“Lateral hiring process”

What is the process of lateral hiring?

Lateral hiring is the process of recruiting experienced professionals who will be able to contribute immediately with their existing skills, knowledge and understanding of the industry to the organization. Rather than hiring from outside, the organization looks to promote internal resources or hire from rival, similar or related organizations. This process requires organizations to assess the potential of the lateral hire, through interviewing and psychometric tests, in order to measure their suitability.

How does lateral hiring differ from other recruitment methods?

Unlike traditional ‘vertical’ recruitment processes, where hiring managers are looking for potential in candidates with a low level of experience and knowledge, lateral hiring does not require the same amount of training. The employer instead seeks to find suitable pre-existing skills within an experienced candidate. Additionally, lateral hiring also involves incentivizing a new candidate with a pay-scale upgrade in order to acquire the desired talent.

What advantages does lateral hiring offer to organizations?

Lateral hiring offers a wide range of advantages to organizations. These include: an increase in employee morale, a strategic leverage within the organization, reduced training costs, a widening of organizational expertise and a higher level of qualified talent.

FAQ

How can organizations attract qualified lateral hires?

Organizations can attract qualified lateral hires by offering them competitive salaries, attractive benefits, flexible work schedules, future growth opportunities and additional professional development.

What challenges can arise during the lateral hiring process?

The main challenge of lateral hiring is navigating the external job market. Additionally, the organization must be aware of their weaknesses, such as a lack of understanding of the external market, specific regional hiring practices, and a need to adjust its recruitment strategy to cope with the changing landscape.

How can companies ensure a successful integration of lateral hires?

Companies can ensure a successful integration of lateral hires by: providing them with an onboarding programme, assigning them a mentor, ensuring proper team integration, encouraging communication and collaboration, and developing a feedback system to integrate them into the corporate culture.