Should You Hire Internally or Externally for the Best Candidates?

Hiring the best candidates is an essential part of any business’s success, especially when you can secure top talent that offers the skills you need. However, one of the biggest questions that hiring managers all over the US face is whether to hire internal candidates or external candidates. We reviewed the advantages of each to help you decide what is best for your company – read on to find out more!

Why Internal Hiring is Great

Choosing to look within when it comes to hiring is a great way to boost staff morale and keep your retention rates high. It also works to keep staff loyal and engaged as they feel that there is a defined route for them to follow when they want to promote. We all know that a happy workforce is more likely to be a productive workforce but hiring internally can also work well as the hires will already know about your culture and ethos as well as have good working relationships with colleagues and managers.

Looking to save money on hires? Internal candidates are cheaper too! Choosing an internal hiring process requires less advertising costs, time, and onboarding expenses. You’ll also find that internal hires are able to transition into their new role at a pace that works for you and will often need far less guidance as they progress.

The Cons of Internal Hiring

As with all hiring, there are factors that you must be prepared for; we’ve shared some of the cons that come with internal hiring:

  • Internal hiring can be challenging when you have lots of applicants who go for a single job, leaving you with political fallout to deal with. In the worst cases, this can lead to other staff leaving their roles or working to sabotage the person that was appointed.
  • Internal hiring could leave you with a skills shortage if you hire someone that doesn’t have everything you need.
  • Internal hires often need mentoring or coaching to help them assimilate into their new role and deal with the change in dynamics between them and their former colleagues.
  • Internal hiring may stop you from making diverse and inclusive hires that may hinder your company’s success.

Why External Hiring is Great

There’s no doubt that internal hiring may be less time-consuming to begin with, but sometimes it’s worth spending a bit of extra time to get the optimal candidate from the start. One of the best things about external hiring is that you can reach a wide range of different candidates with varying skills that will help your business to grow. You are also able to bring new ideas and ways of working into your company to help avoid group think and becoming a place where things are always done the same because that’s how it’s always been done.

If you are worried about the time commitment of external hiring, there are plenty of ways to reduce the impact while reaping the rewards. One of the best ways is to work with a specialist recruitment firm that can help you to find exceptional candidates that meet your needs.

The Cons of External Hiring

As with all decisions, there are aspects you should consider before choosing to hire externally:

  • Will the candidate fit into the organization and be happy and productive with you? This is not always easy to determine during a hiring process, but it should be something that you think about before you offer a job.
  • Do you have the infrastructure in place to train and support an external candidate so that they can succeed? Making sure that appropriate onboarding is in place will help you to get the most from your new recruits!

Use GeneCoda® as Your Recruitment Strategist

If you want help organizing your recruitment strategy or need a recruitment service that can find you great Life Sciences executives, GeneCoda® is the obvious choice. Get in touch with our team today and let us make a plan that works for you!