The success of any company or organization is largely determined by the quality of its employees. For this reason, finding and retaining amazing talent is an integral part of succeeding as an entrepreneur.
Internal recruiting is the process of finding current employees in your company to move into a different role or to take on a set of different responsibilities than what they were originally assigned. This process can be entirely formal, involving applications and interviews, or entirely informal as a casual conversation about moving roles.
Internal recruiting has several advantages that you might want to consider when trying to fill a vacancy in your company. For example, it could be significantly cheaper than hiring brand new talent. In addition to saving on all of the time and hassle of hiring someone externally, the person you recruit from within already knows how the business operates and has built up valuable relationships.
One other powerful advantage of internal recruiting is that it provides a means of lateral and vertical movement within your company. Internal recruiting opens up an immense amount of room for promotions within your business, which can greatly increase employee motivation.
While internal recruiting is a powerful tool, there are also benefits to hiring externally. For instance, introducing new employees and recruiting externally provides a larger pool of potential candidates to choose from and the chance to bring in new talent and ideas. It also avoids the potential problem of creating a new vacancy when you internally recruit.
Ultimately, the decision to internally recruiting is up to you. Many successful companies use an array of HR tools to recruit and keep the best talent using both internal and external recruiting.