There is one issue that should be at the forefront of every HR professional’s thoughts as businesses across the globe battle with staff retention and turnover, and that is employee mobility.
Employees tend to quit a company because they feel they have nowhere to advance in their current role. In order to keep your top performers from going elsewhere, it is important to provide them with possibilities for advancement both inside the company and in their careers.
What is Employee Mobility?
The best way to make the most of your company’s talent is to encourage employee mobility strategies. Unfortunately, most companies overlook their most promising workers in favor of searching for outside talent in the hopes of discovering a ‘unicorn hire’ who would propel them to new heights.
There are occasions when going through the formalities of external recruiting is unnecessary since the exceptional talent you are seeking may already be on staff.
As a result of the Great Recession and the ongoing economic slump, many businesses have had to reevaluate their strategies for recruiting and keeping employees. The issue of retaining high-performing individuals has been identified as a top priority for executive teams. Because of this, it’s crucial for businesses to make it easy for their workers to relocate for various reasons.
If you provide your employees with possibilities for advancement (both up and out), as well as training and education, you can reduce the likelihood that your best workers may go elsewhere for work.
What is the Significance of Employee Mobility in 2023?
The process of hiring new personnel is time-consuming, expensive, and fraught with stress. Finding qualified people to fill available positions is a problem that a lot of companies are facing right now. Unfortunately, they fail to see that they may already possess the necessary abilities.
Employee mobility, also known as talent mobility, is a solution to this problem. It allows businesses to repurpose talented people without wasting time and money on the replacement process. In today’s industry, workers have a hard time planning out their futures since positions and required abilities are always evolving. Hence, you are limiting the potential of both your people and your company if you continue to categorize them.
Assume you are intent on enhancing your company’s adaptability in light of the volatile state of the economy. In that situation, you should assess the skill sets of your current employees and seek innovative methods to deploy those skill sets where they are needed most to address pressing business challenges.
The need for variety, fresh challenges, and more freedom all contributed to the Great Resignation. Workers nowadays are more self-aware and more likely to leave a job if it doesn’t satisfy their professional and personal goals.
If employees cannot learn and advance in your company, employee retention will plummet. The first step in solving the problems associated with employee mobility is to recognize their significance. Some of the factors that indicate this importance are:
The Changing Face of the Workforce
The workforce is currently dominated by millennials and members of the next generation, known as Gen Z. On average, these professionals spend far less time at any one company than their more senior counterparts do. The availability of growth possibilities, or the lack thereof, is a major concern for these groups. Long-term employee retention can be achieved through the provision of employee mobility possibilities.
Professional Progression is Still a Top Priority
According to recent statistics, 41% of employees left their current employment due to the inability to grow in their careers. Employee mobility is obviously important to your staff. It should be the case for you as well.
The Majority of Hiring is Done to Fill Open Positions
For instance, 95% of all US hires are made to fill already existing jobs. This implies that the majority of the recruiting budget is used to replace existing employees rather than investing in training them to propel the business ahead. That’s a massive waste of money and a clear indicator of problems with keeping and developing staff.
Talent in the Workplace Often Goes Unnoticed
Almost every company has workers that aren’t giving their utmost for various reasons. That’s often the result of missed opportunities to recognize and develop talent. Businesses can make the most of their employees’ potential by systematically coaching and mentoring them as part of a larger strategy for growth and development.
Each of the above reasons leads to one essential conclusion that workers do not necessarily desire to quit their company. But, they may feel they have no choice but to quit if the organization does not promote internal mobility and career advancement. This is showcasing the importance of investing in employee mobility.