Lateral hiring is a popular strategy among companies looking to bring in new talent and expand their talent pool. With the right strategies, it can be a great way to access new talent with the right skill set and experience to grow your company. But why should you consider l lateral hiring? How can you implement it effectively, while staying compliant with your company’s policies and HR practices? Read on for answers to these questions and more insights into this strategy.
Talent is your most valuable asset.
Companies invest in talent to foster a culture of innovation, stay ahead of competitors, and attract and retain top talent. When you have a strong talent foundation, you can successfully navigate a competitive market and build a company that will continue to thrive for years to come. When companies invest in talent, they boost their work culture. The more employees are engaged in their work and the company mission, the more likely they are to stay with the organization. Engagement leads to better productivity, fewer employee complaints, and increased productivity for all. Additionally, investing in talent helps you attract top talent. Previous research has shown us that companies with strong talent initiatives are more likely to attract top talent and retain them as employees.
You can continue to build your team.
Lateral hiring allows you to expand your team in a controlled and systematic manner. You can hire from within your company, reach out to candidates from job boards, and recruit candidates from other organizations. This allows you to build a team internally while also building your pipeline of candidates. When hiring from the inside, you can bring in employees who are ready to leave their current jobs, but who are hesitant to take on a new role. You can also bring in senior-level employees who want to make a change or retire early. By hiring from outside your company, you can expand your candidate pool and access candidates who may not be in your current job market. You can also widen your search to find candidates who are not on job boards, such as candidates who are looking for jobs internally.
Skill Diversity
Lateral hiring allows organizations to bring in new talent with a diverse range of skills and expertise. This can help to fill skill gaps within the organization, bringing in specialized skills that may not be present within the existing workforce.
For example, if a company is looking to expand its digital marketing efforts, it may hire a lateral candidate who has extensive experience in that area. This can bring a wealth of knowledge and skills to the company, allowing them to quickly ramp up their digital marketing efforts and achieve better results.
Moreover, skill diversity can also enhance the overall skill set of the organization. By having employees with diverse skill sets, the organization can be more versatile and better equipped to tackle a wider range of challenges. This can lead to increased efficiency, improved performance, and a more dynamic workplace.
Filling skills gaps
Lateral hiring refers to the process of bringing in employees who have already acquired the necessary skills and expertise for a specific role, rather than hiring entry-level employees and investing in their training and development. This approach can be an effective way for organizations to quickly fill skill or expertise gaps, without having to invest significant resources into employee training and development.
Lateral hires help you to retain your current team.
When you have a growing team, retaining top talent can be a challenge. As your company continues to grow, employees may find themselves stretched too thin to feel appreciated and to receive the recognition and pay increases they deserve. By adding veterans to your team, you can add a new perspective and challenge to your work environment. Veterans bring skills and experience from previous jobs, often helping to solve problems you may have encountered in the past. Not only does adding veterans to your team help you to retain top talent, but it can also help to build your team with an inclusive mindset and approach. By bringing in veterans who are eager to share their expertise, you can help your team learn new skills and approaches that can help to grow the company in new ways.
New hires bring new ideas and perspectives.
As your company grows, a siloed approach may have developed. You may have employees who are contributing to the company’s success, but who aren’t having their voices heard. By bringing in new hires, you can open the discussion to new voices and bring fresh ideas to the table. New hires can also be an opportunity to diversify your team and expand your employee mix. Hiring diversely helps to build an inclusive culture and increase the representation of underrepresented groups. While it’s important to invest in diversifying your team, it’s also important to invest in hiring the right type of person who can contribute to the company’s success.
Employee engagement skyrockets.
Engagement is key to a healthy work culture. When employees are engaged in their work, they experience higher levels of job satisfaction and are more likely to stay with the organization. New hires can help to create an engaging work environment. In many companies, there is a large focus on onboarding new employees, but less attention is given to onboarding current employees. New hires are a chance to promote engagement and help your current employees feel more connected to the company mission. Engagement can be promoted through meaningful projects, mentorship opportunities, and team-building activities. These projects and activities can help your employees to grow, learn new skills, and experience a deeper connection to the organization.
Conclusion
When it comes to growing your company, there are a few better ways than hiring from the outside. By staffing solutions, hiring veterans, and bringing in new hires that bring new ideas and perspectives, you can build a stronger team while also retaining your current talent. New hires also boost engagement, leading to higher levels of engagement for your employees. By implementing these strategies, you can reap the benefits of lateral hiring, allowing you to grow your company with a stronger and more diverse team