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Your hiring strategy is one of the most important parts of keeping your company’s engine running. Hiring the right people will push your organization forward with innovation and expertise.
But it’s not all about recruiting new talent.
Some of your best hires may actually be working for your organization already.
There are pros and cons to hiring both external candidates and looking inside your company’s existing talent pool. In this article, we’ll help you understand the benefits, costs, and challenges of both internal and external recruitment and provide some best practices.
Internal recruitment is an often overlooked but highly beneficial recruitment practice. Getting down to the euros and cents, an internal recruitment process has its advantages. It takes less time and money to hire someone – and compared to external recruitment, the starting salary of an external hire is on average 18-20% more than that of internal candidates.
Aside from the financial aspects, internal recruitment motivates and incentivizes current employees to go that extra mile for a promotion. Meanwhile, looking externally for senior positions can disincentives’ top performers who feel they should be next in line.
A study by Linkedin found that 24% of employees who were looking for a new job cited being overlooked for a promotion by their current employer as their main motivation for leaving. In a time where job-hopping has become the norm, creating more opportunities for internal mobility can greatly increase employee loyalty.
Developing and upskilling your workforce
Boredom kills employee engagement and ultimately makes employees twice as likely to leave a company, but what are the main causes? According to a study by Udemy, 46% cited a lack of opportunity to learn new skills as the top culprit of workplace boredom, with the second being unchallenging work.
Don’t forget, the employee-employer relationship shouldn’t just be about providing services in exchange for payment. You can’t expect a person to join and then stay in the same position, doing the same tasks for the rest of their career. Employees also want to learn and grow with your organization.
Too many employers today forget how important development and upskilling is for employee retention. This is especially true for the millennial generation. A study by Gallup found that “opportunities to learn and grow” is one of the top three factors in retaining millennials.
Cross-disciplinary knowledge sharing
And keep in mind, you don’t just have to look for hires within the same department. People have multiple talents and interests. You may just find that your sales rep is also a skilled writer. If a content marketing position opens up, who better to consider than someone who knows the value proposition of your product or service inside and out, plus different use cases?
So, instead of focusing on one strict profile, also consider crossover skills which could be applied.
The benefit here isn’t just about being able to fill a position.
Facilitating more cross-disciplinary hiring is a great way to develop functional leaders who can both learn a new aspect of the business and share knowledge from their previous department. Instead of thinking with a one track mind towards improving sales targets or meeting marketing objectives, internal mobility helps people learn to look at a problem from multiple perspectives and can effectively break down silos within the organization.
Best situations to hire internally:
A small budget to hire, onboard, and train new talent
A position which requires significant company knowledge
You have high potentials eager and ready to take the next step
The skills needed are already available within your talent pool
When you’re in a time crunch to fill an important position
The world of digital. When something is done in the digital domain, it implies that the original data (images, sounds, video, etc.) has been converted into a digital format and is manipulated inside the computer's memory. Contrast with analog domain.
Recruitment gone Digital:
HR processes are also evolving in the digital area and are opening up to new horizons every day. Today, the world of recruitment has gone 100 per cent digital. Innovative methods that use social media, big data and other technologies have given tremendous insight into individual job seekers that are now slowly and gradually becoming primary screening method.
With recruitment going through a major change and the western world taking a lead over using the technology to provide more valuable access to jobs for active job seekers, the traditional ways of applying via a newspaper advertisement and paper resumes are transforming. Creating digital profiles provide far more insight into a candidate than a traditional resume can.
Why Digital Services?
Making the transition to digital services by replacing the reliance on paper forms and improving the overall user experience has benefits to both organizations/agencies as well as customers/end users. These include:
Reduced time to market
• Full audit ability along with high levels of customer service.