Narrowing down the right hire can be difficult. Do you hire someone new to fill the position, or promote an employee within your organization?
If you hire people that are a strong culture fit from the get-go, then train and nurture their talent over time, you will build a stronger foundation for the future of your business. This blog will cover how to promote from within and the benefits of doing so.
Identify leaders in your organization
Ensure you know who the leaders are within your organization before searching for external candidates. Remember, leaders come in all forms, and they might not already hold a title that reflects their leadership capabilities. Luckily, there are a few ways you can spot who the movers and shakers are in your company.
First, through good old-fashioned observation. Who is stepping up to the plate for assignments? Who does your team turn to when they have questions? Who do you depend on to handle responsibilities when you are out of the office?
Second, during your annual reviews, who is receiving high remarks and praise? Are those same people asking for a promotion? If so, consider offering them one.
Third, through learning and development programs. Who is participating in these programs? Who is excelling at them?
Make a plan of action
Once you’ve identified the leaders within your organization, focus on developing a career path with them. Ensure you understand their career goals, and that stepping into more of a managerial role is what they truly want. You don’t want to promote a high-performing employee to a position where they won’t excel. This can be avoided by providing them with proper training, and ensuring the position you are offering them does not just include their current role with more responsibilities tacked on. The new position should allow them room to continue developing their skills.
Finally, make sure you invite them to apply to the new position. They might not be constantly checking your company’s careers page, or have the confidence to apply if they do. Show them you want them for the role.
Improve retention
Lack of career development and advancement was the top reason employees cited for quitting in a 2022 study done by McKinsey.
While the Great Resignation seems to show signs of slowing down, 93% of employers are still concerned about retention, according to LinkedIn’s 2023 Workplace Learning Report. That same report indicated that employees who have made an internal move by the two-year mark have a greater chance of staying with their company. However, only 15% of employees say their organization encouraged them to move to a new role.
Don’t let good talent leave your organization just because you didn’t promote them. Nurture and reward the talent pool that you’ve already created, and the benefits will come back to you tenfold.
Practice what you preach
Many employers say they have an employee-first culture that is all about learning and development. If you really mean that, then you need to give your staff the chance to shine and advance within your organization. Do this by ensuring your learning programs are mapped to your business goals so that when it comes time to fill a new role, you can feel confident in pulling from your team first.
In today’s challenging labor market, it’s important to hold onto the good people in your organization and promote them when it's deserved. Don’t let other employers tempt them with better titles and higher salaries. Those same people you promote will stay loyal to your business and perpetuate the positive workplace culture they’ve helped create.
Need help promoting from within? Contact NB Business Solutions today!