022 are focused on recruiting and retaining top-notch talent.
Flexibility
Organizations have realized that hybrid work has become a requirement for some employees, and have begin offering hybrid and remote positions.
The demand and availability of hybrid and remote options is changing how companies view a centralized workplace.
In 2023, hybrid structures will continue to evolve as organizations find the right balance. One hybrid or remote model may work for one company but not another. But when possible, offering the option to both attract and retain quality talent.
Organizations that allow employees some control over work hours have a higher retention rate. In most cases, there are some restrictions, but some flexibility is better than none at all.
In 2023, organizations will continue to find ways to facilitate a results-oriented work culture. For some, that means finding a way to offer some flexibility in work hours. Flexible work schedules keep internal talent engaged and attract the best and most diverse talent.
Reduce Redundancy and Repetition
Burnout is part of the battle for retention. An AI-augmented workforce has time to focus on work that only matters, such as creating and developing high-level strategies.
By automating day-to-day tasks, AI saves time, improves productivity, reduces human errors, and frees up your workforce.
Building a Resilient Workforce
Most organizations now realize how vital it is to have a workforce that is healthy - physically and mentally. In 2023, building and improving employee healthcare and well-being strategies will be a priority.
Resilience is the only way an organization services the unknown. That means making a plan that creates space for flexibility and talent agility for managers and talent.
Thorough training and learning opportunities create that strong workforce that also feels satisfied with their work. When empowered, talent becomes adaptable and resilient.
Skills Mean More Than Roles
Skills-based hiring is one of the biggest trends going into 2023. Skills, abilities, and talent are more important than the school the candidate attended or the last job position they held.
Organizations are implementing talent mobility strategies that provide employees with a pathway to develop a wide variety of skills rather than focusing on a single role or position. It decreases burnout and increases retention rates.
Wellness & Mental Health Days
Companies realize that mental health plays a factor in productivity. By implementing wellness programs, an organization provides employees with the opportunity to practice soft skills and how to communicate mental health concerns, including burnout.
Mental health awareness programs aren't enough. By offering mental days, organizations are seeing an increase in productivity. This is because sometimes all a person needs is a day to destress and renew their productive and best selves.
Internal Mobility
Internal mobility isn't so much a trend as it's an answer to hiring, retaining, and fostering a workforce in 2023 and beyond.
Talent mobility is the movement of employees within a company that's both lateral and vertical. Talent is the benefit of learning new skills and moving positions, while an organization benefits from the positive impact on performance.
Benefits of Internal Mobility
1. Attracts and Retains the Best Talent
If employees feel their career has gone stagnant, they will look elsewhere. Your talent needs to feel valued and, when given a chance, learn new skills and tackle new challenges.
Retaining diverse talent benefits a company as much as it does the employees. Organizations lose valuable time, resources, and money when replacing and training new employees. They are losing the knowledge, connections, and productivity that the talent takes with them.
Talent mobility opens up the opportunity for an employee to move throughout a company, which makes them less likely to leave the organization overall.
And organizations benefit from internal mobility because they retain employees by keeping them engaged with projects and learning experiences that interest them.
2. Saves Time & Money
Internal talent mobility is about leveraging employees who already understand the organization, mainly because it's expensive and time-consuming to hire and train new candidates.
When you implement the best talent mobility strategy, you're leveraging employees who already understand the organization and giving them reasons to stay. Because when they leave, they take their knowledge and productivity with them.
The company saves money by not having to hire and train, and your HR isn't spending their time onboarding.
3. Improves Engagement & Morale
When utilizing talent mobility technology, an organization taps into diverse talents and provides a chance to grow from within. Employees will look elsewhere if they aren't made aware of those opportunities.
Developing and building skills is an ongoing process. If employees feel there's nowhere else to go and nothing left to learn, they will find a new organization that inspires them to reach their full potential.
A revolving door of employees and a high turnover can reduce the morale of a workforce. It creates an environment where current talent disengages and looks elsewhere for opportunities.
4. It Provides Flexibility
In 2023, the demand for hybrid and remote will continue, becoming a job requirement for many candidates. It isn't enough that an organization offers the opportunity to move internally but they must implement fair remote work policies.
Internal mobility allows talent to transfer internally rather than move to another company with a better remote work offer.
Flexibility doesn't only come in the form of remote or hybrid. Work-life balance is vital, giving employees control over their work schedule.
5. Lowers the Risk of a Bad Hire
The hiring process can cost an organization upwards of $4700 per candidate. With internal recruitment, you already know the person and their qualifications, which lowers the risk of a bad hire.
A company is also trying to create and maintain a work culture. One of the primary reasons that new candidates quit is because they're a poor cultural fit. By hiring internally, you already know the person is compatible with the current culture.
6. Workplace Loyalty
Workplace loyalty is necessary for retention, and it's up to every organization to create strategies to foster that, including internal mobility.
Internal mobility reduces the impersonal feel of the workplace. It allows talent the benefit of being seen and heard.
You're securing the bond between talent and organization by implementing talent mobility strategies. It gives employees a chance to move around in a company and learn different aspects according to their interests and skills.
Importance of Employee Retention
Employee retention is a challenge that organizations are facing. Internal mobility addresses your talent's needs, raising the retention rate.
- Reduces overall cost. Talent mobility is a way to reduce the cost of recruiting and training new candidates.
- Improves workplace culture. When people connect, they are less likely to quit and leave them behind. It means that fostering bonds between employees increases retention rates.
- Increased productivity. The more stable the environment, the less likely an employee will leave and take their skills with them.
Internal Talent Marketplace
An internal marketplace addresses all aspects of internal mobility and benefits talent and the organization.
Connects People
Team leaders can quickly fill positions using an internal marketplace. It gives staff leaders the ability to gain insight into internal candidates.
- employees' education
- skills
- experience
- interests
- past and current roles
- capacity to take on new projects.
At the same time, employees are empowered when they have a fair opportunity to move positions or move up in an organization. Prioritizing personalized employee experiences and lateral career movement helps organizations attract and retain the most skilled and diverse talent.
Fills Talent Gap
An internal talent marketplace allows organizations to view accurate and up-to-date information about talent. With this information, positions can be filled faster, reducing the need to recruit external unknowns.
Lowers Cost
Utilizing a talent mobility marketplace reduces costs even further. You're using one software that provides the ability to implement internal mobility quickly and easily.
Employee Recognition
Employees need recognition, or they will seek it elsewhere. Internal mobility shows that you value them by giving them first dibs at new opportunities.
Increased Efficiency
Productivity and efficiency rely on retention. When you lose quality talent, it can impact an entire company because they take their efficiency and productivity with them.
One Software, One Solution
The era of internal mobility will continue to accelerate, and sub-par software solutions will continue to flood the market. But, you don't need multiple software to accomplish each one.
Structural is a single software solution that provides data-rich employee profiles that leaders can access internally, reducing the need to look elsewhere and retaining current talent.
Internal opportunity marketplaces open up opportunities for leaders and talent to communicate and create bonds. It makes collaboration easier, and the more employees know one another, the more likely they will stay with the company.
With Structural, hybrid, and remote work is accessible, and employees feel more involved and included regardless of where they work. The internal talent marketplace allows growth and contribution for every employee and creates an even playing field.
Structural platform makes internal mobility possible and helps organizations prepare for an unknown future.
If you're preparing for 2023 and beyond, request a custom Structural software demo today.
