Source | business.linkedin.com | Samantha McLaren
Even employees who love their jobs rarely stay in the same role forever. People want to make career moves — whether that means moving up, trying something new, or finding a role that’s a better fit. And companies that help employees do those things reap the benefits.
LinkedIn’s Global Talent Trends 2020 report found that employees stick around 41% longer at companies that regularly hire from within. This has a monumental impact on the bottom line: Gartner estimates that turnover caused by a lack of future career opportunities costs average-sized companies $49 million per year. And that figure doesn’t even factor in the less quantifiable damage caused by attrition, like the loss of institutional knowledge and the impact on employee morale.
Internal recruiting used to be all the rage, but it fell out of fashion as companies began focusing on outside hires. While it’s still important to bring in new perspectives and fill skills gaps at your organization, talent professionals are increasingly realizing that a balance is important. 73% agree that internal recruiting is becoming more important to their company, and role changes within organizations have increased by 10% since 2015.
The problem is, while most companies would agree that retaining talent is important, few have a plan in place for helping that talent move around the organization. Here are a few steps you can take to develop your internal recruiting strategy — and keep your best people.