29 Oct Next Time You Need Top Talent, Hire from Within

While recruitment strategies are important for identifying top-notch talent, overlooking the superstars who are already in your organization can be costly.

LinkedIn’s Global Talent Trends 2020 report found that a robust internal recruitment strategy can reduce employee turnover, which in turn can save companies money. In companies with a high level of internal recruiting, employees stick around 41 percent longer than employees at companies that do little hiring from within.

The report collates survey responses from more than 7,000 talent professionals in 35 countries, as well as from LinkedIn behavioral data and expert interviews.

Among talent professionals
• 81 percent believe internal recruiting improves retention;
• 69 percent say hiring from within speeds up the productivity of those who take on new roles;
• 63 percent report that promoting current employees hastens the hiring process.
So what’s stopping companies from hiring from within? The biggest barrier is the tendency of managers to resist giving up their most prized employees to other work teams within the company. However, the best employees are likely to move on to new opportunities outside the company if they can’t find them internally.

LinkedIn offers three suggestions for improving your internal recruitment game.

• Encourage employees to take on more cross-functional projects.
• Be proactive about identifying the skills of
current employees.
• Connect training and upskilling to internal
opportunities in the company.