We all think that Covid is over, but there’s one trend that we just cannot shake off. We’ve gone from the Great Resignation to the Great Attrition and now we are looking at the Great Renegotiation.
Competition for talent remains as fierce as ever.
We know the statistics – there are more open jobs than unemployed workers, the voluntary quit rate is 25% higher than pre-pandemic levels and at current projected trends, openings won’t return to normal for some time.
And throughout all of this, workers’ sentiment toward internal mobility opportunities at their workplace is at its lowest level (43.2 % say they don’t have enough opportunities for internal mobility)
Let’s look at some of the statistics
- 48% of employees believe their managers would balk at the idea of them switching roles within the organization.
- Despite 73.5% of employers believing they offer their employees enough training and career development opportunities, only 53.2% of employees believe the same
- Less than 30% of companies see internal hires as an effective hiring channel
- Almost 60% of employees say it is easier to find a new role at another company than it is to change roles at their current employer
So what’s going wrong? Why can’t we retain talent and why does talent think that moving internally just isn’t an option?
According to McKinsey, one of the top reasons for quitting a previous job was a noninclusive and unwelcoming community. We’ve seen this trend increasing more and more during and post-pandemic. With the move to remote or hybrid work, traditional workers are missing the sense of belonging, and a sense of community in the workplace. There are no more serendipitous conversations – those water cooler moments – that we all used to take for granted before the pandemic.
We are now seeing a mix of worker types and generations in the new workplace, where most communication is asynchronous and sparse.
In order to retain workers and reduce the reliance on hiring externally, when there aren’t enough people available, talent teams need to turn to (and transform) their internal mobility options.
By creating an online community dedicated to internal talent – one which brings together workers, their manager, and their (potential) future managers and also delivers signposts to training and career development opportunities, talent teams will be able to take advantage of this opportunity.
Make it easy by facilitating relationships internally, allowing current employees to develop their skills and progress their careers by giving them a community platform to come to. Internal mobility isn’t just a job board, it’s a strategy that allows you to tap into your best talent pool – one which will deliver value and productivity more rapidly than new hires.
Give your teams back those water cooler moments and allow them to develop long-term relationships across the organisation.