The benefits of promoting within your company are a popular topic today, even more so than in previous years. It’s true, you can find candidates from outside your company who are qualified and could be a great fit. However, there are compelling reasons why you should encourage promotions within the company instead.
4 Reasons to Promote Within
You Will Save Money
Let’s get to the money first. Hiring from the outside is more expensive, not only with the salary, but you also have to consider the possibilities of moving expenses and other transfer costs that might be associated with your outside hire.
Onboarding Takes Time (and Money)
A new hire has to learn your company’s processes and procedures as they settle in. They will also have to adjust to company culture and create relationships with existing employees. During this time of learning the ropes, they won’t be as productive as a person who you promoted from within your company. In fact, studies show it could take nearly two years for your outside hire to become adjusted.
New Hires Receive Lower Evaluation Scores
Unfortunately, that outside hire you bring on the team is likely to underperform when it comes to evaluation standards. This could be attributed to an onboarding issue or even the stresses that a new job transition brings.
Promotions From Within Show Growth & Build Morale
What happens when coworkers see one of their own rises up with a promotion? One of the greatest benefits is that other employees see opportunities for their own growth, which can positively impact morale and employee retention. Your employee that received his or her promotion may also notice a much more supportive environment to thrive in than an outside hire.
Create a Culture of Promotion
It can be hard to create a good pipeline of internal candidates to meet your company’s needs. If you are interested in strengthening your own workplace to allow for promotions within your company, contact Expert Staffing. We can help you get the best workers from the start. Plus, we can help you cultivate motivation for internal promotion opportunities.