ByClaude Werder, Vice President and Principal HCM Analyst,Brandon Hall Group
Great talent is so coveted – and seemingly so hard to find – that sometimes it feels like we are chasing unicorns.
But, unlike the mythical unicorn, great talent is out there in the real world. Sometimes we just don’t look in the right places or leverage the talent within our own organizations.
Brandon Hall Group and talent-management solution-provider Cegid will present a webinar March 13 examining how employers can improve talent development to drive internal mobility. Sometimes great talent – the unicorns – are hiding in plain sight.
There are risks and obstacles whether you recruit talent from the outside (perceived talent shortage, expense, competition) or develop talent internally (turnover, engagement, cost and difficulty of development, etc.).
Most organizations choose to roll the dice on external recruiting, a questionable decision when 72% of organizations struggle to hire talent and 53% see a talent shortage in their industry, according to Brandon Hall Group research.
On average, employers target only about 3 of 10 job vacancies to be filled among current employees.
Why not invest more in internal mobility? Almost 9 in 10 organizations say they don’t fill more positions internally because “we believe it’s important to bring new voices and viewpoints into the organization.”
OK … but look what happens next:
Only 9% of organizations have clear, well-communicated career paths for more than half of their employees.
About 55% say their internal talent pipeline is not large or deep enough to fill more positions from the inside.
Organizations want to hire people from the outside for fresh viewpoints, then fail to develop them or provide paths for advancement. So employees leave and organizations start the cycle all over again. This is the definition of insanity — doing the same thing over and over again, expecting a different result.
It’s time to refocus on internal mobility, which is dependent on engaging, effective talent processes. Today’s talent technology enables organizations to dramatically improve inter-related talent processes – assessments, onboarding, training, continuous performance feedback, coaching, mentoring, career development – that can drive engagement, performance and talent retention.
The result is an expanded pipeline of talent that is already familiar with your business and culture. A rich internal talent pipeline allows you to be more selective in your external recruiting, save money, and build your business around employees who are already invested in your mission, products and customers.