Hiring the ‘best of the best’ is not a trend but a requirement of companies to stay ahead of the competition. Modern companies focus more on winning the talent war by recruiting the most suitable and qualified candidates. While some companies have succeeded in this area, others have experienced difficulties hiring less-than-qualified employees. Because of the recent start-up boom, today’s recruitment management has changed, requiring HR professionals to be more strategic and competent than ever before. That’s where the concept of lateral Hiring comes to solve the problems that the companies lack.
What is Lateral Hiring?
It is the practice of filling an organizational position with a candidate from an external talent pool. It’s considered a specialized hiring strategy that involves hiring individuals with the same kind of experience than someone who has no experience. The plan is to focus on hiring people with some work experience instead of someone without any work experience. focuses on recruiting someone with some work experience rather than someone with no experience. The organization focus on hiring candidates who have lateral thinking. They look for more than expertise means the talent must have leadership, interpersonal and cognitive skills.
Lateral recruitment is challenging for human resources departments because candidates wants to upgrade their career, and many people seek additional benefits and compensation commensurate with the added responsibilities of their new position. Unlike a mainstream hire, in which the candidate being considered for the position does not possess the requisite skills and expertise, a lateral hire sees an individual brought on board who has already demonstrated these characteristics.
Steps of lateral Hiring.
You can follow these few steps for lateral recruitment.
- You must explain the industry: The person we hire should have a thorough knowledge of the industry and an in-depth understanding of the opportunities, challenges, and situations. They must have worked in the industry for several years and have a record of professional accomplishments.
- You must define the skills your company require: Companies will only wait until later in the hiring process to fill a position when there is an acute need for a specific skill. Businesses often hire consultants to strengthen and develop their operations. Before you hire a consultant, you must determine what skills he or she will bring to the company and confirm that your targeted prospects are knowledgeable and experienced in these areas.
- You must identify potential employees: With the first two steps completed, you can begin to identify prospects who meet the criteria. You might have to cast your search net far and wide, perhaps even into other states or countries.
- You must research about the candidates: Researching your prospects thoroughly at this stage will reveal any media coverage about them and the organizations they have worked for. Follow that paper trail, and you will find helpful information.
- You must reach them at the right time: When you first contact someone, introduce yourself and ask if they will take a few minutes to talk with you about an appropriate opportunity for their skills and position.
- You must schedule the interview: If you have responded positively to your initial contact, the person will likely be interested in your proposal. Try to schedule an interview soon so that you can engage the candidate. It is important to schedule meetings that can accommodate their schedules.
- You must negotiate intelligently: Lateral Hiring often progresses quickly to the negotiation stage. Since these workers are in high demand, they might already have many employee benefits beyond just a cash salary.
- You must offer quickly: Once a prospect becomes a candidate, you must formulate an offer to lure them away from their current job. You must keep them interested until you present them with a contract. These people are usually successful and do not need to bargain for what they want; therefore you should make sure your offer meets their expectations.
Ways for retention improvement in lateral Hiring.
To improve your lateral hiring retention rate, you must understand that the issues are usually related to a company’s failure to integrate its employees into the company culture. The following are five steps to help ensure successful recruitment strategies:
- Lateral hires must be thoroughly welcomed and onboarded into the organization. Employers should plan for senior managers to introduce them to the team and plan socials and other events for employees to meet the new hire.
- New hires should be provided with all the information they need to do their jobs. A concise introductory document that explains relevant files, folders, and processes can be very helpful to newcomers.
- To help new hires settle in, assign them a peer guide. You can introduce your friends to the various clubs and organizations they can join, or invite them to join a particular group.
- As a new employee, it’s essential to have a sense of belonging and feel like an integral part of your company. One way you can do this is by inviting them to join a cross-departmental group project and assigning them challenging projects.
- Work with your new employee to set goals and timelines for how often you will provide feedback and how they will provide you with feedback. Also, make sure they have the tools they need to succeed in the role.
Benefits of Lateral Hiring.
- Companies can reap many benefits by hiring experts in the lateral recruitment process. Let’s explore them below.
- Appointing a professional in your field who is already familiar with the work process and has top-tier experience can significantly boost productivity.
- You can rest assured that all new employees have already been carefully screened for their qualifications and suitability for the position.
- Hiring an executive or expert can be an excellent way to start a new project with the help of a new viewpoint.
- Hiring employees with different backgrounds increases the likelihood of having access to new ideas and ways of thinking.
How can Akrivia HCM streamline Lateral Hiring?
Our Structured Interview platform streamlines the lateral hiring process by providing a convenient, user-friendly way to schedule interviews and assess candidates. Our video interviews and inbuilt simulators allow prospective employees to showcase their skillset anywhere and at any time. The platform collects data on candidate responses and provides hiring managers with actionable insights to make more informed hiring decisions.
Lateral Hiring can help you in various ways to hire the top talent, but it requires continuous HR attention to find them. You can apply the steps to leverage the concept of lateral recruitment, which brings growth to your company.