Recruiting From Within: Expand Your Talent Pipeline While Driving Retention

Introduction

Due to the competitive global employment market and the ongoing “Great Resignation,” talent acquisition and retention have never been more critical for growing companies. If we add local talent shortages to the mix, recruiting and keeping talent can seem even more daunting.
 

So how can you attract and retain your skilled workforce while protecting your company’s best interests? There are many benefits to considering internal employees for new roles. Encourage your talent acquisition team to identify transferable skills that potential internal candidates have which could work to help you fill much-needed roles. According to LinkedIn’s 2020 Global Talent Trends report, employees at companies that hire and promote more internal candidates stay 41 percent longer than workers at companies with lower internal hiring rates.

In this guide, we will reveal the benefits of promote internal mobility, best practices for conducting virtual in-house recruiting, and more.

Promote Internal Migration

Hiring internal team members is a key tactic to help retain and recruit talent in today’s competitive marketplace. It’s also an effective way to avoid local talent shortages. Make sure your managers understand that it’s encouraged to let talent migrate to different departments.

Benefits of internal migration

● Employee retention: A LinkedIn Workplace Learning Report revealed that 94 percent of the employees surveyed would stay longer at a company if it invested in their careers.
● Knowledge retention: Promoting internal team members helps keep them and all the knowledge they have gained within your company.
● Talent acquisition: Outside talent will see a long-term career path and want to come work for your company.
● Cost-effectiveness: Hiring internally saves you time and money. You don’t need to post job ads, use outside recruiters, or invest in onboarding training.
● Risk mitigation: Unlike external candidates, you have seen first-hand how your team members work, so you have more confidence they will excel in their new role.

Benefits of having internal virtual job fairs

● Saves time and costs: Virtual events have no venue fees, there is no travel involved, and they require much less time and manpower to execute.
● Reveals potential opportunities: An internal career event can unearth previously unknown sources of talent within your company.
● Builds culture: Your employees will see the opportunity for career progression, which will help build a culture of growth.

How we help

These internal hiring best practices give your company a competitive advantage when it comes to recruiting, managing, and retaining top talent.

A people-first approach is the way forward, and at Globalization Partners, it’s what we pride ourselves on. Our aim is to prepare companies for the future of HR, today.

Our industry-leading Global Employment Platform™ helps companies take advantage of new opportunities as they appear by streamlining onboarding, payroll, and hiring complexities. Our end-to-end solution provides companies with a unified customer experience, so you can easily manage the entire HR process on one platform.

Connect with us and we’ll help you navigate the evolving recruitment and talent retention landscape!

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