The success of any company or organization is largely, if not almost entirely, determined by the quality of its employees. For this reason, finding and retaining amazing talent is an integral part of succeeding as an entrepreneur.
Internal recruiting is the process of finding and enticing current employees in your company to move into a different role or to take on a set of different responsibilities than they were originally assigned. This process can be entirely formal – involving applications and interviews – or entirely informal as a casual conversation about moving roles. This really depends on your company culture and the exact process can even change over time.
Internal recruiting has several advantages that you might want to consider when trying to fill a vacancy in your company.
Internal recruiting is significantly cheaper than finding brand new talent. In addition to saving on all of the time and hassle of hiring someone externally, the person you recruit from within already knows how the business operates and has built up useful work relationships. This means that you also save on the cost of training a brand new employee.
One other powerful advantage of internal recruiting is that it provides a means of lateral and vertical movement within your company – internal recruiting opens up an immense amount of room for promotions within your business, which can greatly increase employee motivation.
While internal recruiting is a powerful tool, it is not an end-all, be-all tactic. Introducing new employees and recruiting externally provides a larger pool of potential to choose from and the chance to bring in new talent and ideas. It also avoids the potential problem of creating a new vacancy when you internally recruit.
Overall, the decision on recruiting and how to do it will ultimately fall to you. Many successful companies use an array of HR tools to recruit and keep the best talent. Using both internal and external recruiting practices is a surefire way to balance the costs of each respective method.