Research conducted by Monster found that 80% of employees think their current employer does not offer growth opportunities. Well, with a rapid workforce turnover across industries, companies are finding it difficult to retain talent. While a lot of business leaders and organisations are talking about better training opportunities, benefits and support, the scenario has barely changed.

If you wish to boost retention and foster employee engagement in your organisation, it has now become vital to invest in talent mobility. Let’s deep dive into what talent mobility is and how it can transform your business and contribute to organisational growth.

What is Talent Mobility?

Talent mobility refers to the movement of employees within an organisation, either horizontally or vertically, to meet the changing needs of the business. It involves transferring skills, knowledge, and experience from one company area to another.

Talent mobility can be driven by a number of factors, such as the need to fill skill gaps, the desire to retain employees by providing growth and development opportunities, or the need to align the workforce with strategic business objectives.

Effective talent mobility programs can help organisations increase employee engagement, reduce turnover, and develop a more flexible and adaptable workforce. They can also help employees acquire new skills and experiences, broaden their knowledge, and build their career paths within the organisation.

Talent mobility can be of different types

• Vertical
• Horizontal 
• Cross-functional
• Internal
• External

Benefits of Talent Mobility

When organisations have a well-curated talent mobility program, it acts as a win-win for the company as well as the employees. There are several advantages of talent mobility programs, including

• Empowers employees

Since talent mobility gives employees the flexibility to switch roles, departments and business divisions, it empowers them to take decisions for their career growth and advancement.

• No career boundaries

Organisations with high internal mobility and efficient talent mobility programs assure employees the versatility and freedom to switch career paths, teams and branches without boundaries. This makes employees confident about their choices, encouraging them to stay longer in the organisation.

• Improved employee engagement

If organisations wish to retain the developed top talent, they require a consistent effort in providing these individuals with newer, better options for growth and career advancement. Ignoring these high-calibre employees can result in their loss of interest and disengagement which can cost the organisations billions. 

Talent mobility strategies are excellent tools for leaders and senior management to retain critical talent who understand their business priorities and work towards their career goals and those of the business and keep them engaged.

• Reduced turnover costs

One of the measurable benefits of investing in internal talent mobility is decreased turnover and cost associated with hiring and training. According to a 2020 LinkedIn survey, employees are 41% more likely to stay in an organisation that hires internally.

• Boosts productivity and satisfaction

Time is money when it comes to business, which applies to all aspects of organisational functioning. Companies that prioritise internal hiring through their talent mobility programs are able to cut down on onboarding time significantly.

• Enables creation of a leadership pipeline

When top management and senior leadership roles open up, most companies are found scurrying to find external candidates who fit their requirements. However, this is not just a waste of time and money but also requires additional effort to onboard, train and bring them upto speed. Talent mobility programs are a great way to create an effective leadership pipeline that ensures less cost and risk involved.

Barriers to Talent Mobility in an Organisation

While talent mobility is vital for any organisation, there can be a few roadblocks and challenges that one may hit. Here’s a brief look at them!

• Resistance to Change

Employees may be resistant to change, especially if they have become comfortable in their current role or location. They may hesitate to take on new responsibilities or work with different teams.

• Lack of Resources

Organisations may not have the resources to support talent mobility initiatives, such as providing training or relocation assistance.

1. Employee Preferences

Employees may have their own preferences and goals, which may not align with the organisation’s talent mobility strategy. For example, an employee may prefer to stay in their current location or not want to take on a new role.

Other challenges that companies face in terms of talent mobility include:

• Small size of the organisation resulting in fewer growth opportunities
• Resistance of managers to lose good talent from their teams
• Lack of senior leadership buy-in

Conclusion

Talent mobility can offer many benefits for both employees and organisations, including career growth, exposure to different parts of the business, and the development of new skills. However, there are potential challenges that organisations may face when promoting talent mobility, such as resistance to change, lack of resources, and employee preferences.

To overcome these challenges, organisations can take several steps, such as communicating the benefits of talent mobility, providing training and support, offering incentives, and addressing employee preferences. By doing so, companies can create and establish a culture of mobility that benefits both the organisation and its employees.

For more informative articles like these, visit our website at Kognoz Consulting!

References:

• Employees Stay 41%  longers at companies that use this strategy: Samantha McLaren, Global Impact@LinkedIn 
• Talent Mobility: The key to unlocking your organization’s potential: Rebecca Skilbeck (Forbes)
• What is talent mobility: Nicole Shcreiber-Shearer, Future Work Specialist at Gloat
• 5 Common challenges with internal talent mobility: Ben Eubanks (Lighthouse Research & Advisory