Finding the right talent to fill a position is a challenge for many businesses. Hiring from outside the company is certainly an option. With intense competition for talent, it could be a long and costly process.
The other option is to fill a vacancy with a suitable internal talent. In considering whether the internal candidate is a good fit, the business should go through the same rigor in vetting the individual’s qualifications and aptitude for the position.
Filling a vacancy with an internal talent is a win-win approach. It is a win for the business because the internal candidate is familiar with how the business is run. There are established working relationships, trust and respect with colleagues. This person might require some training on technical skills and coaching in the new position. However, the transition would be fairly straightforward.
It is a win for the employee because he would find satisfaction with the career development and advancement the move offers. A progressive individual seeks personal growth. If the company can’t satisfy that need, that person would eventually leave. For the business, it is important to retain great talent.
When a position requires fresh and innovative thinking, do look externally then. Otherwise, it is beneficial to groom solid performers that the business has already. In doing so, it also fosters loyalty and positive morale.