As American companies recover from ‘the great resignation,’ labor participation still lags in various verticals, and the market remains tight.
Following the high-magnitude mass exit, employers are keen to know why did workers quit despite the global economy being a bit shaky. Were there other factors besides compensation that employees considered? Why did their job satisfaction level hit an all-time low? There’s also a bit of introspection that made employers rethink their recruitment strategy.
For Instance, they realized that skills and capabilities matter as much as experience and expertise. They also sensed that jobs are going through a massive transformation, and sprawling new work arrangements allowing more flexibility, balance, and creative and decision-making freedom are taking over.
Now, here’s a situation for all HR Leaders to think over –
Suppose you are in a similar position. High attrition, talent instability, the volatile labor market is racking up your brain and draining your energy. After so many voluntary exits leaving you high and dry, you don’t want another jolt. What should you do? How should you ensure that your best and brightest don’t leave?
Here’s what we think –
Internal mobility has been a game-changer for companies like Unilever, Schneider Electric, and Ford Otosan. You can be next. The model encourages career agility and allows workers to pick new roles, projects, short-term/long-term assignments, and re-skilling opportunities.
As much as the model is relevant, creating a robust and all-encompassing internal talent pipeline is not a walk in the park. To really crack it, leaders should know why their employees are leaving. The following could be possible scenarios in which your workers might be looking for a change –
Once you know what your employees are looking for and what’s pushing them to look outside, the next step is to address that issue. The best part of setting up an internal talent marketplace is that it can effectively handle most of your employees’ concerns. For instance –
Role-to-role or project-based mobility helps groom workers, provides career advancement, encourages them to diversify, and up-skills them. While baby boomers see such challenging opportunities as stepping stones to growth and progress, HR leaders can scout those who have the potential to be future leaders, especially since they have continued to display their strengths and capabilities for a long time and have become seasoned experts.
Building an internal ‘gig economy’ can have added advantages. There is a common perception that millennials and Gen-Z are not entirely driven by the idea of compensation and financial benefits when it comes to job satisfaction. In fact, they seek projects that capitalize on their skills. This is where short gigs, projects, or assignments that enhance collaboration, foster creativity, and cut through silos may appear exciting.
Internal talent pipeline opens up communication around diverse employment possibilities. Open communication will facilitate information-sharing. They become aware of the different internal openings they can apply for. Moreover, when you invite your workers to express their thoughts, they feel included and valued. The process builds trust. And trust is one of the key factors in employee engagement.
5 steps to incorporate a comprehensive & diverse 'Internal Talent Marketplace'
If you don’t want to lose your talented workforce to competitors and are looking for ways to establish a steady and reliable internal talent pipeline, our professionals at Cornerstone Consulting Organization can help you get started.
CCO cannot and does not provide legal advice. It’s important to consult with qualified counsel before adopting any new policies. It’s also your responsibility to determine whether legal review of work product is necessary prior to implementation.