What is Lateral Hiring?
Lateral hiring is recruiting an "expert" for a vacant position. The expert is generally from another organisation known as a leader in the industry and would be advantageous to hire. It is a specialist hire in particular instances.
Because there is no résumé to work from when contemplating lateral hiring, the HR manager must extensively evaluate the job competencies of the possible recruit. News posts, community events, industry periodicals, award postings, and good old-fashioned word of mouth about the applicant are all frequent sources of information for the HR department. Because the applicant already possesses the necessary abilities, it is typically a matter of giving incentives to get that individual to say yes.
Much research is essential when hiring laterally. While publicity is the most popular way to learn about a candidate, be wary of a sudden frenzy about your candidate. They may be "fishing" for self-promotion; thus, their talents may not be as golden as they look. A better research technique would be discovering multiple stories about their accolades and achievements over months or years.
Advantages of lateral hiring
Hiring an expert in your field who is already familiar with the work process and has top-tier expertise can boost your company's efficiency.
There is no need to be concerned about employee quality because they have already been assessed as qualified applicants for the post.
When you engage an executive or an expert, your project will start with an expert's new perspective.
The most crucial advantage of lateral hiring is that you will have access to new ideas and approaches that the applicant employed in their previous work.
The steps of the lateral hiring process
- Examine the candidate's profile
You must extensively examine the candidate's biography, workplace, job duties, and performance for the pre-screening procedure to have a good picture of their competence. They must have a proven track record to persuade you that they are the best prospect. Furthermore, they must be well-versed in the sector in question. You must remember that not all industries are the same. So just because someone is exceptional in one field does not mean they will be outstanding in another.
- Describe the job title, responsibilities, and risks
When a business desperately needs talent, lateral hiring is frequently required. It is critical to explain the company's stakes to candidates and the role and responsibilities. At the absolute least, make it clear to the employee what may go wrong if they do not deliver the most satisfactory service possible to your company.
- Make contact using appropriate approach
Contacting the applicant is the most vulnerable step in lateral recruitment because it depends on how you get them and their willingness to respond. As a result, this procedure must be carried out with care and judgement. The approach should not be invasive but rather make them feel at ease.
Your assumption that the applicant will be pleased by your proposition is incorrect. With this in mind, the ideal approach is to firmly establish the proposal with a hint of your own company so that the applicant spends a few minutes reviewing it.
- Make plans to meet or schedule phone calls:
You'll get a sense of who is interested in your proposal or wants to learn more from the initial contact. If someone isn't interested in you, you should avoid pursuing them. Instead, thank them for their precious time. However, if they show even the tiniest interest in your proposition, you must maintain contact with them politely. Instead of asking for their CV, ask them their preferred time to discuss more.
You must accommodate their schedule, including scheduling meetings after hours or on weekends. Because they will provide more value to your firm if they accept your idea, you must start from the ground up. If the applicant resides in another city, you may conveniently arrange a video chat.
- Negotiate specific variables:
In lateral recruiting, the dialogue immediately transitions into the negotiation stage. You must portray yourself as someone so promising that they would agree to give up their existing perks and obligations in return for yours. They may wish to keep their extras while increasing their wages.
The significant issue here is to keep them motivated and close the transaction. After completing these necessary processes, you can offer the potential applicant. Maintain the appropriate wording and tone formally when presenting the offer.