Sometimes the talent you’re looking for has been right there all along.
When shiny resumes are filling up your inbox and sparkling talent is knocking down your door, it can be easy to overlook the potentially ideal candidate sitting at the next desk over. As Jessica Stillman points out in a recent article for Inc., while empty positions may provide an opportunity to infuse your team fresh blood, bringing in someone new also means you’re introducing a certain amount of uncertainty – and therefore you’re taking a risk. All that glitters isn’t gold, and sometimes going with a proven performer, instead, can pay off in the end. In fact, the numbers support it.
According to Stillman, new research indicates that external hires typically receive substantially lower performance evaluations during their first two years than internal candidates who are promoted into similar positions. On average, they also have higher exit rates. Add to those statistics the fact that the majority of external hires are paid significantly more than those who are promoted internally, and what you get is a strong case for taking a long look at your in-house options before setting out on a headhunt. For more figures on the benefits of homegrown talent, read Stillman’s full article here.
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Filling the right roles with the right people is crucial to any business, but especially for expansion-stage companies interested in growth. For help in determining exactly which roles are the most critical, read this article from OpenView. And for advice on isolating the best employees to lock in and the ones to weed out, this post provides great insights.