As the leader of both the Organizational Development and the Talent Acquisition teams, I receive a lot of feedback about DTCC’s talent needs. In one ear, I hear questions from employees looking for the best way to get ahead in their careers. In the other, I listen to managers challenged with supporting the development of their existing team members while also locating the best talent for their open roles. And as an organization, we’re inundated with the stories about the “war on talent” – it’s clear that we need to retain our best people in this highly competitive market. These are three related challenges with one possible, common solution: internal mobility!
It’s a win for employees, managers, and…
On a personal note, my journey to my current role was far from a straight line. In my time at The Depository Trust & Clearing Corporation (DTCC), I’ve worked in Technology, Operations, Product Management, and now Human Resources. Making lateral moves that leveraged my transferable skills like analytical thinking and process reengineering, especially early in my career, helped me “connect the dots” across the organization and positioned me well for advancement later. Ultimately, it helped me find my passion – talent management and development – and here I am!
For managers, hiring internally can significantly reduce the time to bring an employee up to speed. You end up with an employee who can hit the ground running and provide a new perspective relevant to the organization. An internal hire is also likely to be highly motivated to perform due to their existing relationships and sense of connection to our organization.
On the flip side, as a manager who stands to lose good talent to an internal move – this is an opportunity for you to exercise your enterprise leadership skills and actively support and model behaviors that are good for the organization. Keeping a valuable employee at DTCC is good for all of us!
It’s a win for DTCC!
There are a lot of reasons and even research to support this statement. From a practical standpoint, hiring externally is up to 20% more expensive than internally, and that’s not even taking search fees into account. Also, Gartner’s research suggests that internal mobility opportunities can result in a 27% increase in discretionary effort and a 33% increase in the employee’s intent to stay with the organization.
It all starts with honest career conversations and an open mind – so keep the employee/manager lines of communication open!
Written by Lori Trezza, Managing Director, DTCC HR.
Lori is a Managing Director in Human Resources where she is responsible for Talent Acquisition, Organization Development, Payroll, and HR Technology and Operations. Previously, she was the Managing Director of Asset Services Operations with responsibility for Corporate Actions, Proxy and Tax Services. Lori has been with DTCC since 1986 and has held various positions throughout the organization in the Technology, Product Management, and Operations divisions. She is a graduate of the SUNY at Albany.