How To Leverage Internal Mobility To Retain Employees

Companies are successfully retaining staff through internal mobility initiatives

No organization is immune to turnover. Whether losing new hires or saying goodbye to veteran team members, employee attrition is costly and causes inefficiencies across teams. While companies seek solutions to cure turnover, one existing solution is often overlooked - internal mobility.

Investing in internal mobility initiatives like reskilling can be a viable and more cost-effective solution when you combine the cost, time, and resources into recruiting and training new hires.

The “Great Resignation” has accelerated the rapid transformation of the modern workforce. While some argue it can be attributed to people simply no longer wanting to work, it’s more accurately defined by individuals simply reconceptualizing how they want their work life and careers to look.
 

Many employers have jumped to increased compensation and benefits, allowing greater flexibility and implementing novel perks to prevent attrition. However, internal mobility programs such as reskilling often need to be utilized more as a pathway to improving the employee experience overall.

Allow Your Employees to Grow with You

Organizations are searching for ways to retain employees amidst the rise of automation. A study by PWC shows that as much as 52 percent of jobs in certain industries are at risk of being displaced by the rising adoption of technologies, such as generative AI (artificial intelligence), machine learning and robotics.

With this new automation comes a demand for new skills, and filling such roles through traditional hiring methods can be costly. According to SHRM, the average 42 days needed to fill a position costs over $4,000 per hire. When you’re working with software engineers, that number drastically increases up to $60,000 covering both lost output and replacement costs.

Comparatively, reskilling costs $24,800 per individual, according to the World Economic Forum.

Aside from cost savings, employees want to learn new skills, and they feel it’s their responsibility to do so. According to a Deloitte report, 54 percent of employees ranked opportunities for job advancement as a more important retention incentive than compensation and bonuses.

Reskilling provides a holistic solution by offering employees precisely what they’re looking for rapid learning, shared learning environments full of connection and camaraderie, and the chance to explore new passions.

Curate Skills with a Custom Curriculum

As digitization accelerates, your organization must keep pace with technological advancements. Whether you’re a retailer investing more in e-commerce, a financial organization seeking more secure online offerings, or a manufacturer optimizing shipping and receiving processes, there are new skills your team will need to stay competitive.  In the past decade, a number of technology-related skills have become more desirable across retail, manufacturing and financial services (see below for comparison in total job posting volume aligned to these skills):
Rather than hire external candidates, invest in loyal team members with institutional knowledge. From there, you can develop your reskilling program to teach the in-demand skills your projects need.

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Author Bio

Paul Burani is Vice President of Enterprise at Tech Elevator. He is passionate about connecting talented individuals to rewarding opportunities in the modern workforce. After years of experience in marketing, sales and entrepreneurship, he found his calling in building talent pipelines for organizations seeking to future-proof their technology teams.