101: Promoting from within
If you're a manager who's on the fence about whether to hire from outside or promote from within, there are definite pros to promoting someone. In this make-or-buy decision, going with an employee with whom you're already familiar may be an appropriate choice for your company, and you should give it careful consideration. Here are three things to keep in mind when weighing the benefits:
First, remember a team member's readiness for promotion begins with you. If you don't have candidates to advance, analyze why. It takes time to create a manager, as Doug and Polly White point out in an article at Entrepreneur.com. To have suitable candidates for promotion, you must give employees opportunities to show their value. “A pet products company we worked with put a high-potential employee in charge of a task force. She had the opportunity to lead a group and practice management skills,” the Whites said. Helping employees to advance also means giving feedback, offering coaching and steering employees toward networking opportunities.
Promotions help retain employees and save money. “If you aren't offering promotions to your top talent, someone else in another company, such as your competitor, just might,” Chris Milksen writes in an article at SmallBusinessChron.com. “Once that happens, you are very likely to lose that employee.” Additionally, with turnover a costly proposition, promotions save your company money as opposed to hiring someone new.
Do you need a shakeup? And is that all it's cracked up to be? Outsiders can be disruptive, which is not always a negative, says Chuck Leddy at MiddleMarketCenter.org. But, he writes, some research shows external hires get lower performance evaluations as compared with employees who were promoted. Managers need to weigh the importance of their needs (change vs. a potentially challenging transition) to establish which option better serves the company.
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