Did you know around 63% of recruiters say that genuine talent shortage is their main problem when it comes to hiring an employee? That’s why lateral hiring has made its way to hire experts or professionals who are already thriving in their careers. If you want to hire a candidate for an executive or expert role, read this blog all the way to the end to discover everything you need to know about lateral hiring.
Companies sometimes need to fill a certain critical position with someone who has the specific expertise to meet the company goal easily. Even companies who are heavily affected by the global talent shortage in the job market want to recover from it by hiring competent candidates who can help them to grow more. Lateral recruitment strategies can help them to implement the right approach to attract the right people. Let’s dive in to know more about lateral hiring.
🔍 Why Is Lateral Hiring A Form of Confidential Hiring?
Recruiters promote ongoing hires on various social media platforms in order to attract the ideal candidates, or they mine the talent pool to find suitable people through the traditional hiring process. The process of lateral hiring, on the other hand, is handled privately and discreetly. Only the company’s board of directors or executive body can become the exclusive recruitment team to hire another executive or specialist. Even the company’s management is usually excluded from the process until the newly hired expert has been formally revealed.
This secrecy in the lateral hiring process is maintained with integrity because this type of recruiting process is obtained in the times of company transition or expansion period. When the company needs support from some experts, the candidate roles are kept out of social media or any public announcement. These candidates are not found in any candidate pool, instead, the recruiters need to hunt down the candidate by approaching them with a good deal. As the candidates are already having a successful career, the recruiters do not reveal the hiring result until it is a reality.
🚀 What Are The Benefits Of Lateral Hiring?
As mentioned earlier, lateral hiring means recruiting competent and expert candidates to fill a certain role with specific responsibilities. For any company, there is a solid set of benefits of hiring experts in the lateral recruitment process. Let’s explore all the benefits below-
⚡ When you hire an expert in your industry who is already familiar with the work process and has the top-tier experience, your company’s productivity will skyrocket.
⚡ There’s no need to worry about employee quality because they’ve already been evaluated as capable candidates for the position.
⚡ When you hire an executive or an expert, your project will get a fresh start with the help of a new viewpoint from an expert.
⚡ The most crucial benefit of lateral hiring is that you’ll have access to new ideas and ways that the candidate used in their former job.
🎯Things To Be Noted In Lateral Hiring Process
The process of lateral hiring is not as simple as it may appear. If done incorrectly, it is an extremely difficult process. You must go back and forth in order to take the appropriate action at the time. From researching potential candidates to vouching for their qualifications, you must have complete confidence in the employee because corporate finances are also closely related to it. Let’s learn what points you need to know before any lateral recruitment.
🔔 The exact reason for opting for lateral hiring must be explained to the candidates as it will also make the purpose of you hiring or choosing them more clear. It will give you the chance to explain yourself to the prospective candidate.
🔔 Make sure to hand down a written copy of the proposal to the candidate with a detailed explanation of all the terms and conditions of your company. You can easily avoid any misunderstanding by giving a written proposal copy.
🔔 In lateral hiring, identity check is a crucial thing. You need to check and research about the candidate first and then come forward to propose to them about the role.
🔔 You must make sure that the candidate is well trained by the current company so that you do not need to waste time in grooming them. After all, you are looking for an expert or an executive who will be in charge of shaping your workplace.
5 Easy And Essential Steps Of Lateral Hiring Process
Many HRs fail to execute successful lateral hiring even in times of crisis due to a lack of a systematic approach. To assist you in avoiding this issue, we’ve developed a structure that will enable you effortlessly streamline your lateral hiring process. Let’s take a look at the procedure step by step to see what you can do to hire experts.
⭐ Research The Candidate’s Profile:
For the pre-screening process, you need to thoroughly research the candidate’s profile, workplace, work responsibilities, and performance so that you can have a clear understanding of their expertise. They need to have a well-tested track record to convince you to choose them as the right candidate. Moreover, they need to have in-depth knowledge of the designated industry. You need to keep in mind that not all industries are the same. So when a person is outstanding in a certain industry, that does not imply that they will maintain the same in another industry.
⭐ Explain The Job Title, Responsibilities, And Stakes:
Lateral hiring is often needed when the company is in dire need of skills. It’s crucial to clarify the company’s stakes to candidates, as well as the position and obligations. At the very least, you should make it plain to the employee what could go wrong if they do not provide the best service possible to your firm.
⭐ Make Contact With The Right Approach:
Contacting the candidate is the most fragile stage of lateral recruitment because it depends on how you approach the person and his interest to respond to you. That’s why this process must be conducted with skill and discretion. The approach should not be intrusive, instead, it should make them feel comfortable. These kinds of tasks are generally done by the CEO of the company or the executive body. It will be wrong to assume that the candidate will be flattered by your proposal. With this in mind, the best method is to firmly establish the proposal with a hint of your own company so that the candidate takes a few minutes to look at it.
⭐ Arrange To Meet Up Or Schedule Calls:
From the first contact, you will get the idea of who is interested in your proposal or who wants to know more. If someone is not interested in you, you must not try to pursue them in any way. You can thank them for their valuable time instead. But if they show the slightest interest in your proposal, you need to tactfully keep in touch with them. Do not ask for their CV or resume, instead, you can ask for their preferable time to discuss more.
You need to fit in their schedule that can refer to arranging meetings after hours or even on weekends. As they will be bringing more value to your company if they accept your proposal, you need to do all the primary leg work from scratch. If the candidate lives in another city, you can schedule a video call at their feasible time.
⭐ Negotiate Variables In Details:
In the case of the lateral recruitment process, the conversation quickly moves into the negotiating stage. You must project yourself as someone who is so promising that they will agree to forgo their current benefits and responsibilities in exchange for yours. They could want to maintain those benefits and increase their pay. Here the main challenge is to keep them motivated and seal the deal. When you are done with these essential steps already, you are ready to make an offer to the prospective candidate. While making the offer, make sure to maintain the right language and tone with a formal approach.