When you have an open position, you can fill it either internally or externally. The decision you make should depend on various factors. Focusing on the benefits of each option can help you make a choice.
These are a few things to consider when deciding whether to promote from within or hire an external candidate.
If you need the new employee to quickly begin producing, an internal promotion may be the better way to go. For instance, the worker is already familiar with business operations and methods. Also, the training process will be quicker than with a new hire. Plus, productivity increases when employees see they have career opportunities available with the organization.
If you want the new employee to be someone you trust from the start, you should hire from within. For instance, because you already are familiar with the worker, you know their strengths and weaknesses. Also, the employee has established relationships with coworkers and managers.
If your recruitment resources are an issue, hire internally. For instance, not having to pay to advertise an opening or spend time on interviews, job offer negotiations, and onboarding saves a significant amount of time and money. Also, the faster the job gets filled, the more time and money you save.
If you need a new outlook on issues pertaining to the position, look for an external candidate. For instance, bringing in experience from outside the organization can provide new ideas and insight for enhanced growth. Also, you gain access to a more diverse talent pool.
If you want to increase retention, hire from within. For instance, advancing your own talent means employees remain with your company longer. Also, the longer your workers stay, the more improved their performance should be. Additionally, providing career advancement encourages employees to remain loyal longer.
If you want stronger employee morale, promote internally. For instance, your workers can see that their performance and results are rewarded. Also, taking on additional challenges and responsibilities shows trust.
If you need access to specialized skills, hire an external candidate. For instance, opening up your candidate pool increases the odds of finding what you are looking for. Also, working with a staffing agency specializing in your industry increases the likelihood of meeting with candidates who have the skills you need to complete a project or move the company in a new direction.
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