As internal mobility opportunities and professional development experiences become more of an expectation and less of a perk in today’s competitive talent market, it’s time to take a closer look at internal mobility and understand the unparalleled benefits it can bring to your company.
Internal mobility is the movement of employees to new opportunities within the same company. These opportunities can include new positions, supplementary projects, mentorships, job swaps, and shadowing.
Internal mobility opportunities provide employees engaging and relevant experiences that meet their professional goals and actively improve their skills. As the labor market continues to narrow and skills expire at a rapid rate, internal mobility is crucial in tightening skills gaps, preparing your employees and company for the labor market of tomorrow.
If you want to stay relevant in today’s competitive job market, all while improving your company’s productivity and capabilities, then you need to offer internal mobility opportunities to employees. Here are three reasons why internal mobility opportunities should be a top priority at your organization.
Any investment you make in your workforce is a direct investment in the future of your company. Ultimately, when your employees grow their skills and knowledge, your company also becomes more skilled and knowledgeable. Employees who engage in internal mobility opportunities develop their skills and build on their professional experiences that make them stronger professionals.
Likewise, internal mobility opportunities can increase employee engagement by up to 49%. This can have major effects on your company’s productivity, with Gallup’s State of the American Workplace reporting that engaged employees can result in a 20% increase in sales.
Internal mobility opportunities give your employees the tools and experiences to be smarter, more productive, and better at what they’re doing, all while building your company’s capabilities and overall productivity.
A staggering 94% of employees would stay at a company longer if it invested in their careers, based on LinkedIn’s 2018 Workforce Learning Report. As the report explains, employees are aware that the shelf-life of their skills are shortening in today’s age of automation and are conscious of staying relevant.
Individuals are seeking companies that will grow their skills and promote their professional aspirations, making internal growth and mobility opportunities a necessity for companies who want to attract top talent and keep them for the long run.
Hiring brand new employees is expensive and time consuming. In fact, it’s estimated that large enterprise organizations lose more than $400,000,000 (four hundred million dollars) a year from the costs involved in employees leaving to the money spent on recruiting and training new hires. This number is significantly reduced when employees are hired internally. Just consider the money saved on training costs when internal hires already have tremendous knowledge of the company’s workflows, policies, and processes.
As Deloitte reports, it usually takes around two years for new hires to even reach the same performance level as an internal hire. Companies that hire internally are 32% more likely to be satisfied with the quality of their new hires. Internal hires come with very small risks, as companies already know candidates’ performance first hand, and very big rewards, including lower hiring costs, better accustomed employees, and higher employee performance levels.
Internal mobility opportunities can be the difference between a company that attracts and cultivates top talent, while saving millions of dollars, and a company that’s quickly losing an edge in today’s competitive job market.