Hiring people that are going to help you grow, scale, and move your business forward sounds simple in theory. However, in practice, it’s a whole other story. So, what would be the pros and cons that come with internal recruitment?
There are many obstacles that hiring managers have to face when sourcing candidates for a job posting.
A sea of under-qualified candidates. Hefty job posting fees. “Too much noise in the market” that makes it hard to capture the right person’s attention.
If you want to grow and scale, time is of the essence.
Instead of looking for someone to bring into the company, why not look at your current employees? You never know who your next start candidate will be, and they just might be right under your nose.
The MOI Scale
Before you open internal applications, a great way to identify viable candidates is the The MOI (Magnitude of Impact) Scale.
The MOI Scale allows you to assess your team members on how they’re currently performing in their roles. In addition, it will give you insight into how they might perform in their potential new role.
Pros and Cons of Internal Recruitment
Advantages of Hiring Internally
Essentially, there are far more pros than cons when it comes to internal recruitment.
In terms of benefits, hiring within the company:
- Confirms employee is already ingrained in your company’s culture.
- Reiterates to your team that hard work pays off and they, too, have a future in the organization.
- Ensures that the people inside of your organization are learning new skills to succeed.
- Eliminates costs of publishing ads on job posting sites.
The Only Disadvantage of Internal Sourcing
With pros come cons, and the same goes for internal recruitment.
But in this case, there is only one downside that I can think of when it comes to internal sourcing.
You might miss out on exceptional talent elsewhere.
However, that shouldn’t stop you from giving your current employees the chance to prove themselves within the company.
If there’s one thing I’ve learned about building 10X teams, it’s that the right person will always find their way to the right job. So, don’t let this con discourage you from seeking talent within your current team.
Do you want a foolproof framework for how to attract, hire, align, develop, and transition top talent?
Then you need to get yourself in the room with Cardone Ventures’ EVP of Operations, Natalie Dawson. She teaches business owners and leaders everything they need to know about people during a 2-day event in Scottsdale, Arizona.
To sign up, schedule a call with one of our Business Advisors today.