Candidates: Are you interviewing and need support?
HR headlines have been busy—from highlighting the Great Resignation, Great Regret, recession fears, lay-offs, and hiring surges for others.
But one theme is uniting all hiring teams. Retention.
As teams look to navigate the consistently inconsistent hiring landscape, finding ways to better retain employees has become a top priority. This year, companies are expecting 35% of the workforce to voluntarily leave.
However, according to SHRM, if an employee is promoted within 3 years, there is a 70% chance they’ll stay with the company. And if given a lateral move, there is a 62% chance they’ll stay.
Retention is directly linked to internal mobility, and below are 5 strategies to incorporate to start retaining more employees.
Move beyond the resume.
The foundation of any good retention plan is hiring the right people for the right roles in the first place. And the key to doing that is looking beyond resumes. Leveraging structured interviews and assessments allows hiring teams to measure the key skills that better predict success—rather than one-dimensional information like alma maters and locations.
Ensure you have the right people in your workforce that you want to stay with the long run and start making hiring decisions backed by data that measures everyone equally.
Measure an agile mindset.
A successful internal mobility program is dependent on moving the right people to different roles—which is based upon more than simply tenure.
In a current landscape defined by consistent uncertainty, it’s important to build teams today that will last through tomorrow’s changes. The Agile Mindset Assessment is a quick assessment that measures the critical competencies that align with agile leadership and success—making it a critical resource for internal mobility decisions. The Assessment measures for 4 key types of agility:
However, measuring for an agile mindset can also produce unexpected results. Perhaps the internal candidate who has been “groomed” for a promotion may not be the best person to oversee a team. Or maybe another candidate who would like to change roles is more effective in their current role rather than a new one.
Hiring isn’t easy, and having these types of conversations can be hard—but establishing consistent and fair internal mobility programs today will not only make those conversations easier in the future but start producing workforces that will continue being successful.
Establish an internal job board.
According to Gartner research, only “51% of candidates are aware of available internal job openings, which are often communicated informally.” If you want your internal candidate pool to apply to your openings, they have to be alerted that such openings exist. Creating an internal job board and a regular cadence of communicating openings is crucial, whether it’s once a week or maybe even once a month depending on the number of openings you typically have.
Review internal applications first.
Part of establishing an effective internal mobility program is helping create a culture where employees feel respected and heard.
Set a time frame for reviewing internal applications. According to Paddle, “One global consumer goods company made it mandatory for recruiters to respond to all internal applicants within 48 hours. As a result, organizations' rate of internal hires went from 10% to 30% within a year.”
Create an empowered workforce.
According to the Harvard Business Review, “Of candidates who focused their search on external jobs, 32% said they did so because it was easier to achieve career growth elsewhere.”
It’s a company’s responsibility to create a culture where employees feel empowered in every aspect of their jobs—and that includes advancement opportunities. Hiring technology that includes structured interviewing and assessments provides the data needed for smart and fair hiring decisions—data instead of “gut instinct” which can frequently be unconsciously biased.
Every job opening requires a fair and inclusive process to find the right candidate, and that means every candidate should feel their application is given a fair shot.
The race for retention is a top priority for today’s hiring teams. Ensure you’re not only hiring the right people for the right jobs at the beginning but giving all your team members fair shots at internal mobility options. Ready to see how HireVue can help? Request a demo.