Reveal Your Hidden Talent Pool

As recruitment and HR experts, we have helped many companies find the best executive talent in their industry. But increasingly, HR managers worldwide are struggling to retain their talent and keep recruitment costs down. While external recruitment fills skills gaps in the company and enhances corporate culture, internal recruitment should also be part of your strategy. As an indicator of internal mobility, internal recruitment is a powerful tool for employee retention and leads to longer employee tenure, better employee engagement and productivity.

Here are some benefits of internal recruitment.

Hidden Talent Pool

1. Employee retention

Actively recruiting internally sends a message to employees that you care about their professional development. This is a significant part of your company’s Employee Value Proposition (EVP), where career progression and mobility are available to employees willing to develop within the company. Hence, focusing on your core professionals, enabling you to identify hidden talent pools, is critical to have the correct retention strategy in place. Additionally, it helps build a culture of trust, increasing engagement and incentivising employees to stay in your company.

2. Hire quicker

External hiring can be an extensive process. There are screening calls, several rounds of executive interviews, reference calls and track records to follow up. Most of all, determining whether the new talent has the right cultural fit for the team within a short period during candidate screening is always a gamble. Hiring internally, however, is much simpler than that. With employees’ performance and track records readily available, hiring stages are greatly minimised, speeding up your recruiting process.

3. Shorten onboarding times.

Everyone needs time to settle into their new jobs. While introductions and job training can occur quickly, the relationships and bonds with colleagues take time to grow organically. In this case, current employees have a head start: they are already immersed in your company culture and processes and may even know your team members. Hiring across departments and teams also creates meaningful relationships across the company, increasing operational efficiency within the corporation.

4. Reduce Operational Costs

External recruitment isn’t cheap: with job board fees, sourcing costs, and the expected pay raise for external hires, the costs increase. On average, outside hires take three years to perform, as do internal hires in the same job, while internal hires take seven years to earn as much as outside hires are paid. These costs will be more evident for a larger company facing employee retention issues. Additionally, the intangible factors of client satisfaction, cultural fit, and many others will later translate into monetary costs.

5. Customer Satisfaction

When you lose your talent to your competitors, you lose your clients too. As clients develop their relationship with your team members, they also build attachment and bonds to the particular person. At the same time, customers expect consistency and quality from your company and the best way to ensure quality products and services is to retain your core talent and develop your tehttps://www.welinktalent.com/returnontalentams.

6. Increases Revenue

As mentioned previously, external recruitment is an expensive process. While bringing in talent from other companies is essential in introducing diversity and skills to the team, your internal talent should be fully utilised. Investing in an efficient internal recruitment system will increase transparency within the company and answer your recruitment needs more efficiently before your HR team starts looking for talent elsewhere. With all these factors combined, the company's overall productivity will be increased, and operations will be enhanced. This will automatically translate to better sales and happier employees willing to stay in the company.

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At WeLinkTalent, we understand recruitment: external and internal. After years of understanding the talent acquisition needs of our clients, our recruitment and HR experts have developed a simple and comprehensive platform, ReturnOnTalent SaaS. As a global referral system, ReturnOnTalent enables internal opportunities for employees seeking to leave their current position. The platform boosts your HR strategy by encouraging employee engagement and retention and identifying your hidden talent pool. It provides employee data about potential leavers for future human capital planning.

Learn more about Return On Talent and how it can impact your company.