What are internal mobility benefits for your business suggested by Top 10 recruitment agencies in India?

Internal mobility benefits your business by enhancing retention. Employee retention is a primary concern for all organizations in the workplace today. Human resource professionals and managers are worried about attracting and retaining talent due to allegations of a skills shortage and concerns about employee attrition.

Internal mobility, also known as talent mobility, has gained new significance for modern HR managers in the face of increased competition to attract and keep top talent.

Before diving into internal mobility benefits let's first understand the meaning of Internal mobility.

What is internal mobility?

Employees' ability to move laterally or vertically within a company is referred to as "internal mobility." Companies gain from the legacy knowledge that this existing staff brings to the table, and they also avoid the high costs and risks associated with finding, hiring, and onboarding an external applicant. 

Also, a strong mobility plan is important for increasing employee retention and ensuring that employees are engaged.

Top 10 recruitment agencies in India in 2021 looked to internal mobility as a solution to the Great Resignation. When recession fears grew and layoffs were prevalent in 2022, the Great Resignation came to an end.

1. The percentage of job searchers who intended to leave their positions over the next six months dropped from a peak of 73% in August 2021 to 36% in October 2022.

2. According to a study, 47% of candidates claimed that their chances of quitting their positions had decreased due to worries about a prospective recession.

The term "quiet quitting," which first appeared in news reports in August 2022, came to describe the alternative to leaving one's job. This new term for the age-old issue of "phoning it in" refers to the outdated idea that workers should consistently perform at substandard levels.

Quiet quitting has always sort of existed and is a performance and behavior problem. The psychological contract between employers and employees is actually being redefined by the employee population, which HR executives need to consider. The root of the issue is that employees no longer believe that in order to succeed, they must embrace the "hustle culture," be constantly available, and be "on" all the time.

Quiet quitting and new-hire turnover can be avoided with better hiring procedures.

The significance of employee retention and talent development grows if businesses already have employees who would like to go but have opted to stay. 

Employee engagement overtook talent acquisition as the top priority for HR leaders in 2022, according to a survey; employee engagement was cited as the top goal by 41% of respondents. Talent acquisition was just a priority for 17% of respondents, down from 39% in 2021.

In this setting, the emphasis on talent acquisition varies in two ways:

1. How can we find employees who will remain motivated?

2. How can we keep giving our existing talent fresh opportunities?

It's much more crucial for TA teams to strengthen their hiring procedures and internal mobility strategies in order to address both scenarios:

3. A survey conducted in October 2022 found that nearly three in five (59%) managers believe their company is engaging in the practice of "labor hoarding," which economists refer to as a behavior among employers who have had trouble retaining talent and want to avoid experiencing another labor shortage.

4. Yet, 74% of HR experts acknowledged that they had compromised candidate quality as a result of the Great Resignation and a competitive job market.

It's time for businesses to stop compromising candidate quality now that the Great Resignation has transitioned into what could end up being the Great Retention. 

To do this, they must continuously provide a systematic hiring process that enables hiring teams to assess candidates in accordance with the factors that are most important to the company. Employees also require a system for posting jobs that is easy to use and provides hiring teams with transparency in order to reduce quiet quitting and increase retention.

Your upcoming group of new hires should stay with your business not because they are concerned about a recession but rather because they are a good fit for their positions and have room for advancement.

In the future, businesses that create strong procedures will have internal mobility benefits in any type of storm, including a full-fledged recession or another round of layoffs.

Montek Services is the best recruitment company in Hyderabad that helps you form a systematic hiring process to help you retain talented employees in your organization, in turn helping you in the battle with the recession.

Contact Montek Services today to hire the best talent for your company.