Building a talent pool is vital if you want your business to thrive. However, today's business climate makes it challenging.
World Economic Forum statistics suggest that two times as many jobs exist as unemployed people to fill them (See chart).
Are you noticing that finding candidates to fill your vacancies is becoming harder? Embracing internal talent mobility can help you attract and keep your top talent so you can fill vacancies from within.
How and Why Internal Talent Mobility Works
Internal mobility is the ability of employees to move vertically or laterally within the company, rather than in new jobs at other companies.
It works because it meets the needs of both your company and your team members.
Consider that a significant reason employees change jobs is to pursue new skills. They also seek more exciting work experiences and greater responsibilities. Internal talent mobility aims to provide these new experiences within your company, so team members don’t need to move externally.
To be effective, internal mobility strategies must be a part of every stage of employee-management interaction.
Managers can focus regular one-to-one meetings on whether employees gain what they need for internal mobility. Performance reviews can focus on employees' developmental needs. Continuous training and team development exercises can also be part of the strategy.
Technology is Key
The first step in preparing for talent mobility is a skills inventory.
Fortunately, top HCM vendors are integrating skills intelligence tech that makes the task easier. Workday Skills Cloud, Ceridian’s Dayforce Talent Intelligence, Cornerstone SkillsTech, and SumTotal Skills Blueprint are good examples.
These platforms are more than internal inventories; they also integrate talent market data to keep up with changing skills.
The talent marketplace, of which Gloat is the leading independent provider, stores information on team members' experiences, interests, skills, preferences, and personal factors to match them with opportunities.
A talent marketplace also tells the team members about opportunities. It may also present training opportunities targeted to their needs.
“This is a category that is legitimately adding about as much value as anything I’ve ever seen in my years as an analyst.”
-- Josh Bersin, quoted in Internal mobility, talent marketplaces are ‘life-or-death' survival strategies by Elizabeth Clarke, 28 February, 2023.
Artificial intelligence technology drives the marketplace. Al helps eliminate biases in the mobility process. It creates processes that open opportunities for everyone while ensuring leaders can place the best individual in each role.
How Internal Mobility Affects Your People
Internal mobility supports career agility by giving employees access to new roles or projects. A variety of assignments can help them shift from thinking about what they "must" do toward what they are passionate about. It also creates virtually limitless development opportunities.
How Internal Talent Mobility Impacts Your Company
An internal mobility strategy increases employee engagement and retention (Figure 2). If employees can gain the skills, responsibility, and variety they seek without leaving, they are more likely to be engaged and stay with the company.
The Payoff
Talent mobility creates the potential to optimize the performance and productivity of your teams. Keeping talent mobile gives them a wider range of options. It aligns with your strategic goals while allowing your people to practice their skills. Keeping talent mobile gives them a wider range of options while providing the opportunity to hone their skills.
Allowing teams to become more visible and better connected within your organization helps create an engaging work environment, boosting performance and retention.
Compared to low-performing companies, high-performers are twice as likely to emphasize talent mobility than their low-performance peers. We encourage you to grab your chance to be one of them.
Phenom eCloud is a comprehensive technology solutions provider committed to empowering businesses to overcome challenges, enhance their workforce capabilities, and achieve superior outcomes.
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