It’s no secret. Turnover rates are incredibly high, with the Great Resignation driving an average annual turnover rate of 57%. . And that’s not likely to change anytime soon. While turnover can’t be driven down to 0, there are ways to increase your retention rates and keep your strongest employees committed to your organization. The key lies in talent mobility: allowing your employees to develop their skills find their niche at your company.
A win-win strategy for employees and employers
What makes talent mobility so effective? This powerful retention strategy is a triple threat: it keeps your employees engaged, upskills your workforce, and improves organizational commitment. And the reason it works so well is because it is centered on investing in your employees on a personal level.
Internal talent mobility initiatives require employers to connect with and invest in their employees. There are many ways to create an effective talent mobility program, whether it’s providing training, mentorship programs, or encouraging continued education. No matter what way you go about it, the core of every good talent mobility strategy is the same. The smartest employers are working with their employees to help them achieve their individual professional goals.
When you’re investing in your employees, you’re making a commitment to them – and their future. In return, your employees are more likely to be committed to your organization too. When your workers see a way to build a career with your organization, they’re incentivized to stick around for the long haul and less likely to view their position as “just a job.”
How – and why – to make talent mobility a priority
Empower and encourage your management team to connect with and understand the goals of their reports. When your employees are excited about the work they’re doing, they are more engaged, more productive, and more satisfied with their job. But it’s only once you understand the motivations and aspirations of your workforce that you can unlock their full potential.
Talent mobility revolves around internal hiring – something especially appealing when hiring new talent feels increasingly more difficult. Data from LinkedIn shows that employees stay 41% longer at companies who promote from within than those who don’t, which makes sense. If employees don’t feel they can further their career with your company, they feel more pressure to move on in order to move up.
Outside of increasing retention, talent mobility has other benefits too. For starters, internal hiring can drastically cut down your recruiting costs. Since you’ve invested in upskilling your employees, you’re able to align the skills of your workforce with the needs of your business in real time. This dynamic workforce development makes your business more flexible and able to adapt quickly to the needs of the globalized market. Allowing employees to explore new responsibilities, roles, and departments (and even offices!) within an organization boosts productivity while simultaneously addressing any skill gaps that could be holding the business back.
And while talent mobility isn’t something that every worker is looking for, it means a lot to those who are. This is especially true for entry-level employees who are eager to expand their skillset and carve out a career path. After all, great employees are interested in being challenged and learning new skills – and great employers are ready to challenge and support them.
Reveal the full potential of your workforce
Talent mobility allows you to unlock the full capability of your employees while increasing their commitment to your organization. So if you’re looking for a solid strategy to improve your retention rates, boost engagement, and upskill your organization, enabling talent mobility will make all the difference.