When you promote from within, you’re in control over the development that can turn your employees into the perfect managers for your organization. At Consilio, we have been helping leaders and organizations for years identify star talent, nurture and develop talent, and turn their top performers into five-star leaders.
Top Benefits of Promoting Talent From Within
Everyone has used apps like Uber Eats and Doordash to order food delivery, and you don’t need us to tell you that the cost of using these tools adds up. This is a good analogy for the advantages and benefits of promoting talent from within.
Yes, there are plenty of restaurants with different, new dishes to choose from, but it’s a bad decision when you have a refrigerator full of high-quality ingredients waiting to be cooked.
Here are some key benefits of promoting talent from within:
It Saves Time and Money
Listen – it doesn’t matter what side of the hiring process you’re on, it’s a long, involved process. For companies, however, an added element of cost comes into play.
When it comes to hiring, the cost that goes into training a new person on the internal aspects of your company is added to the time it takes to find and hire the right talent.
From allocating resources to making up for the vacant position to spending money on the actual recruitment process, this is not a cheap or quick endeavor. And the higher up you go, the more expensive it gets.
“After hiring someone, this is where the costs begin. The money you invest in finding the candidate is like the price you pay as listed on the menu. Training and onboarding also add up. Training and onboarding deliver them to the skill level you need them to be at. I like to say that this is the delivery cost, tip, and the extra fees,” said Stacey McKibbin, CEO of Consilio.
It Boosts Retention and Morale
Promoting talent from within will work wonders for retention and morale. A lack of career growth is one of the biggest reasons people leave their jobs. Which, in a way, is like letting food spoil in your fridge.
Think about it – when you’re always eating out, this has a huge (often negative) impact on your health. And the same goes for the health of your company.
When your people see that you are willing to invest in their development, it will promote loyalty and make your team perform their best year-round.
“If you promote from within, your people will see two things: that there is an opportunity to advance, and that you believe in them. I like to say that failing to promote from within is like unplugging your fridge and hoping your food stays fresh,” added Stacey.
It Mitigates Risk
Let’s put it this way. When you order out, you never know what kind of allergens are in there, and you have no control over how fresh it is. Who knows if you’ll get food poisoning or an allergic reaction?
This is, in many ways, the same thing as undergoing the hiring process. By hiring from within, you know more about the character of the person you’re promoting and have a much better idea of how they will fit into your company objectives and culture.
In other words, if you commit to promoting talent from within, you know what’s in the dish you’re eating.
“You know what you’re getting when you hire internally just like you know what you’re getting when you cook your meal for yourself. What’s better than catering to your professional palette? That’s what happens when the people you put in leadership positions know your company well,” elaborated Stacey.
A More Seamless Transition
Promoting talent from within results in a more seamless transition into the role, which benefits everyone they work with and results in actualizing their potential faster .
A person you hire internally won’t have to worry about onboarding or learning, which can stall integration. You also don’t have to worry about them fitting into the team culture. By promoting from within, managers will already be familiar with the culture.
Reap the Benefits of Promoting Talent From Within
When choosing between promoting talent from within and hiring managers outside of your organization, it may seem like both will yield the same results. But that could not be further from the truth.
Imagine you eat out every day instead of cooking. This will have a significant impact on your bank account and your health. At best, you get the same quality food for a higher price. At worst, you could end up regretting what you ordered. Promoting from within saves time and money, mitigates the risk of hiring an incompatible (or unqualified) candidate, and ensures a more seamless transition into the open position.
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