Amid rising cost pressures and talent shortages, employee mobility could be used as a strategic tool to solve talent gaps, according to an April 29 report from EY.
Organizations with evolved mobility programs were more than twice as likely to achieve 10% revenue growth, the report said.
“In a competitive talent market where employees are increasingly able to dictate the terms and seek greater customization in rewards and benefits, companies who are striving to be ‘employers for life’ cannot afford to overlook the importance of effective mobility strategies,” said Maureen Flood, a global people mobility solution leader for EY. “Considering the current geopolitical and economic disruption, mobility has never been more essential.”
In a survey of more than 1,000 mobility professionals across 22 countries, 48% of employers reported struggling to find the talent they need, and 74% said filling senior positions can take more than a year.
However, mobility can enhance talent attraction and retention, EY found. About 85% of respondents said mobility assignments can be transformative, and 48% said these experiences increase their likelihood of staying with their employer.
In addition, evolved mobility functions appear to be more adept at tracking performance ratings (68%), revenue impact (63%), promotion rates post-assignment (59%) and speed to fill vacancies (53%). They also reported seeking twice as many cost-reduction measures compared to their counterparts and doubling the number of fully automated and outsourced processes.
Though EY’s report focuses on global mobility of employees, internal mobility overall increases 15% when employers prioritize skill building and personalize career development, according to a LinkedIn report. When comparing two companies with 5,000 employees, for example, the company that helps their employees develop skills will experience 200 more internal moves over 12 months, the report found.
Although internal mobility has increased 30% since 2021, most transitions seem to be limited to mid-level employees and above, according to another LinkedIn report. Talent pros can close the gap by creating a more inclusive and equitable mobility culture, such as providing visibility and support for internal job openings, encouraging cross-functional collaboration and mentorship, and developing skills, LinkedIn said.
As internal mobility becomes a priority at companies focused on retention, CHROs are playing an increasingly important role as strategic leaders guiding the C-suite, according to an iCIMS report. About 86% said internal mobility is a priority, and 37% are investing in new technology to support internal mobility initiatives.
