Source | business.linkedin.com | Bruce Anderson
One of the most important developments in talent acquisition is completely OG, an old-school idea with some interesting new wrinkles.
LinkedIn’s brand-new Global Talent Trends 2020 report cites internal hiring as one of the four trends that will reshape talent acquisition in the years to come. With the talent market historically tight, recruiting teams have begun scrambling to add internal candidates to their talent pools. But while this will be a new practice for many recruiters, this is a strategy with a lengthy pedigree.
“In the era of lifetime employment,” according to the Harvard Business Review, “from the end of World War II through the 1970s, corporations filled roughly 90% of their vacancies through promotions and lateral assignments. Today the figure is a third or less.”
But internal hiring is making a comeback. Role changes within organizations by way of promotion, transfer, or lateral movement have increased by 10% since 2015, LinkedIn data shows, and 73% of talent acquisition professionals say internal recruiting is increasingly important to their company.
Why? Internal recruiting costs less and requires less time than external recruiting. It improves retention and bolsters employee engagement. It helps retain critical institutional knowledge.