When a new position opens up at your company, it can be tempting to look elsewhere to find exciting new talent to hire. But the reality is that promoting from within, working with home-grown talent who already know their way around the company, is often far better for business. Here’s why…
It Makes Financial Sense
First things first, promoting from within is (nearly always) a better financial decision. Not only will you save on upfront costs, like advertising and recruitment, but studies have shown that external hires often require higher salaries and tend to be less productive than someone who has been promoted internally. This can be down to a range of factors, from long orientation periods for new hires to old hands simply gelling well and working better with a team they already know.
Your Clients Will Thank You for It
Speaking of orientation periods, hiring externally can be a headache for your customers. Client relationships are built on trust (trust that might have been built over a number of years), so your customers are far more likely to feel satisfied when dealing with a company where they have existing relationships. There’s a lot to be said for consistency and continuity of service.
Customer eyebrows might also be raised if they perceive new faces as a sign that your company has a high turnover of employees.
Existing employees will usually have a far better knowledge of the sector, and of their clients’ specific needs, allowing them to integrate seamlessly into a new role. This will ensure a consistent customer experience and should mitigate the impact on your clients as everyone “gets up to speed”.
Your Employees Will Thank You for It
Not only is hiring from within beneficial to clients but it helps boost company morale too. Team members will see that hard work and loyalty is valued and rewarded at your company, and if they know they have a potential promotion to work towards (rather than seeing new employees favoured over them), it’s been proven they’ll be more effective and efficient.
They’re a Safe Bet
In our industry, ensuring data protection and cybersecurity via PCI compliance is the top priority. With the latest PCI DSS 3.2 requirements focusing on demonstrating personnel knowledge and correct execution of security procedures at all times, promoting staff from within should give you a headstart on your PCI DSS assessment. As well as having an in-depth knowledge of your company’s security systems and programmes, an existing employee is tried, tested and trustworthy – eliminating any risk that might come with introducing a new employee to your processes.
We’re big advocates of promoting from within and helping our team members achieve their full potential. If you’d like to find out more about career opportunities at PCI Pal, please get in touch with us today – we’re always eager to meet new talent as our team continues to grow!