When the time arises for you to head out and find an open position within your company, one of the most practical and cost-effective methods you can use is to hire a candidate from within your current pool of employees.

In many different cases, there are employees who are already working for you that will be more than qualified to fill in your new employment openings. So, if you’re looking for a new employee to fill a position that has just opened, all you need to do is open your eyes and look before you!

You can begin this process by communicating with your entire staff when a position becomes open. This way, you can let people know that the company is open to considering current employees for this position. Depending on the size of your business, you could even go ahead and ask the HR department to review the qualifications and skills of people who are already working within the company to identify any hidden talents that may exist among staff.

Existing Employees

They are a great option as they usually require far less training than new hires will need. They will also bring along a wealth of company knowledge and experience to the job. When you hire an employee, who is already on your payroll, you ensure that your new hire is already familiar with the goals and policies of the company.

In addition to this, when you hire from within the company, you will save a lot of money on just recruiting costs alone. The company will also have the advantage of being familiar with the employee as opposed to having to conduct background checks on new employees and read over hundreds of resumes.

You will have already evaluated the person’s weaknesses and strengths while on the job and seen them in action. This means that you will be in a better position to know whether or not this specific employee is a good enough fit. When hiring from inside your company, you do run the risk of someone appearing ideal only to be a poor fit.

If you know an employee is looking for a new position above their current one, the switch will usually remain relatively painless. A company that has been able to demonstrate a policy of hiring from within more often will be able to successfully foster greater employee loyalty. This can have a lot of benefits throughout the entire company.

The Bottom Line

Employees at all levels are far more likely to challenge themselves when they are aware of potential future advances within the company. This means that you will have far lower employee turnover rates and a far higher job-satisfaction rate. Both of these things are always seen as excellent for business.

You will also get along with your employees far better if they are under the impression that you actually care about them upskilling. These are only some of the amazing benefits you will experience when you hire within your company.