Business network LinkedIn has added a new feature set to its platform to help employers and employees promote and find new roles inside the company. The initiative involves several tools to help companies boost their internal hiring process. The tools will also help employees find roles inside their current employer which might be worth applying for.
As part of LinkedIn’s ‘internal mobility’ initiative, a new A.I. powered Spotlight for internal candidates feature has been added to LinkedIn Recruiter, which will identify and highlight the benefits of hiring internal candidates as part of the search process. The algorithm will work alongside conventional criteria to encourage consideration of suitable candidates inside the company who might otherwise have been ignored.
As part of the program, LinkedIn is expanding its Learning Hub, which is an employee skills building platform, to include opportunities within their own enterprise. The new feature will highlight open jobs at the individual’s current employer in the Jobs Tab section. The Learning Hub will now also provide enhanced personalized skill building based on employee career goal setting, to encourage a more structured career path inside the employer.
The drive to make it easier for companies to recruit from within their own ranks is very much a sign of the times. With the current challenging economic climate, companies realize that internal recruiting can be significantly more cost effective than bringing on new hires from outside. According to LinkedIn’s own data, the cost of recruiting, training and on-boarding new employees can mount up into the thousands of dollars per role.
The Hidden Costs of Recruitment
This doesn’t include more hidden costs, such as workplace integration and lost productivity, as the new hire gets up to speed with their role. This can typically take six months before the employee is working at an optimum level. On the other hand, one of the key drivers of employee attrition is the lack of career advancement inside a current employer. Staff retention is a well-known process, which most of the larger enterprises do automatically.
However, the idea of recruiting internally has really only started to become a serious strategy because of the post-pandemic pressures on workplace engagement and remote working. Without the daily contact created by working on site, it is easier for employees to look around and consider not just their workplace choice, but their living location. Without a commute, many more possibilities open up.
A recent report from Gartner forecast that US total annual employee turnover is likely to jump by nearly 20% from the pre-pandemic annual average. The consultancy predicts that the future will be marked by continual high levels of employee attrition, as social structures dissolve in the wake of remote working and shifting labor patterns.
Quiet quitting and quiet firing provide new evidence of this labor shift, but as businesses find themselves under more pressure to do more with less, we are likely to see more initiatives to encourage internal promotion and improve staff retention. We predict that this move by LinkedIn is just the start.