Internal recruiting and hiring have been gaining momentum over the last year or so. Many hiring managers and recruiters are facing a huge talent shortage. Companies are struggling to find the candidates they need to fill open positions. For that reason, the best place to look for new hires is within your own organization. Here’s why.
Reduce the Cost of a New Hire
First and foremost, hiring internally will help you save money. You won’t spend money posting the job to online boards like Indeed or Monster. Other traditional recruiting and training costs are practically nonexistent when you choose an existing employee for the job. There will also be less downtime to fill the position, so you won’t be losing as much productivity as you would be traditionally sourcing a new candidate. No lost productivity means no lost cash.
Fill the Position Faster
Speaking of lost productivity, the position will also be filled faster if you utilize the talent already available to you. It can typically take months to find a quality candidate, onboard, and train them. By choosing to promote within, the entire process can be cut down to a few weeks’ time.
There is a Higher Success Rate
There is a level of risk that comes with hiring a new employee. There is a chance they may not be a good fit, may not have the necessary skills, etc. You remove much of that risk when you hire within the organization. The person will already know what the work culture is like, how the position fits into the company’s vision and may already contain many, if not all, the necessary skills. Because they are already happy with the company, they will continue to be successful in their new role and grow with the organization.
Internal Promotions Boost Morale
When you recruit internally, it boosts employee morale. Your staff members will feel like they are working towards bigger career goals. They will also be able to see room for development and career opportunities in the company. This will inspire more productivity and innovation on the job. In general, your team will be happier all around.
Just be sure you have an internal promotion/hiring policy in place. Favoritism and bias can easily take place if you aren’t careful. Make sure there are clear policies that define when someone can be promoted, what positions are set up for promotion, and how you will spread details about new positions available. Consider creating an internal job board for the company to inform employees about job openings.
A.C. Coy Can Help You Identify Top Talent in Your Organization
Many people assume staffing agencies are only used to find new candidates. That isn’t the case, though. Firms like A.C. Coy can help identify top talent within your organization. Our team of professionals can look at your current team and pinpoint individuals who may be good candidates for promotion. We can also help identify employees with the potential for future growth. Contact us to learn more about how we can help.