More and more companies worldwide are promoting the internal development of their executives and talent development.
Moreover, the more advanced and already developed companies are going ahead and reinforcing the interdepartmental change of executives. For example, an IT executive can be transferred to the HR Department at his request.
After all, everyone is aware of the advantages of these procedures:
- New talents and skills are developed
- Your employees have a preexisting understanding of company culture
- The promoted employee is already familiar with the team they’re joining
- The employee’s former colleagues may be more comfortable approaching leadership
- You could inspire other colleagues to strive for growth
- Costs less than moving an experienced executive out of the market
However, despite all the benefits of promoting from within, don’t be fooled into thinking this is a completely foolproof strategy. Like anything else in business, there are always downsides that must be considered.
We must admit that now more than ever market conditions are changing at a frenetic pace.
The constantly new technological development, artificial intelligence, the Covid-19 epidemic, remote working and now the global energy and economic crisis oblige already developed companies and those that are in the development phase to adapt and constantly change their culture and the way of working.
Truth be told, however, the change in culture also requires attracting executives from the broader market.
- Staying competitive. New employees can bring in ideas and strategies from their previous experience can help improve your organization’s practices.
- Enhancing diversity. External recruitment can help increase diversity in your organization. Incorporating a variety of perspectives can lead to innovation and more effective practices.
- Adding fresh perspectives. Bringing in outside hires can add a new perspective to your organization. A new viewpoint can help identify areas of improvement and make recommendations. New employees approach the company differently than those who already work there, and this can lead to positive changes in their department and the company.
- Selecting from more candidates. When you look outside your own company, you can explore a much larger pool of candidates for your position. This can increase your chances of finding a qualified, successful applicant.
If a company constantly recycles its executives internally, loses contact with the market and loses new trends, which inevitably leads to introversion.
