Promote or Hire

Let’s Talk Business Managing Your Business Promote or Hire

  • Post
    Kevin Garnet
    Participant
    Interesting question that I wanted to see what people thought. Would you rather hire from within and promote current employees or hire someone from outside of the company? What are your guy’s thoughts?
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  • Replies
    Alice Fowler
    Participant
    Wouldn’t it make sense to hire from within? Then you wouldn’t have to worry about retraining someone from scratch. It would make the most sense to me.
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    Kevin Garnet
    Participant
    I agree with that to some extent. It would be easier to hire within because people will already know the basic workings of the company. You wouldn’t have to reintroduce someone to the culture and get them used to the rules. On the other hand sometimes a fresh pair of eyes and prospective is great for the company. So it depends on what type of worker you are looking for at the time.
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    Akshay M
    Participant
    Internal Employee Promotion
    While statistically, external hires are made more frequently, there are numerous advantages to promoting an employee from within. First, existing employees are already aware of all policies and procedures and have possibly even completed certain similar job tasks in the past. External hires often take longer to get up to speed and may be less successful than internal hires.
    In fact, external new hires are 61% more likely to be fired from their jobs than those who were promoted. The slower pace of learning and failure to thrive can be costly to a business. Excess training may be required to ensure effective learning and productivity, and businesses spend anywhere from $1,075 to $1,886 on training per employee.

    However, there is one major con to promoting an internal employee. On occasion, employees experience burnout due to stress or other factors, which often leads to lower productivity and lack of creativity.

    Searching for an External Hire
    Option number two for hiring managers to consider is making an external hire. These candidates often bring with them new ideas and a clean slate filled with creativity and new opportunity for growth and learning, which can be beneficial for teams and the entire business. Often, businesses don’t always recognize their need for change, and external hires can help illuminate the necessity.
    On the flip side, external hires can also cause a variety of issues. For example, there may be animosity if an existing employee thought he or she might receive the new position or if the internal team struggles with the new leadership. Either way, these are possibilities that executives must prepare for.

    Hiring is always a challenge involving numerous factors and decisions that must be made. When it comes to choosing to hire externally or internally, all the pros and cons must be taken into account in order to make the most informed decision that is best for the business and the overall bottom line. However, if all possibilities are accounted for and the correct choice is made, organizations should find themselves in a successful situation.

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