The term "Lateral Recruitment" has 2 different connotations, though in a way they are connected. In campus recruitment, 'lateral recruitment' denotes recruitment of candidates with experience as compared to the freshers. The focus here is more on no. of years of experience and the corresponding role that those number of years can get you into. However in normal organizational recruitment, 'lateral recruitment' deals with sourcing candidates with relevant experience from within, but more often from outside, to a position at a similar level. Here the focus is on salary, talent acquisition and sometimes domain expertise.
Hope that helps...
Am open to other definitions/inputs.
I've gone through lateral recruitment myself.
I started my career in taxes, but there was an immediate requirement in workflow management team, the HR sent out an email, asking the employees to apply for the position if they were interested, so i did & my skills & traits matched the profile they needed, hence internally I got re-assigned to the other department.
This helps avoiding recruitment & training costs. People are familiar with the functions, just that they need to have process training.
Hope I was clear