The Benefits of Hiring Within the Company
It can be easy to jump straight to recruitment when hiring for new roles, but instead of hiring new talent, why not consider coaching your current employees? Giving people the chance to grow within the organization comes with endless benefits - here are just a few.
At Ezra we believe that leaders are made, not hired, and with the war of talent being tougher than ever, there has never been a stronger case for growing your talent from within. There are endless benefits to a leadership team that is intimately familiar with the lower levels of the business, and the additional rewards your organization reaps in terms of loyalty and engagement (not to mention savings on recruitment) have a huge impact on the bottom line.
Why promote from within?
When people are given the opportunity to improve their skills and capabilities, their performance will not just improve, but they will also stick around for longer. 69% of millennials prefer the opportunity to climb the ladder in their job role and 86% of them are more likely to stay with an employer if they have the opportunity to learn and grow.
It makes sense, financially
Hiring internally doesn’t just give employees the opportunity to grow, it’s also good for your bottom line. On average, it costs businesses $4,000 more to hire someone new, not to mention the money saved on retention of your current employees.
It’s a no-brainer when it comes to culture
Another upside to hiring internally is that your current workforce will know your culture and vision inside out. Sustaining a good company culture as the business grows is one of the biggest challenges of running a successful venture. Hiring from within means people won’t need time to settle in – your company values will already be familiar.
It helps build more inclusive businesses
Helping people from within the organization rise through the ranks gives more people a chance to succeed. At Ezra, we often work with businesses to deliver coaching programs to support the career momentum of leaders within underrepresented groups. Through coaching, participants receive targeted and personalized support to help them create a leadership vision for themselves, build confidence and networking skills. In a program we run with female leaders at The Adecco Group, 75% of participants have been promoted into more senior roles.
Working with a professional coach can make wonders in order to unleash talent within the organization. It can help businesses tap into hidden talent and help employees gain a new perspective, become aware of blind spots and development needs. Your employees have their own individual strengths and can contribute to your business in their own unique way. With a coach by their side, they will get the opportunity to level up their leadership skills and find uniqueness and purpose in their individual roles.
So next time you look for talent, start by looking within. With the right support and development, the person you’re looking for might be closer than you think.
Get started building the leaders your business needs with Ezra’s world-class employee coaching, built to fit into today’s working life. We’ve redesigned leadership coaching for the modern age to help transform people through affordable, scalable and high-impact solutions, with equitable access through our world-class coaching app. Find out today how digital coaching could make a big difference to your organization.