What is Lateral Hiring?
Lateral hiring refers to the recruitment process where companies hire experienced professionals or specialists from the same or related industries for specific roles. These individuals typically possess the necessary skills, expertise, and industry knowledge required for the job, allowing them to contribute immediately with minimal training.
Key Features of Lateral Hiring
Experience-Focused:
Targets mid-level or senior professionals with proven expertise.
Industry Knowledge:
Candidates often come from a similar or related industry.
Immediate Contribution:
Little to no onboarding time is required for skill development.
Benefits of Lateral Hiring
Quick Impact:
Reduces the learning curve as candidates are already skilled.
Fills Skill gaps:
Addresses specialized requirements for specific projects or roles.
Improves Competitiveness:
Brings in fresh perspectives and innovations from competitors or related industries.
Cost-Efficiency:
Saves on training and development costs compared to hiring fresh talent.
Challenges of Lateral Hiring
Higher Costs:
Often requires higher salaries and benefits due to the candidate's experience level.
Cultural Fit:
Experienced hires may face challenges adjusting to a new organizational culture.
Risk of Attrition:
They may leave if expectations or job satisfaction are unmet.