A new position has opened up, and you have 2 options: either hire from the outside or look inside your organization for your next star player.
The latter is a practice known as internal recruitment, and according to the Harvard Business Review, is only considered “an important source of people to fill vacancies” by 28% of talent acquisition leaders today — to the detriment of many organizations. External recruiting, after all, is costly. And according to the same HBR report, outside hires take three years to perform as well as internal hires in the same job. Whether internal hiring takes the form of promotions, transfers, or the moving of temporary employees to full-time positions, organizations that determine different ways to successfully implement an internal recruitment process fill vacant positions in less time for a lower cost.
Benefits of Internal Recruitment
The advantages of internal recruitment should come as no surprise to the seasoned HR professional. After all, your existing employees have already been vetted and hired by your recruitment team (or third-party recruiter) and withstood the test of time. Hiring from inside brings with it a certain level of surface-level confidence. But let’s dig deeper.
Reduced Time to Hire
External recruitment is a time-consuming and costly process, from posting on external job boards and. . .