You’ve got a new position opening up on your team, and you need to fill the spot quickly, but you want the best talent. You could post a job listing, hire a recruiter, and go looking for someone outside of your company. Or you could take a better approach and look for someone already on staff who’s ready to step into a new role.
Promoting from within offers plenty of benefits and, whether you realize it or not, may make your life a little easier.
It’s Less Expensive
External hires have higher salaries, receive lower performance evaluations, and are 61 percent more likely to get fired later. On top of that, it can cost an average of $4,000 to recruit, hire, and train a new employee. Save yourself the money and promote someone who’s already on the job. You get higher quality for less money.
They Have a Shorter Learning Curve
In any new position, there’s going to be a learning curve of some length. Even a promoted employee needs time to adjust to new responsibilities, new policies, and a new workload or schedule. But an existing employee doesn’t have to learn the company culture, meet new people, or figure out how the organization operates. Half of what a new hire has to learn is already ingrained knowledge for your employees.
You Keep Their Knowledge and Skills
When an employee gets bypassed for a promotion for someone outside of the company, they may start looking elsewhere. If they don’t see a future for themselves, they may take their skills and find a new job. When you promote internally, you retain all those skills to be used in their new position and later, especially when it’s time to train their replacement.
Employees Stay Longer
Give an existing employee a goal to strive for - in a good company culture where their work is valued - and you’ll retain that person much longer. Knowing a promotion is possible is a strong incentive for those seeking long-term employment and new challenges. Your employees need something to strive for and the people you’ll want to promote the most will see the potential for advancement as a worthy goal.
You Offer Built-In Mentorship
If you promote from within the company as much as possible, you’ve got an automatic mentorship program. Each employee can help the new person in their previous role. You can also function as a mentor to employees as they’re promoted, especially if the person they replace is no longer with the company. Everyone helps each other, and a good team is formed in the process.
Whether you’re building your team or simply keeping it strong, make sure the one thing you never have to worry about is payroll. At Charlotte Payroll, we use the latest technology and great customer service skills to make your life easier, your business more efficient, and your employees happier (because they always get paid on time and accurately). Contact us today and find out what we can do for your company.