Rising global interest rates and talent shortages are driving a need for cost-savings and innovation
2023 will be a challenging year for HR and talent acquisition leaders as rising global interest rates and labour shortages across industries take their toll. To stay ahead of the game, organisations have begun to look at formal upskilling initiatives and internal mobility programmes as key strategies in solving employee retention issues, bridging skills gaps, and streamlining costs. Investing time into these measures could be the difference between success or failure when it comes to securing top performers this year.
THE BENEFITS OF UPSKILLING AND INTERNAL MOBILITY FOR EMPLOYERS
Access to a wider talent pool
Talent mobility and upskilling programmes can uncover a wealth of previously untapped talent within the organisation. Leveraging this wider pool of candidates, employers can diversify job roles and benefit from an enriched workforce with wide-ranging skillset. Additionally, when employees move internally, they already have an understanding of the company’s culture, making it easier to transition into their new role and “hit the ground running.” At the same time, specialised training ensures employees stay ahead of industry trends while sharpening technical or soft skills—ensuring the business remains competitive as industry trends change over time.
Drive cost savings
Internal mobility and upskilling can have a significant effect on cost savings for organisations. By training existing employees, organisations save money on external recruiting efforts and onboarding and training a new hire. Furthermore, when staff are provided with opportunities to work faster and smarter due to training, they become valuable assets to the organisation by working more efficiently and driving down labour costs. This can be compounded over time as staff continuously upskill to take on tasks in new areas of expertise that traditionally cost more.
Improve collaboration and knowledge-sharing
Upskilling and talent mobility present unique opportunities for improved collaboration across departments. By giving employees the opportunity to gain experience in different areas of the business, they’ll have a better understanding of how different departments interact and work together towards common goals. In addition, upskilling your staff helps build sound processes that unite the entire organisation.
Fuel employee retention and reduce turnover rates
LinkedIn’s most recent Global Talent Trends Report finds that internal mobility is a powerful way to keep employees happy—with up to 87% of employees being more likely to stay at an organisation longer with an internal move. Further, seeking out upskilling opportunities has become increasingly important in candidates’ job searches as they look towards personal development within the workplace.
Build a culture of growth and learning
Upskilling and internal mobility initiatives give your employees the tools they need to reach their full potential within the organisation. It sends a clear message that you value their growth and development—creating a culture of learning that will help attract top talent from outside sources as well as retain current talent from within the company.
HOW ORGANISATIONS CAN SUPPORT INTERNAL MOBILITY IN THE WORKPLACE
Managers may be reluctant to let go of their top performers, but, as explored above, talent mobility is proven to benefit both the organisation and its employees. Instead, organisations should strive to create an internal culture of trust and open communication, wherein everyone feels comfortable exploring new territory or roles within the company.
Supporting internal mobility isn’t just up to managers; it also comes from peers who offer encouragement when someone is taking on a challenging project or exploring a new role. By creating an environment where everyone feels supported, organisations establish a culture of collaboration and innovation that encourages people to take risks without fear of failure.
Companies need to have clear policies in place that encourage upskilling and talent mobility while allowing for flexibility in terms of job descriptions or career paths that might make sense for certain individuals. Moreover, open dialogue regarding potential opportunities within an organisation increases transparency so everyone knows what possibilities are available at any given time.
Providing employees with the freedom to stretch their skills and discover new abilities is an invaluable asset for any workplace.
Through a careful repositioning of their talent, organisations can open doors for employees to explore different career paths and enhance their leadership capabilities. Plus, proactively providing these opportunities creates an attractive ecosystem where people are driven not just to succeed, but also learn and develop in ways they never thought possible.
LevelUP is inviting HR leaders to join them in London for a networking breakfast and seminar on building successful internal mobility plans. Through this opportunity, you will gain the tools necessary to effectively identify and nurture your current workforce while being able to strategically attract top talent into your business. Don’t miss out—register now at this link.