“Sometimes what you’re looking for is right under your nose and you don’t even know it.”- John Hall
As COVID-19 is testing our limits, many companies are adjusting to the new way of operation. Some industries need an immediate inflow of capable talents while others resort to massive layoffs to stay afloat. Challenging times call for creative decisions. Many companies are implementing remote work and succeeding at it. Others are struggling to retain their talent. One of the long-discussed practices that could help them today is internal mobility.
What is Internal Mobility?
Internal mobility involves giving employees new work opportunities within the same company. This may include new positions, mentorships, shadowing, extra projects, and more.
By taking advantage of internal mobility, the company gives employees a chance to hone their skills, climb the career ladder, and meet professional goals.
With the labor market being highly competitive and the costs of losing an employee reaching 75% of the annual salary, internal mobility is an integral part of the company’s productivity.
When the crisis strikes, mobilizing internal resources is on the agenda.
Why Internal Mobility Is Highly Important For Crisis Management
In a critical situation, internal mobility can keep the company in the game.
1. Cutting Costs
Hiring new employees is time-consuming and expensive. Searching for talents, bringing them on board, and doing all the paperwork is just the beginning. Hiring costs include recruiting, interviewing, testing, screening, relocation expenses, and more. All these costs disappear if you use internal talent.
A high turnover rate during a crisis could cost a company thousands of dollars. According to a study conducted by Work Institute, 22% of employees leave because they are searching for new career development opportunities. By offering this option within the company, you can reduce the turnover rate tremendously.
2. Improving Employee Satisfaction
Employee satisfaction is an integral part of any company’s productivity. During the COVID-19 outbreak when the future of many companies seems anything but stable, demoralization is a common occurrence.
When people are afraid to lose their jobs, their work efficiency suffers. By taking advantage of internal mobility, you can make employees feel needed while keeping the company afloat.
Internal mobility works in many different ways. You can use it to re-channel the workforce for tasks highly demanded by the current situation. For example, these days, some fashion factories are being retooled to make face masks. Keeping employees engaged and involved is the key to raising satisfaction levels during a crisis.
3. Investing in the Future
Hiring new talent during a crisis can be costly. Training it is time-consuming. By allowing your internal workforce to take advantage of the new opportunities, you are investing in the future of your company. As employees hone their skills within the company, their loyalty increases, thus lowering the turnover rates.
Generally, homegrown senior staff performs better than external hires. Meanwhile, by offering internal growth opportunities, you are increasing the appeal of your company.
According to LinkedIn, 59% of employees join a company for better career path opportunities. If you offer them a chance to grow, these talents are likely to choose your business over the competitors that don’t invest in internal mobility.
Implementing Internal Mobility Strategy: Where to Start
Once you are ready to implement the internal mobility approach for your company, you can take advantage of the following steps.
1. Increase Transparency
Let your employees know that you are looking into internal mobility options. They may express interest and offer initiative.
According to LinkedIn, 69% of companies believe that their employees are well aware of the existing internal mobility programs. Meanwhile, only 25% of employees said they knew about such an option.
2. Create Profiles
To get a clear picture of the resources you have within the company, create profiles of your existing employees. During the process, you may discover the skills and potential you’ve overlooked. This process can be simplified by assessment tools that match a candidate’s cognitive skills and personality traits to specific roles.
3. Establish Training Programs
Create training programs that can encourage team leaders to help other members obtain new skills and experience for internal mobility opportunities.
4. Obtain an Objective Opinion
The human factor can become a barrier to taking advantage of internal mobility. For example, talent hoarding (when managers retain their best employees instead of giving them an opportunity to develop) might become a major hindrance.
To avoid this problem, consider assessing your internal talent pool as part of their career development efforts. For example, assessments such as Bryq, enable the collection of objective data about your talent pool to help you make decisions about internal mobility options.
Using Internal Mobility to Stay Afloat During This Crisis and Beyond
Internal mobility is a highly underused yet efficient recruitment strategy. By taking advantage of existing employees to fill vacancies, complete secondary projects, and tweak some of the work processes, you are cutting costs and investing in the company’s future.
By adopting the internal mobility strategy during the Coronavirus pandemic, you can stay afloat, keep your talent, and be ready to outrun the competition.
If you have any questions about implementing internal mobility, please contact us today.