The war for talent is far from over. With record-low unemployment, the competition for top talent among businesses across Australia and the world is fierce. As a result, employers are increasingly recognising the need for a strong internal mobility strategy to retain their best people. For a business to perform well in such a market, it must place significant importance on the growth, development, and engagement of its top people.
What is internal mobility?
Internal mobility is the movement of talent within a business. The best internal mobility strategies encourage employees to take on new growth opportunities that align with their long-term career goals and business priorities. More specifically, internal mobility breaks down departmental silos and talent hoarding to create a framework that allows for greater agility within a business.
What are the benefits?
Research reveals that three out of four employees are interested in exploring career opportunities with their current employer – and the same proportion are asking about internal mobility during the hiring process. This indicates that even prior to joining a business, candidates are already asking what opportunities they will have to grow, develop, and move around the business.
The cost of turnover is also a significant factor. Losing its best and brightest can have a huge impact on a business’s bottom line, the obvious cost being replacing the employee and the subsequent lost productivity impacting business revenue.
But there are also hidden costs such as the impact on morale. If a team sees a great performer leave, they will wonder what went wrong which can create an atmosphere of concern and instability. Additionally, that work is likely to be redistributed, which can impact engagement and morale.
Promotions – When more senior positions become available, these can be filled by someone from the existing talent pool.
Transfers – Employees can move to a different role within the same department or transfer from one department to another.
New roles – Businesses often create new roles to meet evolving demands. These positions can be filled by the most skilled and best-suited person within the business.
Mentorships – Employees can move around to learn from their colleagues in other departments. This could help to upskill an employee for a potential promotion or to expand their understanding of another role or area of the business.
Projects – Employees can work on part-time assignments to develop new skills and enhance cross-functional collaboration.
Important considerations
At a time when hiring is taking longer than ever before, the importance of strong internal mobility cannot be overstated. However, if there is a disconnect between internal mobility strategies and the level of visibility that employees have, then it is unlikely that it will have the intended impact.
Visibility should be front and centre of an internal mobility strategy. This means sharing open positions, projects, and initiatives, and having regular and ongoing growth conversations with employees. This is not simply a once-a-year discussion; it should be a regular conversation on how each employee is doing and what development opportunities there are.
Encouraging talent sharing between departments and roles is also an important step. Talent hoarding is a real thing and in the current market even understandable, given managers rarely want to lose their best people. However, it is important to remember that if those same people are not provided with growth opportunities, they will end up leaving regardless.
Successful businesses lead from the top down when the executive-level has a wholistic approach about what is best for the business, the employees, and the environment. That filters down to frontline managers and employees, where the impact of a strong mobility strategy is most visible.
Want to know how you can win the war for talent by creating a strong mobility strategy within your business? Get in touch with our team for an obligation free chat today – we can help! Find our articles helpful? Remember to follow us on Facebook, Instagram or LinkedIn to keep up to date with our practical tips and information for business owners and managers.