Countering The Great Resignation(s) With Internal Talent Search

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Companies that feel they lack talent are often looking at their employees the wrong way, said GLOTT vice president Jeffrey E. Schwartz, author of “Work Disrupted” by Suzanne Riss.

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“What we only lack in a world where we believe that talent, skills and interests are fixed. Today every leader is looking at the skills and abilities needed to carry out their strategy. Talent available for recruitment in the tech sector There remains a shortage. Companies are focusing a lot on reskilling and helping people grow internally.”

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The COVID-19 pandemic has shown organizations that “what we thought our employees could do and what they actually could do astonished us. For business, the issue is how to build the talent we need using the people we have. And for the employee, the question is how do we provide you with opportunities in jobs and projects, and how do we show you opportunities in our company based on your skills, the skills we anticipate, and your interests. Given your interest and ambition, how can we fill the gaps and do this in a highly visible manner within our company. ,

With tools like LinkedIn and Glassdoor, employees often have a much clearer view of opportunities outside of their company than opportunities within their company.

“We tell companies how many of their employees are on LinkedIn, which is easy to see. Often it’s bigger than their total payroll because contractors list themselves as employees.”

Most people have three ideas of how they can advance their career. The first is that they can move within the group where they are already located.

“That’s what everything is arranged around today.

There is a second line switching, going from one division to another.

“If I want to move from software to sustainability, is there any gap between the knowledge and experience I have? What do I need to learn, can I get a mentor, can I fill those gaps? Can I go to a network?”

The third way is moving towards becoming a manager, what are the different levels of managerial opportunity?

“Most managers think their employees are what they recruited them to do – but this is only the tip of the iceberg. By implementing talent marketplace dynamics using AI, we give employees the opportunity to say what they want. Here are my skills, not just the skills I’ve accumulated, here’s my LinkedIn profile, and the second question we asked clearly is what you want to do.

Historically companies have focused on recruiting from the outside, and many have regulations that restrict mobility internally, such as an employee cannot change divisions within a certain time frame. Whether one year or three years.

“The challenge right now is that in most organizations we still think about talent mobility in a relatively general way. In most organizations we see talent hoarding, there are real incentives for many managers to have you in their division.

So that an aspiring employee can be motivated to move to another company. According to Deloitte, hiring an outsider costs about 84% of their annual salary. Opportunity cost figures are about to weaken, but that doesn’t stop consulting companies from speculating.

Glott cited turnover costs to Gartner as a lack of career growth and only $49 million of internal mobility for an average-sized company. Another study noted that on average, employees stay 41% longer in companies that regularly hire from within. Gallup says retired employees have 37% more absenteeism, 18% lower productivity and 15% lower profitability, resulting in a cost of 34% of that employee’s salary to the business.

Deloitte says it takes two years for a new hire to learn an organization and its processes.

By recruiting existing employees for new positions, a company has the advantage of already knowing their work ethic, and has at least some assurance that the employee knows the corporate culture and understands how to get things done.

Gloat helps companies develop internal talent markets in many industries, but it works especially well with a large number of financial institutions. Financial institutions, after all, understand marketplaces, Schwartz said.

He believes that most companies are using maps of the 20th century to understand the completely different workplace of the 21st century.

“When work was more stable and credentials had a longer shelf life, you can use formal credentials as a leading indicator that people have the skills and abilities you’re looking for. Huh.

He sees two changes.

“One is the increasing use of credentials that are not even relevant, such as requiring an administrative assistant to have a college degree, although not related to his or her work. The other is the change that in fields such as date science and social media, The credentialing process often lags behind the actual skills and abilities we are looking for. This has led to companies starting to relax the requirements and look for different ways by which we identify people with minimum skills, abilities and interests can do.”

He admits to wearing a metaphor – recruiters look for a needle in a haystack but miss out on finding a needle that wants to be a safety pin.

“Skills and interests represent a very important bundle.”

Recruiting at a bank can include describing the type of people needed in an area, and explaining an ongoing project and encouraging interested employees to talk to people on the team so that both sides can see if No one is fit.

He said Unilever and Schneider were early adopters of the electric talent marketplace — they were implementing in the early part of 2020. When Covid-19 hit, they went from being a minority on the glot platform to taking everyone in it. The changes required were greater than what human resources departments were equipped to handle.

A talent market is not the same as HR, although it may be close to HR, Schwartz said.

“It’s a whole new category of talent; It is not built on a compliant database model.”

And it is being deployed in a world where work has changed.

“We were educated in a world where offices or factories or where work was done, we connected every aspect of work to one place. Then with Covid, we went from 4% or 5% telecom to 40% or 50% – that’s 10x. We almost never see a 10x change in our lifetime. For many executives, it continues to cut against the grain of how they think work should be done…. What we’ve seen in a year and a half is the workforce is incredibly adaptable, and the workplace is more extensible than we think.”

At Standard Chartered, the bank aimed to have the right talent to support its business demands, break down silos and hierarchies, and introduce modern working methods such as projects to become an adaptable, future ready and agile organization.

Chief Human Resource Officer Tanuj Kapilashrami said that by using GLOAT, the bank had matched more than 12,000 employees with internal opportunities, increasing employee satisfaction year after year. Standard Chartered decided to do a full roll out throughout 2021 and bring GLOT to all employees by 2022.

Watson Stewart, Head of Talent Solutions, said, “We are creating an inclusive environment where we can receive a wide variety of ideas from different people and introduce them to our projects, while uncovering hidden talent. which we never knew before.” in bank.

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