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Companies can stay ahead in the talent war by recruiting from within, says this LinkedIn VP

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According to a recent study from the Wharton School of Business, companies today fill less than one-third of open positions with internal candidates. That wasn’t always the case. During the postwar era, companies filled 90% of jobs with existing employees.

But unemployment rates are at historic lows, and there are more jobs open than candidates looking for those jobs. As a result, companies may have no choice but to start turning inward in their search for talent. Data suggests that employers are looking to today’s employees to close tomorrow’s skills gaps as the competition, and cost, of talent continues to rise.

According to this year’s LinkedIn Workplace Learning Report, nearly half (43%) of U.S. firms surveyed will spend more on corporate learning—compared to just 27% in 2017. But the more important news may be the sharp uptick in the number of employers that report tracking the skills of existing employees. This practice increased by 32% since last year.

For employers in high-demand fields, competition........

© Fast Company