Your Next Star Employee Is Already Working for You
By Kim Cassady, Vice President of Talent, Cornerstone OnDemand
This is a special advertising section featuring white papers on trends that are currently shaping the HR profession.
Need to fill a critical position and wondering where the best candidates are hiding? Try looking down the hall instead of scoping out candidates you don't even know.
Odds are that your own employees are eager for new opportunities in your company, yet most businesses aren't effectively tapping into the talent they already have. For many businesses, "recruiting" talent means looking outside. In fact, companies hire externally for as many as two-thirds of their open positions, according to Cornerstone OnDemand's recent Career Trends Report.
This spells a missed opportunity for any business that wants to keep smart and motivated workers engaged. The truth is, many employees would rather stay with their current company than look for a new job. Our report found that employees are even willing to make lateral moves at their current employer for no pay jump if it means they'll be energized by new responsibilities.
The problem? While 89 percent of employees said they would consider a lateral move, only 32 percent of organizations encourage people to shift jobs across departments. That means your competition is likely to snag your top people, while you lose time and money vetting outside candidates. It's time to recognize that the best talent may be in your own backyard and that there are strong benefits to keeping them around.
Grow Your Bottom Line
You need to develop a culture of "talent mobility" to successfully tap into existing talent in your company. This means enabling employees to move up and across the organization -- learning as they go, contributing to every area of the business. This type of culture leads to bottom-line benefits: According to research from Lee Hecht Harrison, 81 percent of organizations that are "talent mobilizers" report that revenue growth is on or above target, compared to 68 percent of organizations that don't encourage talent mobility.
Optimize Your Recruiting Budget
As the people inside your company already understand your culture and mission, they'll need little ramp-up time. When you move them into a new position, they'll become productive in their new role more quickly than an outside recruit. In the end, you'll save on recruiting costs: According to the Saratoga Institute, it can cost 1.7 times more to hire outside the organization than from within.
Develop the Next Generation of Leaders
Think about the future of your business -- do your best new hires have the potential to run your business one day? The next generation of leaders wants the chance to take on new responsibilities, yet these experiences are rarely provided. The Global Human Capital Trends 2015 report found that 53 percent of younger workers want to take on leadership roles, but only 6 percent of organizations have programs in place to find and promote them.
Employees who find deeper meaning and greater satisfaction in their work -- and who anticipate their employer will provide them with the chance to achieve both goals -- are motivated to work hard and remain enthusiastic. That, in turn, can lead to greater productivity and higher profits.
Transform HR into a Strategic Department
Instead of limiting your department to benefits and compliance tasks, HR will become known as the genesis of talent and a key partner of the engine that drives business performance. Your talent mobility initiative can help you gather the resources the department needs to grow, as more business leaders recognize HR's vital role in surfacing perfect candidates.
To adopt a talent mobility philosophy, you need to form a mutually beneficial relationship with your employees. Spread the word about growth opportunities across departments -- you may have a sales manager who would be a great fit for the product marketing team.
When an employee expresses interest about a career shift, jump at the opportunity to help them plan. This "shift" is both literal and figurative: While some employees may want to experience different departments, others are rejuvenated by a new office location. Our report found that 77 percent of employees are willing to relocate, and 51 percent would work an extra 30 minutes every day for the opportunity to move.
Transforming your company into one that enables mobility can have long-term payoffs for both sides: employees find engaging work, while your "brain trust" becomes more loyal and doesn't seek fulfillment with the competition. In the end, it's about more than the bottom line: Talent mobility comes down to creating a healthy and agile business with the people power it needs to succeed years from now.