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Recession is a challenging time for businesses, as it leads to reduced demand for products and services and a decrease in overall economic activity. In such times, it becomes important for organizations to adapt and find ways to weather the storm.
One way to do this is by implementing an internal talent mobility strategy. Internal mobility is the movement of employees within an organization, which can include promotions, transfers, and job rotations.
Here are some internal talent mobility strategies to aid recruitment during the recession of 2023.
By leveraging internal mobility, companies can retain top talent, improve employee morale, increase engagement, and drive innovation.
Research by Deloitte has shown that companies with strong internal talent mobility programs have a competitive advantage in attracting and retaining top talent.
Additionally, internal mobility can help organizations build a diverse culture, allowing employees from different backgrounds to learn from each other and grow within the company.
In this section, we will examine the benefits of internal talent mobility, discuss best practices for implementing an internal talent mobility program, and provide examples of companies that have successfully used it to navigate economic downturns.
There are several benefits to implementing an internal mobility program. Following along the lines of prevention is better than cure; organizations can make themselves recession-proof.
According to a survey by The Society of Human Resource Management, the average cost of hiring someone new is US$4,129 across industries, and it takes about 42 days to fill a new position. Internal talent mobility programs help save time and money.
Therefore, organizations have already started devising recession-proof ideas to keep their businesses safe.
Investing in internal talent mobility is one of the best recession-proof strategies we can work on. The cream layer of talent gets more expensive to lure in as the economy slows down. With budget cutbacks, hiring will take a hit. Internal talent mobility strategies can help get the right employees to handle the workload and talent requirements.
A few strategies for internal talent mobility in 2023:
When you want to invest in internal talent mobility programs, you must first let your employees know about it. Only when the employees recognize the efforts taken in retaining and upskilling them will such efforts reap benefits.
You could start by conducting a survey asking what employees want from such programs and pass out emails and frequent messages about new ideas and implementations.
Mercer | Mettl’s Skills Gap Analysis can help gauge critical upskilling requirements of the current workforce. The assessment evaluates knowledge gaps to implement the right skill strategies for the future.
Invest in career enhancement programs to recession-proof your workplace for 2023 and the future. Employees don’t think of leaving when they have better opportunities in-house.
However, for this to happen, your employees need to know about opportunities. Career path frameworks show employees where they are right now and, with the right efforts, where they could go in terms of internal career growth.
This can be made possible by investing in the right talent mobility tools and adopting the right strategies.
Mercer | Mettl’s suite of online assessments helps with employee training, 360-degree feedback, skill gap analysis, and career alignment.
Vertical transitions happen when employees are promoted and move up the career ladder. However, when it comes to internal talent mobility, lateral transitions are also equally important.
Employees should be able to move from one role to another role laterally and change departments. Organizations that let employees explore lateral positions find their workforce holistically skilled.
Internal talent mobility strategies are not one-time efforts. Organizations can use these strategies consistently by allocating resources, including time, effort, and money. Having an internal talent mobility team within the HR department is a great way to work on mobility strategies regularly.
Every organization has a different set of employees with different skill sets and talents. It is important to keep track of their skills to determine if they meet industry standards. It can help an organization determine areas where they are lacking in expertise and then take steps to address those gaps through internal mobility strategies.
Mercer | Mettl offers Training needs Analysis to help organizations create a future-ready workforce. This assessment helps identify people who can be trained to work in different work environments and job roles. It assesses learning agility, career aspirations, and skill proximity to nurture employees’ skills for the future.
An employee doing desk work could have great potential in communication, but they may lack formal training in it. This person would only require a short learning experience to flourish in that field.
Transferable skills are applicable across a wide range of industries and job roles and can be valuable for employees looking to move into different positions or sectors within an organization.
Examples of transferable skills include communication, problem-solving, leadership, and teamwork. By strengthening these skills, employees can become more versatile and adaptable and be better equipped to take on new challenges and responsibilities within the organization.
For example, Mercer | Mettl’s Leadership Assessment helps identify leadership qualities in candidates, such as creativity, partnering, accountability, and conflict management. It allows gauging leadership acumen in employees to promote and laterally appoint them to new positions.
A passive candidate pool refers to a group of individuals who are not actively seeking new job opportunities but may be open to hearing about potential opportunities if they arise. These candidates may already be employed but interested in exploring new opportunities that align with their career goals and aspirations.
In summary, internal talent mobility can provide a range of benefits for organizations looking to overcome recession-induced challenges. By building a diverse and inclusive culture, retaining top talent, improving morale and employee engagement, and driving innovation, internal talent mobility helps companies adapt and thrive in challenging economic conditions. In the current economic times, it is better to invest in a defensive strategy to retain, nurture, and motivate internal talent.
Organizations face several challenges while implementing an internal mobility program, such as:i) Internal skills shortage,ii) Allowing remote work or moving employee’s location,iii) Inability to upskill employees,iv) Building transferable skills of employees.
The objective of the internal mobility program is to fill important vacant positions with in-house talent. With the looming recession in 2023, it is necessary to upskill, nurture, and utilize in-house resources.
Internal mobility during the recession will help fulfill business requirements without spending money and time on hiring. In-house talent can be nurtured and upskilled to fill positions necessary for work processes and business growth.
Originally published January 16 2023, Updated January 16 2023
The primary objectives of recruitment and selection are to ensure high-quality candidates who are culturally fit and work toward shared organizational goals and vision.