No matter what industry you’re in, having the right talent on board is essential. Your company will only be as good as the people behind it. Because of this, finding the right talent to help run your business is critical. While you can always bring great people on from outside of your organization, an often better approach is to promote from within. In many cases, it provides you with much better results to rely on the talent already existing in your organization.
Benefits of Promoting From Within
One of the obvious benefits of promoting from within is that it gives you time to recognize patterns in your employees. When you hire someone that you are not truly familiar with, you can’t really be sure what you’re going to get. They might put on a good front and they might have a good resume but until you work with them, you don’t really know. When you hire someone from within your organization, you know what they bring to the table. Most people don’t change a whole lot from one level to another. If they’re a shining star at a lower level, there’s a high probability that they are going to translate that to a higher level.
Another reason that it is good to promote from within is because it encourages everyone in your company to do better. If you are always bringing people in from outside the company to take our positions, no one will be motivated to do their best. Employees will start to feel that they are in a dead-end job and they can’t do any better no matter how well they do. If people know that you’ll take care of them if they do well, they’ll want to give you their best.
How to Identify Talent
If you plan on taking advantage of the talent that is available to you, you have to be proactive in identifying that talent. This means that you need to make it clear to your upper level executives or managers what you’re looking for in employees to promote. You also need to actively get to know the people who work for you. If you remain aloof as a business owner, it’s going to be difficult for you to identify the talent that you really want.
Whenever possible, promote good people from within your organization. However, even if you do not have positions to move everyone up to, you can still keep talented people involved. Allow them to head up special projects or give them special responsibilities. If you’ll keep your talented people engaged, they’ll be more likely to be there for you when you need to promote someone.