2024 workforce dynamics: The power of internal mobility

The concept of internal mobility is gaining traction globally and transforming how employees navigate their career paths within a company. Organizations recognize the pivotal role of internal mobility in fostering a dynamic and adaptable workforce. At the heart of this paradigm shift is the internal talent marketplace, a platform that makes it easier for employees to explore new roles and opportunities within their organization through seamless, transparent, and fair transitions.

Understanding internal mobility
Internal mobility refers to the movement of employees within an organization, offering them the opportunity to explore new roles and development avenues without leaving the company. This movement can occur vertically through promotions, or laterally, by transferring to different roles or departments. 

Internal mobility goes beyond a mere career progression tool; it becomes a strategic enabler for individuals seeking success in high-potential, fast-growing work environments. In the health tech space, where innovation is key, internal mobility supports employees by providing global exposure, allowing them to stay closer to growth areas, facilitating the development of new skills, and building a foundation for future leadership. 

According to a recent report by Gartner, career management and internal mobility are among the top five priorities for Human Resources (HR) leaders in 2024. On the internal mobility front, the report says companies should create programs that prioritize career growth and open new paths for their employees.

Benefits of internal mobility
Internal mobility and open marketplaces are no longer just buzzwords. They are becoming imperative for organizational success. With technological advancements and dedicated platforms, companies recognize them as strategic moves for the present and the future. 

Internal mobility benefits both employees and organizations, creating a symbiotic relationship that fosters growth and innovation. By providing employees with opportunities to shift roles internally, companies bolster retention rates. Employees feel valued, reducing the likelihood of seeking external job opportunities. 

Just as in chess, where each piece has its own unique moves and abilities, internal mobility allows employees to move around the organization and develop new skills, helping them find unique solutions for complex problems. 

Faster onboarding: Hiring externally is expensive and time-consuming. Internal movers require almost zero cost and time for onboarding. Their familiarity with the organization's culture, processes, and systems accelerates their transition into new roles. This strategic approach optimizes resources and ensures the organization retains institutional knowledge.

Knowledge transfer: Cross-pollination of knowledge becomes seamless when employees move across teams or functions. Sharing valuable insights and best practices from one team to another fosters a collaborative and innovative environment. 

Skill development and growth: Internal mobility broadens knowledge and professional growth. Employees can explore diverse roles, departments, and projects, enhancing their competence and accelerating their career trajectory. 

Succession planning: Robust internal mobility programs create a pipeline of potential leaders. Organizations can identify high-potential employees for future managerial roles, ensuring a sustainable and effective succession plan. 

Enhanced service delivery and client contentment: Internal mobility also contributes to elevated service delivery and heightened client satisfaction. By enabling employees to navigate various facets of the organization and acquire new skills, businesses are empowered to provide a broader spectrum of services to clients. 

Challenges and progress 
Implementing internal mobility programs is a journey marked by both rewards and challenges. The complexity of identifying and moving employees is an opportunity to streamline the internal processes, leveraging technology and data-driven insights to match talent with roles seamlessly. 

The challenge of ensuring a ready pool of internal talent is an opportunity to invest in professional development, reskilling, and upskilling programs, creating an agile and versatile workforce. The secret to our success lies in fostering a growth mindset, embodying strong leadership commitment, and upholding a robust set of values that prioritize people. 

In 2024, internal marketplaces will emerge as both a prevailing trend and a crucial business necessity. HR initiatives should prioritize creating awareness through corporate programs, building a culture of openness among managers to promote internal movement, and regularly training employees to assess their skill sets. This approach empowers employees to upskill and engage with a diverse range of projects proactively.

Axtria embraces the philosophy of internal mobility through its "Internal Movement" policy. This program, operating at both employee associate and Line of Business (LOB) levels, provides ample career opportunities within the organization. The objective is to encourage performers to consider internal prospects before seeking opportunities elsewhere. 

Approximately 29% of associates at Axtria have taken advantage of internal mobility opportunities, with a significant portion belonging to mid-management levels and below, where many young individuals aspire for diverse career opportunities.