Sometimes the perfect candidate is right under your nose. While looking externally has its benefits, internal recruiting is an often overlooked but highly valuable resource. In fact, a survey from LinkedIn discovered that employees stay 41% longer at companies that hire regularly from within. That is a huge win for both sides!
Here are some additional reasons employers should create internal hiring strategies –
- Cost Savings: The cost of a new hire can reach up to $20k when onboarding, training, and loss of production are considered. Look at the internal talent first!
- Familiarity: Employees already know the culture, the values, the goals, etc. If hired for a new role internally, they’ll still need training but not nearly to the degree of a completely new hire.
- Opportunity: Offering internal opportunities allows people to grow while retaining their knowledge of the current role that can be transferred to a replacement. So much can be gained by tapping into your own employees.
- Balance: There will always been a need to fill skills gaps and hire externally. The key is balance and not solely focusing on internal or external hiring. A blend will yield the best results in keeping employees engaged and appreciated, but still bringing in new perspectives and experience from outside hires.
- Retention: This might be the most important benefit of all. It costs far more to replace an employee than it does to promote from within. Recognizing the existing talent, paying them what they are worth, and offering growth opportunities will only boost overall retention.
Creating an internal recruiting strategy should be a key component for companies seeking talent and will help ensure they aren’t missing what is already there – a high quality employee.