As the talent landscape evolves, mobilizing existing talent into new roles is becoming a strategic imperative. Organizations seeking to remain competitive must understand the importance of talent mobility and how to leverage assessments in accelerating this crucial aspect of HR strategy.
What is Talent Mobility?
Talent mobility is the ability for employees to move from one position to another within their organization. This can include lateral moves such as job swaps and job rotation [SIOP]. Talent mobility aligns the skills and motivations of the existing workforce with organizational needs leading to increased engagement, retention, and productivity.
“The current workforce can be a skills goldmine,” explains David Morel in a recent Forbes article, “yet internal lateral hires … still only fill 10% of job vacancies. This oversight is a missed opportunity for businesses, not least because internal hires can save them time, effort and money.”
Benefits of Talent Mobility
In the face of surging turnover, hiring freezes, and low employee satisfaction, internal talent mobility emerges as a powerful solution.
Reduces Turnover Costs
Investing in internal talent mobility results in measurable benefits, notably a decrease in turnover rates. A recent LinkedIn study found that such initiatives can encourage 41% of employees to stay longer, reducing the financial and productivity costs associated with employee turnover.
Improves Employee Engagement
Retaining the best talent hinges on providing growth options. Research indicates that 39% of employees are open to switching roles within their organization, yet 80% of workers feel their current employer lacks growth opportunities. These findings underscore the urgency for organizations to prioritize talent mobility and look for new ways to engage and maximize existing talent.
Boosts Productivity and Satisfaction
The simple fact is that employees advance faster, perform better, and remain longer in organizations that invest in their personal growth and career development. According to Kevin Oaks, Harvard Business Review, “Multiple studies on talent mobility show that actively moving employees into different roles is one of the most underutilized, yet most effective, development and cultural enhancement techniques in companies today.”
Saves Recruiting Time and Money
Internal candidates provide an untapped pool for recruitment. HR leaders can access a wider talent pool by assessing their current employees to identify internal skills gaps. This provides opportunities to train and develop talent in a way that aligns employees’ interests and an organization’s business goals, significantly reducing onboarding time and costs.
How Assessments Optimize Talent Mobility Strategies
Assessing your current talent pool is essential when developing a talent mobility strategy. There are numerous advantages to leveraging assessments in a talent mobility program.
1. Benchmark Current Proficiencies
A successful talent mobility program requires a deep understanding of employees’ aptitudes, preferences, and job skills. The integration of assessment technologies into talent mobility programs allows employers to benchmark current employee proficiencies and pinpoint opportunities for development.
2. Discover Hidden Talent
Job-relevant assessments are designed to accurately evaluate underlying job skills and competencies. As an added bonus, they often uncover hidden talents that can fast-track development in areas such as sales, service, and leadership.
3. Chart a Talent Mobility Roadmap
Once employers have identified their teams’ strengths and interests, they can begin working together to create a strategic mobility plan. At Employment Technologies, our assessments make this process as simple and clear as possible by automatically creating personalized development guides, based on each employee’s individual assessment results.
4. Engage Employees in Their Own Development
By empowering employees to shape their careers, both individuals and businesses stand to gain. Employees with access to ongoing learning opportunities and a clear path for development are better prepared for new responsibilities and more confident in responding to future challenges.
“Initiating discussions about ongoing development can be awkward and uncomfortable,” explains Joe LaTorre, Director of Innovation for Employment Technologies. “Assessments serve as a catalyst, providing a structured process that make developmental discussions easier for both employees and managers. They also show employees a tangible example of the organization’s commitment to their ongoing career development.”
To explore how assessments can enhance your mobility strategies, check out our talent assessment solutions here.