Global Resources is a full-service business development group and general management consulting firm focused on small and medium-size privately-held companies in North America. We work diligently to help business owners create strategy for important business functions, including staffing, cost control and accounting.
Often, small and medium-size businesses find it’s worth the time and consideration to look at current employees to fill positions, rather than hiring new staff. If you are in need of filling positions, we have listed three benefits to promoting employees from within the company:
- You’ll save money on hiring costs– By promoting from within, you save on hiring costs. There’s no need to spend time and money advertising your position, reading tons of applications and interviewing candidates. Even when you think you’ve found your ideal candidate, there is always the chance he or she will turn down your offer in favor of a competitor’s. When promoting from within, you can quickly narrow down your candidate pool and the information you need to evaluate them is readily available.
- You’ll save money on compensation – When you hire someone from outside, you have to make sure your compensation package is competitive – particularly when the position is hard to fill. Hiring from within can alleviate some of those challenges!
- You’ll see a better quality of performance- When you promote employees from within, you already know they fit well with the company culture and have a proven performance record. And because they already know the company and the culture, your internally promoted employees can hit the ground running instead of having to go through an onboarding process, the way external hires might. In fact, research has shown that internally promoted employees perform better than external hires and are less likely to leave their jobs on their own accord. Of course, your newly promoted employees may still need some time to adjust to their new positions, and may require a moderate amount of skills training to ensure they are equipped to succeed in their new positions.
To learn more about us and / or to schedule your complimentary appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.