Laura Coccaro is the chief people officer at iCIMS, where she leads all people functions, from talent acquisition to employee engagement.
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It’s been a chaotic few years, to say the least. But with attrition levels finally lowering to pre-Great Resignation levels, it's not time to sit back and wait to see what comes next. Instead, talent leaders need to start building toward a strong future now.
With 2024 planning and execution in full force, as an HR leader, you should consider what you're doing right now to cultivate the talent pools you'll need when there's more movement in the market. Are you thinking proactively about how to engage, retain and grow your existing talent? When HR leaders start to reconsider less-tumultuous periods as opportunities to be strategic, that’s where we can affect change.
To be sure, it’s still a nuanced market. As our January 2024 Workforce Report at iCIMS indicates, 51% of professionals are considering a new job this year. So it’s more critical than ever to evaluate your current employees, understand their personal goals and see where there are opportunities to promote or adjust roles internally.
The good news is we’re starting to see some of these positive shifts. According to our report, in 2023, external hires plummeted to 13% below December 2022 levels, compared to a 5% drop in internal hires during the same time period. Clearly, employers are already looking within their ranks for quality hires.
The Benefits Of Prioritizing Internal Mobility
There are multiple benefits to fostering growth in-house. Among them are lowering attrition, building a stronger culture, retaining organizational knowledge and getting ahead of business opportunities. According to LinkedIn data, internally mobile workers have a 64% chance of remaining with that organization for the next three years at least, compared to 45% of those who don't have the same opportunity. There’s serious ROI and employee satisfaction on the line.
Reduced attrition and better culture are some of the more obvious benefits, but there’s also hidden merit in internal mobility investment. Employees who are already familiar with organizational processes, tools and personnel have less of a learning curve and can jump into responsibilities more quickly. Even if employees change departments or teams, that institutional knowledge is retained and onboarding can be expedited.
As for opportunities to advance your organization, this is where you and other HR leaders can become strategic players. For instance, you could identify individuals who want exposure to AI opportunities and move them into roles focused on that technological innovation. By staying ahead of current trends and identifying internal resources who can be escalated, you're saving valuable time and supporting business-critical functions.
3 Tactics To Kickstart Internal Mobility Efforts
This all sounds great in theory, but how do you implement internal mobility in practice and do it well? Here are three key tactics that I recommend.
1. Build change management across leadership.
Clearly articulate to leadership how you envision internal mobility shaping your overall HR strategy and contributing to organizational goals. Be sure to collaborate often with other team leads, including finance, technology and product. With multiple levels of buy-in, you’ll have an easier time advancing your workforce plans.
2. Communicate your intentions with stakeholders across the business.
Beyond making clear the benefits of internal mobility, share your proposed plans with everyone who could be impacted. It's important that there's as much transparency into change as possible. By sharing the value of internal mobility and empowering open dialogue, you can mitigate pushback from managers who fear poaching from other departments.
3. Evaluate strategic direction early and often.
Constantly assess whether your strategies have been effective or if adjustments are needed based on market trends. Take stock of your current needs and where you anticipate the business will grow. These evaluations should happen on a regular cadence to ensure you're continuously providing strategic direction.
Goals For 2024 And Beyond
Though the last few years upended all the norms in talent acquisition, it’s important that we get out of that reactive mode and adopt a more proactive mindset. And it seems I’m not alone in this thinking. According to The Conference Board, 75% of CHROs "plan to strengthen the employee experience and organizational culture" in 2024.
Internal mobility is one of the most effective ways to achieve this and set organizations up for better engagement, retention and growth. By focusing on change management and transparent communication and revisiting strategic direction often, HR leaders will be poised to help their organizations develop and enhance their workforce, yielding benefits for years to come.
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