538 | The Pros & Cons: Hiring From Within

Sep 5, 2023

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Use the timestamps below to guide you better as a leader or individual:

538Summary

Three big things to consider when hiring an outside hire. 0:00
- The three big things to consider when trying to decide whether to go with an outside hire or to promote from within the organization.
- Who is this for?
How important is it to have the right team? 1:14
- The importance of getting the right person in the seat and making the right moves strategically inside of the business.
- The three big things that are important to consider.
The team affects every aspect of the business. 3:01
- Your team affects every aspect of the business. The number one issue in every business is a lack of quality communication, accountability and quality culture.
- Your team is your most important investment.
Should you promote from within or go with an external hire? 4:59
- The first thing to consider is time and costs, internal hires will fast track the interview process. The first interview is a culture interview.
- The other conversation is for another day.
Hiring internally vs external hiring. 6:24
- Take a look at what they have done since they have been on the team to see if they can fast track the interview process.
- Delegate properly.
- Hiring an external hire will take longer and cost more than hiring an internal hire.
- Hiring from within will cut down on time and expenses as well as time.
Impact on the team. 10:13
- Internal hires have built in familiarity and loyalty across the team. It helps fast track integration and can boost the morale of other team members.
- How it will impact the team now.
Things to consider when bringing in an external hire. 12:13
- Consider how an external hire will impact the team, and how it could be the thing that you want to change or shake things up.
- The third thing to consider while leveraging the risks of hiring an external person is to consider.
Leveraging the risks and not managing the risks. 14:10
- Risk is not always a bad thing. Sometimes shaking things up can be a good thing. The key is getting the risk factor to work in your favor.
- How to manage risk.
Managing the culture. 16:23
- The internal promotion process is a great opportunity to offer the promotion to anyone who wants it and those who aren't ready for it.
- The internal hiring process gives you the opportunity to sit down with a team member and ask them what makes them prepared to take on the role.
Leveraging the risks with external hires. 18:35
- God has plans for everybody, and not everybody has to be inside of the business. It all comes back to leadership.
- Leveraging the risks with the external hire to start with a clean slate and get a new code of culture on.