If your organization struggles to keep employees, you’re not alone. Developing an internal talent pipeline is one of the best ways to protect your organization and become more resilient in an uncertain talent market.
What Is An Internal Talent Pipeline and How Will It Help Your Organization?
An internal talent pipeline is a process that identifies and develops high-potential employees to advance their careers by promoting them to higher positions within your organization.
Developing this process helps your organization in many different ways. There are overlapping benefits when you help identify and nurture talent inside your current teams.
Internal Talent Pipelines Increase Employee Engagement And Motivation
People want to work for an employer that cares about their development. 70% of staff members would be at least somewhat likely to leave their current organizations and take a job with one that is known for investing in employee development and learning, according to the Harris Poll.
By helping employees upskill and pursue learning opportunities, you will invest in them and their career development while ensuring your organization has a talented workforce. Your workers will appreciate your vested interest in their success while you are able to fill positions internally, knowing the exact skill level of the employees moving forward. If you’re unsure of where exactly to move employees within your organization, utilize a talent benchmark to get started.
Internal Talent Pipelines Protect The Recruitment Process and Prevent Onboarding Costs
According to LinkedIn, 63% of recruiters say talent shortage is their biggest problem. If your organization is having a hard time finding the right person for the right job, you’re not alone. The good news is that developing a talent pipeline will solve that problem while improving other areas of your business.
If you are developing and advancing your employees, you know exactly what their skill set is and can train them specifically to fit an open role. This saves you tremendously on onboarding; the organizational costs of employee turnover are estimated to range between 100% and 300% of the replaced employee’s salary, as reported by Havard Business Review.
Promoting from within will help prevent gaps in teams and allow your recruiters to focus on purposefully filling new roles with the exact right candidates, rather than frantically attempting to fill a role on short notice.
Internal Talent Pipelines Enhance Retention And Reduced Turnover Rates
Developing talent internally doesn’t only help organizations; it’s a significant benefit for employees. There is a lot of disdain and discussion around job hopping, but that’s not fair to the employee; if given the opportunity to stay at their current job with a title change and industry-appropriate pay raise, you might be surprised at who stays.
Employees are more likely to feel loyalty to the company when they can clearly see a path forward for their growth and development. Career progression and opportunities to build their skills will provide your team with a sense of purpose and autonomy in their professional development.
This also improves company culture; as individuals advance within the organization, they are more likely to feel valued and appreciated, fostering a positive and supportive work environment. By recognizing and rewarding internal talent, companies can cultivate loyalty and dedication among their workforce, ultimately leading to reduced turnover rates and a more stable, engaged team.
Internal Talent Pipelines Improve Organizational Knowledge And Institutional Memory
By cultivating talent internally, companies can tap into the reservoir of institutional knowledge and expertise in their existing employees.
This approach not only bolsters organizational knowledge but also preserves institutional memory, ensuring that valuable insights and experiences are retained and shared among team members. An internal talent pipeline enhances the overall resilience and competitiveness of the organization.
Creating a Resilient, Skilled Workforce
Developing an internal talent pipeline takes your organization from reactionary to proactive. It will prevent costly onboarding, enhance retention, and increase employee engagement. Empower employees by recognizing their potential and providing them with opportunities to grow while ensuring your teams are strong and well-staffed.
Are you interested in using benchmarking in your organization? We can help.