Hiring or promoting: which one should you choose? Which one’s better for your business? As easy as it sounds, the choice between hiring and promoting has always been a challenge, especially for growing companies. If you’re experiencing such a dilemma, you have to be aware of the potential outcomes for your business.
But first, you should consider what your company needs. Your choice will depend on significant factors involving your company’s morale, trust, budget, and resources, especially in the digital marketing industry. Ultimately, both hiring and promoting have their pros and cons.
It’s like choosing between your best friend and someone else. For instance, who should you choose? The person who you trust for a lifetime or some random somebody? It depends on a few factors. What if your friend isn’t as skilled as you think, and that random “somebody” turns out to be a better choice?
To make the “better” choice, consider the consequences by analysing the factors affecting your business. Does your budget allow you to hire a new employee? Is your current team able to provide a new set of skills that could innovate your business?
Before you decide, evaluate your company and reflect on its capabilities.
In-House Promotion
In-house promotion refers to the advancement of your employee’s role to improve your company’s performance. As such, you must look over your team’s efforts, skill set, and overall performance for their entire duration at your company.
It’s not easy to promote someone at the office. Eventually, tensions will arise within your team, sometimes even drama, if you don’t explain your decision well.
If you’re going to promote someone in your workplace, explain your decision well enough so your team will understand. But first, consider these pros and cons.
Pros:
1. Quick And Easy
Instead of finding someone outside your firm, you’ll choose from your staff. It’s quicker and easier to do so since it’s less time-consuming compared to hiring externally. You won’t have to examine a range of applicants.
But if you’re going to promote someone within the team, consider their talents and contributions. Are they a worthy candidate? Will their skills provide more than enough to the table?
2. Avoid Additional Costs
If your company is looking to cut down on costs, then maybe a promotion is the wise choice to make? External hirings cost a large amount of money, so promote someone within your company to save money instead.
Cons:
1. Lose A Position
As an employee rises through the ranks, he/she will leave a position for someone else to fill. Expect this to happen whenever you promote someone within your staff.
2. Tensions Arise (Office Drama)
Some companies can’t avoid the typical case of “office drama”. It’s a byproduct of a toxic workplace, so be prepared to handle the subtle tension within your team. However, this depends on the attitude and behaviour of your staff, so negativity isn’t necessarily a given if you promote an employee.
Still, to prevent a negative impact on your staff’s performance and culture, be prepared to defend your decision. Ensure your choice backed up by facts and numbers so you can prove to your employees that you’ve made the right decision.
External Hiring
Hiring someone is also a brilliant decision if you know what your business needs. For instance, if you need someone who has the skill set to provide your company with what it needs, then external hiring might be the better choice.
Still, it depends on what your company requires at the moment or in the long run. Decide whether or not it’s a better decision by looking at its pros and cons.
Pros:
1. Revitalise The Company
Let’s say you’ve done your best to find someone suitable from your team, yet no one is capable of bringing something new. As such, you could hire someone else who has a fresh set of skills to revitalise your business.
2. Lower Chances Of Resentment
Remember a while ago when we talked about office drama? You can avoid this even more if you hire externally. There are lower chances of resentment since your employees won’t feel competitive. Hiring someone new might even cultivate a positive dynamic for your staff.
Cons:
1. Costly And Time-Consuming
Finding a suitable candidate among a wide range of applicants is costly and time-consuming. You’ll need to invest in marketing and recruitment materials. As such, it’s a longer and more expensive process compared to promoting someone within your staff.
2. Steep Learning Curve
Your new hire might need more time to blend in your company’s culture. Also, you might need to invest a small portion of your time in training the new employee.
Which One Should You Pick?
Nowadays, most companies rely on internal promotions to cut down on costs and save time. However, it still depends on what your company needs right now and for the future. Such a dilemma is commonplace for many businesses, not just in the search engine marketing industry in Singapore.
Evaluate your company’s goals and find out which choice is more suitable. Whether it’s to hire or promote, it’s up to you to decide.
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