Lateral hiring key to solving skill shortage

Employers could be missing out on a major opportunity for staff retention as talent could be hiding under recruiters’ noses, according to new research. The study by Alexander Mann Solutions revealed that a quarter of senior HR professionals believe that lateral hiring is imperative for companies looking to retain talent and solve the skill shortage.

Concerned that companies aren’t looking internally when hiring for a new position, the management specialists believe firms are missing out on an untapped resource that could save time, money and boost staff morale. Coming following reports that 91% of workers would reconsider resignation for the right offer, including the opportunity to work in a new position or a chance for new responsibilities.

The report shows that more and more CEOs are looking to integrate HR and internal mobility programmes into their growth strategy, after studies revealed that less than a third of bosses believed they had the talent within their company to ensure business-wide development. Redeploying workers should go further than just assigning to different departments, according to the specialists, who explained that 71% of Millennials expect to work internationally in their careers and will leave their job if such needs aren’t catered to. Alexander Mann Solutions believes this is a step in the right direction, and could lead to “genuinely measurable success,” despite initial reluctance.

“It’s crucial that organisations acknowledge that employees will, at some point, look for a change in their career,” explained Lisa Forrest, global head of internal talent acquisition at Alexander Mann Solutions. “The use of predictive analytics, which uses algorithms to pre-empt such desires to move, can be particularly effective in identifying potential new roles that even the most diligent human recruiter might overlook.

“HR professionals need to be able to consider opportunities to redeploy them within the organisation, as to preventing top talent from migrating to another employer.”