How Internal Promotions Strengthen the Morale of Companies
It’s never easy to fill a job vacancy. Mountains of costs and the associated tasks are some of the common hurdles that hiring managers need to leap over to onboard a new team member. However, many of the hidden expenses of working with headhunters and talent acquisition specialists can be avoided with one simple solution: promoting from within. While we’re not saying you’ll never need to hire new personnel again, supporting the upward mobility of your own talent pool is a way to offset costs while bolstering employee satisfaction and retention.
If you’ve hired scrupulously—and we know that you have—you should already have A-list talent under your roof. From a productivity standpoint, an external hire coming in to fill a high-level role runs the risk of muddying the waters of a cohesive team. Rather, having a motivated, and hard-working internal hire could help your business come closer to its highest aspirations and while collaboration peaks.
Morale is one of the biggest benefits to hiring internally for either a lateral position or promotion. The individual receiving the promotion is going to be far more motivated once they have a new opportunity. Not only is the morale of the individual impacted, but that of their coworkers as well. A sense that management cares enough about their employees to invest in their career ambitions is contagious amongst coworkers.
One of the most oft cited reasons for leaving a job is “lack of appreciation.” So an internal hire not only going to be consistently more motivated, but will also have a higher likelihood of retention. A common request in the contemporary workplace is for “more responsibility.” This corresponds with a desire to grow your business internally which is often not capitalized on nearly enough. We know that the latest generation of employees, as well as the incoming workforce, wants to grow with the organization they invest their time in. To grow professionally however, they know the value of continuing education and constantly updating and expanding their skillsets. This is why education benefits has become an invaluable piece of compensation employees look for upon being hired.
Education benefits and tuition reimbursement programs are as much of value to an employer as they are to an employee. It gives your workforce the opportunity to increase their expertise and advance from within. As an employer you are able to cultivate proficiencies from trusted staff and elevate them through the ranks to become leaders in your organization. However offering tuition assistance programs alone won’t be as valuable as offering strategic education benefits. Partnering with an education concierge can help support your employees in furthering their degree pursuits while advocating on behalf of your organization to align their learnings with your corporate objectives. Only then can you offer the best in higher learning options that will increase the opportunity for internal promotions.
Interested in learning about a smarter way HR can approach tuition assistance? Check out our whitepaper, Education Benefits 3.0.