Although many companies headhunt for talent outside of their existing structure, the processes associated with this are expensive, time consuming and risky. Business leaders typically try and identify talent internally to fill senior roles whenever possible. Here are some of the benefits of looking within a company for talent to nurture and promote.
Talent Management Peace Of Mind
Good talent management relies upon the constant collection and analysis of employee data. Employees poached from outside of an organization are unknown quantities – making data led talent management a great deal harder. Identifying internal talent using the 9-box grid method – which can be found on Thinqi.com – is an efficient way of figuring out which members of staff might be suitable for promotion. This way of assessing talent cannot be used to analyze external candidates without a great deal of time-consuming communication.
Efficient Use Of HR
Modern Human Resources departments are incredibly stretched. They need to deal with talent analysis, role development, orientation, payment and end of contract work. The efficient use of an HR department is essential. Seeking talent from outside of an organization is an extremely time-consuming activity for this department.
The efficient use of an HR department also saves money. Time is money, and seeking outside talent is extremely time-consuming. Companies looking to save money while promoting the right talent typically try and look for people to fill roles from within their existing structure.
All employees within a business are able to gain experience-based expertise during the course of their work. This expertise is, in many cases, just as important as the qualifications a member of staff has gained in their previous education or employment. Retaining staff and promoting them from within is a surefire way of retaining their expertise. All new hires, no matter how qualified, require onboarding and acclimatization before they can become experts within an organization.
Retention of talent within a company is extremely important. Staff members are leaving companies in unprecedented numbers in the post pandemic working environment. In part this is because companies are not offering adequate avenues for career advancement. Making an effort to promote talent from within is one way of keeping staff engaged with the idea of career advancement and company loyalty.
Every business leader knows the importance of social cohesion within a workplace. Cohesive workplaces incubate good working practices, streamlined collaboration and good communication. Hiring senior figures from outside of an organization can shift the social cohesion of a workplace out of balance. Cohesion is a fragile thing – and it becomes even more fragile in environments in which large numbers of people need to collaborate on complex tasks. Promoting trusted talent from within an organization is as much about maintaining the delicate social balances of a good workplace as it is about promoting growth in more straightforward ways.
Employees will collaborate more efficiently with senior figures that they have developed in conjunction with. Outsiders (no matter how talented) always risk rocking the boat when it comes to the overall collaborative effectiveness of a business.