Internal mobility has been a hot buzzword in HR for a while.

As the labor market cools and companies pull back on external hiring, more are considering how to best develop and leverage their existing workforce.

Caroline Bethune, manager of internal mobility at the conglomerate Cox Enterprises, says most companies take one of two routes when developing existing talent: They either dedicate part of their talent acquisition team to internal mobility and requisitions, or create a team focused on developing strategy around and creating (but not overseeing) initiatives like a talent marketplace or mentoring program.