Lateral Recruitment Definition , Meaning and Brief Process
Lateral Recruitment from an organization prospective translates into a talent acquisition usually at the incumbents existing level and span of operations. This recruitment is generally done form the same industry or a competition company. It’s a strategic hire which in turn would be able to quickly contribute towards set goal or an outcome company defines for a specific role within the organization with minimal training.
Definition: Lateral move means movement at the same level/horizontal level
Lateral recruitment process brings on the table relevant technical & soft skills. Additionally this incumbent would also be well networked with industry connects. Which is why this is one of the most prevalent hiring practices.
For a successful Lateral Hiring it’s important that following search parameters are clearly identified and defined basis organization goal and industry best practices. These would be broadly divided into two categories
For Example: Recruiting a university Professor to become a chairman of board of directors in a company.
At the time of lateral recruitment, the HR manager must examine the job skills of the potential employee. With the assistance of number off HR tools and systems like news postings,community discourses happenings, industry magazines, grant postings, and antiquated verbal exchange about the candidate; the human resource manager can themselves do this type of recruitment process.
What is Meaning of Lateral Recruitment?
We can define lateral recruitment process phase as the process of hiring a "skilled and Professional candidate" for the job that needs to be filled. it is also termed as a specialized hiring and the experts are generally from another organization which is well-known as the leader in the field whom it would be to your lead to employ your organisation .
- Span of operations
- Team Management
- Monetary Turnover to be Managed
- Leadership/ People Management Skills
- KRA and Deliverables expected by the company
- Cultural Fitment
- Company Practices for lateral hiring
- Target Companies
- Market Compensation Benchmarking
- Competition Mapping
- Talent Availability in Market
- Training Cost
Difference between Hiring and Recruiting
Hiring is a holistic approach which involves a detailed evaluation of a prospective candidate on the following parameters
- Cultural Fit to the Company / Company Fitment
- Technical Skills
- Span of Operations/Team Management
- Leadership Style
- Overall Performance Track Record
- Salary Etc
Recruitment is a short term process wherein fundamentally basic skills set and salary fitment of a candidate is taken into consideration. This is a practice at junior level hire’s wherein quick turnaround time is required.
Points to Consider During Lateral Hiring
While there is no certification that a lateral recruitment will have the beneficial outcome, there are various advances that can assist the organizations with maximizing the odds that will profit dependable.
following are some recommendations incorporate laterals into the firm and its culture.
- Be point by point in your due constancy: Some reasons why laterals are not engaging or have left the organization and looking for new opportunity, so for you it is necessary to discuss those reasons in detail. Having all the significant information will also give you the chance to address any issues that may make the switch easier.
- Place the offer in writing: Always make sure that the offer is in writing and all terms and conditions are detailed in the agreement. The agreement should outline those behaviors that organization measures and rewards. No one likes surprise and many misunderstandings can be avoided if there is a written document.
- Keep in mind that identities check: The wrong “fit” can have major consequences and it is essential to focus on the similarity of personalities, not just the practice, when considering a lateral hire.
- Compose an introduction program: Be sure that new employees are provided sufficient training in the organization’s systems and procedures.
- Give it time to work: You need to understand that integrating a new partner or practice group takes time. Don’t drop the ball after an initial spurt of activity.
- Designate a counselor/advisor/mentor:To smooth this Lateral hiring transaction, the lateral is assigned a handler who will go a long way towards increasing the comfort level and productivity of the new candidates.
The Process of Lateral Recruitment / Hiring
In case of lateral hiring much research is required to be done. While advertising is the most frequent way to see a name, be apprehensive of a sudden spell about your candidate. He might be misleading you by way of self promotion, so his skills might not be as golden as might first come into sight. An enhanced research tool would be to find numerous articles over a period of months or years concerning his awards and achievements.
The prospective applicant already has a status and skills that do not need to be advanced within your organization. It is significant to offer something that his present firm does not offering him, so examine his current firm's offerings and after that with the help of a short initial letter you can begin the process of negotiation with the applicant.
In case you get a positive reply, you can negotiate further. He has turn out to be aware of your interest, so a hint of the new project can often stratagem him into further dialogue. Your candidate can be tempted with the project itself, by this means allowing you to offer the package incentive. With good negotiating skills, you can effectively employ the lateral applicant, insuring that the lateral hire will be an esteemed member of the team.
The Objectives of Lateral Recruitment
We can describe the objectives of lateral recruitment as follows:
- To hire experienced and professional candidates.
- To find someone who can join the organization at the same wage level and possess the required work experience.
- To minimize the cost incurred on completing the recruitment process.
- To hire a person who can easily and efficiently adopt the work culture of the organization and be able to produce maximum output.
- Cutting down the time and cost of training session.
- To hire someone who is mature enough to take critical decisions when required.
- To hire someone who know how to manage the work-pressure and be productive.
- To hire someone who can work as a team.
- To hire a candidate who can help the organization to achieve its goal without a lag period.
Lateral Hiring and Organization Brand Image:
Software Industry is technology and knowledge driven industry. Proficiency level in latest technology and adaptability are two major factors which drive the recruitment practices in this industry. Expertise is ranked highly and becomes one of the base criteria for an incumbent to bag good pay package.
- Other driving factors initiating lateral movements in this industry would be
- Span of Projects managed and executed (national & international level)
- Incase of international projects candidates with valid Visa’s and meeting other required eligibility criteria.
Law Firms are an experience and network driven industry. Experience in managing diversified and complex and cases for a particular law segment are given high regards. Industry connects and influencing factors and also a major driving forces for a successful venture.
Government & PSU - Government employees are hired through various government exams irrespective of their educational, state, region or religious background.
They are deployed to various public services and projects basis requirement and internally defined allotment criteria. Movements within a government department would be basis:
- Experience in working for a particular kind of public services and project management skills
- Exposure to working in particular geographic region (In selected cases)
- Internal department transfer and promotion criteria
- Exposure to practices and working with other public services and citizens
Lateral Recruitment Process in an Organization
An organization needs to follow the process as best practice to inorder to ensure a smooth hiring process:
- Draft a clear job description
- Define the required budget for the open position
- Position Mapping
- For new position define organizational fitment and alignment
- For replacement identify if the new resource required at the same, senior or junior level
- Headcount approval for the open position
- Budget approval considering incremental cost of the new hire
- Identify source of hire Portal, Consultant or Reference
- Define cost of hiring
- Define competencies for the Incumbent to deliver the job
- Span of operations and aligned revenue target
- Leadership Capabilities
- Fitment in the Organizational hierarchy
- Target Companies to hire from
Lateral recruitment Sources and Best Practices:
Identifying and hiring right kind of talent has always been challenging. Innovative ways and practices have been explored and tried to meet the ever increasing demand. A concise list of various hiring sources is as follows:
Traditional Hiring Practices/Sources
- Job Portals
- Job Consultants/ Search Firms
Emerging Hiring Practices/ Sources
- Social Media
- Professional Networking sites
- Professional Networking events
- Company Alumina Groups & networking events: this is one of the latest additions to the talent acquisition practices. Large size companies form alumina groups. This practice has been introduced with to rehire ex employees who may have left the organization to pursue a different role and now wish to rejoin.
- This practice insures hiring best talent through trusted sources and validated candidates.
Lateral Hiring and Organization Brand Image:
One of the major success factors in lateral hiring is the organization brand image. Employer Brand and employee benefits play a major role in attracting good talent. Lateral movement’s and incentivised basis company brand and potential long term benefits an employee would reap by being associated with the organization which could be as follows:
- Employee Perks and Perquisites
- Additional employee Benefits like Insurance
- Tax Benefits.
- Organization Culture and Leave Policy