Companies have always had a hard time determining the right approach for designing a job architecture that supports pay equality, and diversity. It’s a complicated process when you have to ensure you hire and develop the right talent, adhere to diversity measures, all while making sure you’ve achieved pay equality.
Unfortunately, many organizations don’t feel they have enough high-potential successors to replace employees in key positions — and high-potential employees are viable to an organization’s success in the long term. “High potentials consistently and significantly outperform their peer groups in a variety of settings and circumstances,” is how Harvard Business Review defines high-potential employees. In fact, research asserts that high-potential employees are 91% more valuable than their non-high-potential counterparts. This extremely valuable employee group will grow into the future leaders, executives, and contributors of your organization. The obstacle, however, is that high-potential employees do not have a big red arrow pointing to them and indicating that they may be your future leaders.
Many large businesses and enterprises typically plan for the foreseeable future to avoid any stoppages and interruptions in business operations. As a result, they tend to have contingencies to ensure operations run smoothly. Despite that, most large companies still struggle with succession plans, often ending up rushing them or undermining them.
Every company has a different approach to succession planning. However, they’re often faced with the same problems. A lack of insights into the skills of employees, existing biases, and the absence of transparency often leads to poor succession planning and talent pool scarcity.
We all know that mobilizing internal talent is beneficial. After all, you’ve already invested heavily in your employees – why not maximize that investment, and reduce costs by cutting reliance on external recruitment?
Still, companies make it surprisingly difficult for employees to move internally. Gartner suggests that only 27% of workers feel that their employers make it easy to find and switch into attractive internal opportunities.
Why is internal talent mobility such a tough nut to crack, and more importantly, what can companies do to smooth the road for loyal workers?
Companies are competing for talent at a higher rate than ever before, and an internal candidate hiring system can help combat talent shortages. There are a number of advantages of choosing an internal candidate over an external candidate.
Due to hiring freezes, a large number of companies have been abruptly limited to their existing talent pools to staff projects and fill skill gaps. However, we don’t think that should scare you. Instead, if you focus your energy on the optimizing your existing workforce, you can overcome these obstacles and set yourself up for success in the long-run.
Making the most of your team today is especially important, considering the fact that most companies can’t add to their workforce due to the current pandemic. This hiring freeze could cause a vital skills gap, since hiring managers are unable to bring in people to fill those gaps. In light of this, the most efficient solution is to upskill team members and invest in their development.
For many years, HR has relied on sourcing external candidates to fill job openings within their organization.However, we are in a different reality today than we were even two months ago. While hiring plans are placed on hold in the current pandemic, organizational skills gaps still exist. In this uncertain environment, many organizations are looking towards internal recruitment to address their needs.
It’s clear that the Coronavirus pandemic, or COVID-19, is going to be around for a while and is already changing pretty much everything. It’s affecting not only how work gets done, but it’s also profoundly affecting your employees on a deeply personal level.It’s critical that your teams feel safe, valued, and connected at such a critical time. So how can HR leaders help their business thrive?
This is an unprecedented time for the world, for business, and for our customers who are working through difficult times to keep their workforces engaged, comforted, and connected.