Lateral recruitment is a means of 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.
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.