Promoting from within has its advantages.
When it comes time to fill a position, HR professionals have options. They can choose to search for external candidates or promote existing ones from within the organization. But when is the best time to promote from within?
The decision to promote an internal candidate carry several advantages. As HR departments know, the hiring process can be time-consuming as well as expensive. If you are able to promote an internal candidate it will save the company time and resources.
As Careerbulider points out, companies searching for external talent have to be sure that they are offering attractive compensation packages in order to find the strongest candidates. Another advantage of promoting from within is that the organization may not have to offer as much in compensation because there will be less competition.
Monetary concerns aside, hiring from within carries the benefit of allowing the company to thoroughly know a candidate and their strengths. With this approach, companies have a better idea of how a particular individual will be likely to perform in a certain role before selecting them for promotion.
Your organization can work to develop talent within its ranks by offering training to current employees. This way, when a position opens up there will already be candidates on hand who are qualified to move into the role.
Whether promoting from with in or searching outside the company, it helps to have a comprehensive system on hand to track and manage the details of of the hiring process. With the right HR consulting solutions, you can get the HR system that meets the unique needs of your business.