In today’s dynamic business environment, the need to adapt and keep up with client demands, changing market conditions, technology innovation, and increased globalisation, makes it imperative that companies proactively create a responsive workforce. This is where talent mobility comes into play.
A talent mobility strategy enables high-performing employees to move around your organisation by strategically matching their individual skills with critical business needs. In other words, it allows you to move your best employees from one department or project to another as needed in order to maximise productivity and efficiency.
The real value of talent mobility
Consider the following: Talents are like currency – they are valuable resources that need to be ‘spent’ wisely. You don’t want to lose employees that already possess valuable skills and abilities; if the company loses them, the cost to replace them could be very high. Therefore, it’s important to encourage internal talent mobility, and ensure that the best talents in your organisation are re-deployed to where they can generate the most value.
The concept of talent mobility is also linked to the issue of employee retention in organisations. The longer an employee stays in your organisation, the more they will become familiar with the business processes and be able to cater their roles based on this knowledge. Talent mobility helps enhance career progression and promotes long-term employees with valuable experience, which can then be leveraged for new positions or equip them to act as mentors for other employees.
The implementation of talent mobility within your organisation will also help to:
Improve employee morale: Employees who are accustomed to moving around the organisation, tend to feel more appreciated by their employers compared with employees who are not given opportunities for upward mobility. This makes them feel valued, which results in increased morale and productivity levels among employees.
Adapt to change quickly: Whether it’s responding to a new market opportunity or filling a gap left by an unexpected departure, moving individuals to where they’re needed most can help your organisation adapt quickly.
Improve efficiency: Finding a better way to do things doesn’t just help the organisation – it helps individuals too. By finding more effective ways of working, talented employees can move up faster and have more opportunities within the organisation.
Broaden skill sets: Facilitating a fluid movement of people throughout the company gives employees a chance to learn new skills and apply them in different areas of work, which further enhances their value as an employee and consequently improves the overall performance of the company as well as its bottom line.
Reach organisational goals: Internal talent mobility can help you achieve organisational goals such as becoming more innovative and competitive, reduce costs, and increase revenue streams. It also allows the business to use each individual’s skill set optimally and contribute to its overall growth and success.
Looking at talent mobility as just a way to handle “surplus” or “shortage” of talent is too simplistic. Instead, it should be viewed as a strategic business practice that will help you become more competitive in the long run.
In today’s knowledge-based economy, businesses have become increasingly dependent on their human resources as a strategic asset. The ability of your organisation to attract, retain, and develop qualified employees – and prevent them from being locked in one role for their entire career – is critical to achieving your strategic objectives. Not only will you gain a major competitive advantage, but getting out of your organisational comfort zone will also lead to an exciting and productive work experience.
Are you prepared to make this shift in your workforce? Identify and assess the skills and competencies of your existing workforce and use this information to determine if you have the right people in the right roles. If talent mobility isn’t currently at the centre of your human resources strategies, now is the time to consult your adviser on how to bring it in to ensure your business gets ahead and stays ahead.
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)