Menu
Lateral hiring or recruitment means locating an employee who can do a similar position to one that is open, but with equivalent experience and background, maybe from a similar business, and therefore the candidate’s potential is higher than entry-level. This allows the company’s process to continue, even if at a reduced rate, and gives the potential for expansion.
The concept behind lateral hiring is simple: hire a high-performing employee from a similar company to help you shake up, expand, and lead your company. You get someone who has a lot of relevant expertise and can go right to work. It’s more cost-effective than acquiring and training a younger employee or promoting someone from within.Â
Using lateral recruiting has a number of advantages. First, because the applicant is already familiar with the position and the organization, it might save time and money. Second, because the applicant has previously been evaluated and is known to be competent for the job, it can lessen the chance of employing the wrong individual. Finally, it can aid in the development of a talent pool of competent individuals for future recruiting choices.
It is critical to determine the precise abilities and expertise that the new employee will require to be successful in the post while doing lateral recruiting. You’ll also need to write a job description that appropriately represents the needs of the position. After you’ve found the ideal individual, you’ll need to contact them and make an offer. If the candidate accepts, you must assist them in settling into their new position. Â
Bridging the Skill Gaps: Organizations often turn to lateral hiring to quickly address critical skill shortages within their groups. Instead of training new employees from the ground up, they bring in seasoned professionals who already have the necessary expertise, industry knowledge and skills.
Enhance Organizational Efficiency: By hiring experienced individuals, companies can improve their overall efficiency. These professionals can start contributing to ongoing projects right away, reducing the time spent on onboarding and getting them up to speed.
Swift the Growth and Innovation: Lateral hires offer fresh perspectives and new ideas that can fuel business growth. Their experience in different work environments and exposure to various methodologies allow them to introduce innovative changes and improve processes.
Gaining Competitive Advantage: Companies use lateral hiring to attract top talent from competitors. By hiring professionals with direct experience at rival firms, businesses gain valuable insights into market trends, customer needs, and strategies that keep them ahead of the competition.
Expanding Network and Client Relationships: Experienced professionals often come with established industry connections and client relationships. This not only helps expand the hiring company’s network but can also potentially increase its client base or market influence.
Â