Traditionally, when there was a vacancy to fill, HR turned to external talent. However, as the labor market tightens, organizations are shifting their focus to internal candidates.
Hiring from within comes with its own set of benefits. Perhaps most notably, it saves businesses money. Gartner found that the cost of employee turnover due to lack of career opportunities amounts to $49 million annually for an average-sized company.
However, some organizations still have a long way to go to when it comes to encouraging internal mobility. Many companies don’t have strategies or technologies in place to guide the process, and nearly two-thirds of HR professionals agree that their internal recruiting program needs improvement, according to Linkedin.
But what does it take to launch an initiative that actually gets results? Particularly in our hybrid era, technology is going to play a leading role. A two-sided talent marketplace is uniquely positioned to enhance internal mobility by matching employees with relevant skills to projects, gigs, and full-time openings that align with their personal goals.
With internal recruiting rising to the top of HR’s agenda, some roles are getting an upgrade to reflect this new focus on mobility. One example from our own community of partners is Divkiran Kathuria, Seagate’s Director of Talent Mobility and Talent Technology. She points to talent marketplaces as a key component of her organization’s approach to internal mobility, noting, “First and foremost, anyone using a talent marketplace will be immediately able to discover hidden talent– candidates and skills they didn’t know existed. And they’ll be able to experience how diverse, valuable, and capable these discovered candidates are.”