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Glossary of Human Resources Management and Employee Benefit Terms
Candidates for lateral hiring typically include individuals who possess relevant skills, experience, and expertise that align with the specific requirements of the position being filled. These candidates may come from a variety of backgrounds and may include:
Lateral hiring is a process of finding and recruiting professionals who are already employed in a similar position to the one your company is looking to fill. These professionals, often referred to as passive candidates, are not actively searching for a new job but have experience, skills, reputation, and a network in their field of expertise.
Recruiting through lateral hiring can offer significant advantages to the company, including saving time and resources on training, fulfilling high-level or specialized roles, and enhancing the overall effectiveness of the organization.
Lateral hires typically bring valuable interpersonal skills and additional expertise to the table, which can serve as an asset to the company. This approach to hiring is strategic and focuses on bringing in experienced and skilled talent that can contribute to the company's long-term success.
The reasons why companies opt for lateral hiring are:
Candidates for lateral hiring typically include individuals who possess relevant skills, experience, and expertise that align with the specific requirements of the position being filled. These candidates may come from a variety of backgrounds and may include:
Some of the common challenges include:
Finding qualified candidates with the right skills, experience, and expertise can be challenging, particularly for specialized or niche roles. The pool of available talent may be limited, making it difficult to identify suitable candidates.
Organizations may face stiff competition from other employers vying for the same pool of experienced candidates. Highly skilled professionals may receive multiple job offers, leading to increased competition and making it harder to attract top talent.
Experienced candidates may have higher salary expectations based on their level of expertise and previous compensation. Meeting these salary expectations while remaining competitive within the market can be a challenge for organizations, especially if they have budget constraints.
Ensuring that lateral hires are a good cultural fit for the organization can be challenging. Candidates may come from different organizational cultures or backgrounds, and assessing cultural fit during the hiring process can be subjective and difficult to gauge.
Integrating lateral hires into the organization and facilitating their onboarding process can be challenging, particularly if they are joining at a senior level or have specialized roles. Providing adequate support, resources, and training to help new hires acclimatize to their roles and the company culture is essential for their success.
Lateral hires may require a transition period to familiarize themselves with the organization, its processes, and its systems. During this period, productivity may be lower as new hires get up to speed, which can impact team performance and output.
Existing employees may feel overlooked or undervalued if lateral hires are brought in from outside the organization instead of promoted from within. Managing employee morale and addressing concerns about career advancement opportunities is important to maintain a positive work environment.
There is a risk that lateral hires may not fully align with the organization's goals, values, or expectations, leading to potential conflicts or mismatches in job performance. Ensuring clear communication and alignment between the organization and new hires is crucial to mitigate this risk.
Lateral hires may face challenges in adjusting to their new roles or may not feel fully integrated into the organization, which could impact their job satisfaction and retention. Retaining top talent acquired through lateral hiring requires ongoing support, development opportunities, and recognition of their contributions.
Assessing the skills, competencies, and capabilities of lateral hires during the recruitment process can be challenging, especially if they have complex or specialized skill sets. Developing effective assessment methods and tools to evaluate candidate qualifications is essential for making informed hiring decisions.
Companies can find suitable candidates for lateral hiring through various channels and methods. Some common avenues for sourcing candidates include:
Lateral hiring differs from traditional hiring methods in several keyways:
Lateral hiring specifically targets candidates with existing experience, skills, and expertise in a particular field or industry, often at similar or higher levels within their careers. In contrast, traditional hiring methods may focus on recruiting entry-level or junior candidates with less experience.
Lateral hires are expected to make an immediate contribution to the organization, leveraging their existing skills and expertise to fulfill specific roles or address immediate needs. Traditional hiring methods may involve hiring candidates with the potential to grow and develop within the organization over time.
Lateral hiring is commonly used to fill high-level or specialized positions within the organization, such as leadership roles, technical positions, or roles requiring specific industry expertise. Traditional hiring methods may be more focused on filling generalist roles or entry-level positions.
Lateral hiring often involves recruiting candidates from outside the organization, tapping into external talent pools to access individuals with diverse backgrounds, perspectives, and experiences. Traditional hiring methods may primarily focus on internal candidates or recent graduates from academic institutions.
Lateral hiring typically involves a faster recruitment process compared to traditional hiring methods, as candidates are selected based on their existing qualifications and experience rather than potential for development. This can help organizations address immediate staffing needs more quickly.
Lateral hires are often expected to hit the ground running and deliver results quickly, given their existing expertise and experience. In contrast, candidates hired through traditional methods may undergo training and development to build their skills and capabilities over time.
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.
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