Organizations are increasingly turning to lateral hiring as a strategic approach to fuel long-term growth. Lateral hiring, also known as external or experienced hire recruitment, involves bringing in talent from outside the organization to fill key positions.
A research by McKinsey & Company indicates that organizations with a strong lateral hiring strategy experience 30% faster revenue growth.
This blog aims to guide recruiters through the process of building a comprehensive lateral hiring strategy that not only meets immediate needs but also contributes to sustained organizational growth.
What is lateral hiring
Lateral hiring has become a crucial component of talent acquisition strategies for organizations looking to stay competitive and innovative. Unlike traditional hiring processes that primarily focus on entry-level positions, lateral hiring targets experienced professionals who can bring specific skills, expertise, and a fresh perspective to the company.
Steps to build a lateral hiring strategy
1. Identify organizational needs
Before diving into the lateral hiring process, recruiters must work closely with the leadership team and department heads to identify the organization’s current and future needs. Conduct a thorough analysis of the existing workforce, pinpointing skill gaps, and assessing potential areas for improvement. This proactive approach ensures that lateral hires align with the company’s strategic objectives, fostering long-term growth.
2. Building a talent pipeline
To create a successful lateral hiring strategy, it’s essential to maintain a robust talent pipeline. Recruiters should continuously network, attend industry events, and engage with professionals in relevant sectors. Building relationships with potential candidates over time allows for a smoother recruitment process when the need arises. Leveraging technology, such as applicant tracking systems and CRM tools, can help recruiters manage and nurture their talent pipelines effectively.
3. Crafting compelling employer branding
A strong employer brand is a magnet for top-tier talent. Recruiters should collaborate with the marketing and communication teams to develop a compelling narrative that highlights the organization’s culture, values, and commitment to professional growth. Showcase success stories of existing lateral hires to illustrate the positive impact they’ve had on the company’s long-term trajectory.
4. Embracing diversity and inclusion
Diversity and inclusion should be integral components of any lateral hiring strategy. A diverse workforce brings a variety of perspectives and ideas, fostering innovation and adaptability. Recruiters must actively seek out candidates from different backgrounds, ethnicities, genders, and experiences to ensure a well-rounded team that can thrive in a rapidly changing business environment.
5. Leveraging technology and data analytics
In the digital age, technology plays a pivotal role in streamlining the hiring process. Recruiters should invest in advanced applicant tracking systems, artificial intelligence, and data analytics tools to identify potential candidates more efficiently. These technologies not only save time but also provide valuable insights into candidate behaviors, preferences, and performance indicators.
6. Collaborating with hiring managers
Successful lateral hiring requires strong collaboration between recruiters and hiring managers. Recruiters should work closely with department heads to understand the specific skills and qualities required for each role. This collaborative approach ensures that the hiring process is aligned with the organization’s overall strategy and that the right candidates are brought on board.
7. Developing a customized onboarding process
The onboarding process is critical for integrating lateral hires seamlessly into the organization. Recruiters should collaborate with HR and hiring managers to develop a customized onboarding program that addresses the unique needs of experienced professionals. This program should provide essential information about the company culture, expectations, and key contacts within the organization.
8. Focusing on continuous learning and development
To foster long-term growth, organizations must prioritize continuous learning and development for all employees, including lateral hires. Recruiters should work with the HR department to create personalized development plans for each new hire, ensuring they have access to training programs, mentorship opportunities, and resources to enhance their skills and stay updated on industry trends.
9. Monitoring and evaluating performance
An effective lateral hiring strategy requires ongoing monitoring and evaluation of performance metrics. Recruiters should collaborate with hiring managers to establish key performance indicators (KPIs) for each role and regularly assess the success of lateral hires against these benchmarks. This data-driven approach allows organizations to refine their hiring strategies and make informed decisions for long-term growth.
10. Maintaining a positive candidate experience
A positive candidate experience is crucial for attracting and retaining top talent. Recruiters should ensure that the entire hiring process, from initial contact to onboarding, is seamless, transparent, and respectful of candidates’ time. Regular communication, feedback, and a personalized approach contribute to a positive candidate experience, enhancing the organization’s reputation and appeal to potential hires.
Conclusion
Building a lateral hiring strategy for long-term growth requires a strategic and collaborative approach. Recruiters must work closely with leadership, hiring managers, and other stakeholders to understand organizational needs, develop a talent pipeline, and create a positive candidate experience. Embracing diversity, leveraging technology, and prioritizing continuous learning are essential components of a successful lateral hiring strategy. By focusing on these aspects, recruiters can contribute significantly to an organization’s sustained growth and competitiveness in today’s dynamic business environment.
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