The Great Resignation continues to impact organizations across the country as millions of Americans leave their jobs for greener pastures. According to the latest jobs report from the U.S. Bureau of Labor Statistics, more than 4.4 million Americans left their jobs in February 2022, continuing the longest string of months with more than 4 million resignations since the statistic has been recorded.
But not all is lost. A University of Phoenix study on career optimism reports that while nearly one in three Americans say they would quit their current jobs without having another job lined up, a whopping 69% would consider staying in their current roles if things with their current employer changed. This sentiment is highest among workers making between $50,000 and $100,000—that natural sweet spot in a knowledge worker’s career when advancement is a top priority.
These figures indicate that organizations struggling to cope with the Great Resignation still have an opportunity to decrease their attrition rates and retain their top talent—two good reasons for optimism.
What is talent mobility?
An empowering talent mobility strategy can change how employees feel about their career prospects at their organization by giving them a clear path for advancement. Talent mobility is more than just succession management; Talent mobility gives organizations visibility into their workforce’s current skills sets, shines a light on potential skills gaps, and shows how learning and development (L&D) and talent development teams can align their workforce with current and future business strategies.
5 ways organizations can use talent mobility to mitigate the great resignation
Here are five ways that organizations benefit from an empowering talent mobility strategy:
1. Engage and retain employees
Upskilling opportunities and employee recognition programs, such as credentialing and badging, help people feel that their employer cares about their career. Rather than scour the earth for replacements, companies that encourage their employees to upskill are seen as open to developing talent from within. This gives workers the feeling they are coveted and they are seen as critical to organizational success—leading to higher morale, loyalty, and, ultimately, retention.
2. Identify and fill skills gaps
Visibility into existing employee skills allows organizations to better future-proof their workforces. No one really knows what the future of work will look like, but organizations can surely discern the skills they’ll need in order to be successful five or 10 years down the road—including proficiency in certain coding languages, certifications in up-and-coming technologies, and so-called “soft skills,” like leadership and strategic problem solving.
Verifying both hard and soft skills through digital credentials gives organizations a solid understanding of what their employees know and can do, based on actual data rather than assumptions. And then, employees with that desired skill set can seamlessly slot into those open positions, as they’re already in-house and familiar with processes and industry specifics.
3. Reduce recruitment and onboarding costs
Filling roles with internal candidates can save hundreds of thousands of dollars in recruitment, onboarding, and training costs. According to Business Insider, the estimated real cost of recruiting a new employee can be more than 50% of that person’s salary. But that’s not all. Hiring mistakes can be even more expensive—costing between half to two-thirds of the employee’s annual salary through advertising costs, recruitment fees, interview time, human resources, and training expenses.
Developing skills in-house and promoting an internal candidate through an empowering talent mobility strategy has proven to be a much more cost-efficient method of filling open positions.
4. Create a culture of learning
Employees that aren’t afraid to learn a new skill, go out of their comfort zone to earn a certification, or work with a mentor to grow are extremely valuable. Their curiosity and eagerness to learn on the job encourages creative problem solving while stretching what a team can accomplish beyond their most basic responsibilities. These employees create efficiencies, develop workarounds, and uncover new revenue channels whatever market trends or directions get thrown their way.
5. Build an internal leadership pipeline
If you thought filling a middle management role was expensive, consider the cost of bringing in new senior leadership. Recruitment can reach into the millions of dollars, and hiring mistakes (which can be common at this level) can set organizations back years in terms of strategic vision and competitiveness. Developing future leaders in-house reduces this risk, allowing organizations to make the right decisions at the outset.
Develop a strategic approach to talent mobility
In the face of mass resignations, organizations around the globe need to come up with new ways to foster loyalty from their employees and improve retention. Empowering talent mobility strategies give workers a feeling of satisfaction and career growth that they need to rebuff other job offers and stay with their current organization.
Upskilling opportunities and employee recognition programs such as credentialing and badging can help organizations retain employees, identify and fill skills gaps, reduce recruitment and onboarding costs, create an agile, productive workforce, and help build an internal leadership pipeline. The Great Resignation doesn’t have to eat into your talent—all you have to do is care.
Ready to see what goes into building a system for talent mobility and management? Schedule a demo today.