A company is only as strong as its most capable senior leaders. It's therefore critical to fill open leadership seats with talent you can trust.
Often, that means hiring an external recruit, according to Entrepreneur.com contributor Adam Foroughi. "It's conventional wisdom that you 'go for the gusto' when it comes to hiring vice presidents or C-Suite executives," he says. "You hire a recruiter and pay top-dollar for an established name."
Conventional wisdom, however, might be wrong. "Promoting from within rather than hiring from the outside often yields great results," continues Foroughi, who advocates filling leadership positions with internal candidates whenever possible.
"When you bring in somebody new, they don't necessarily know the culture and won't know the company's best practices from the bottom up, and unfortunately that can sometimes spell dissatisfaction or outright failure," Foroughi explains. "When you promote from within, you bring up someone who embodies the DNA of the company, and you avoid the friction of ramping up someone from the outside. Promoting from within also shows how the company is growing and leveraging that growth into opportunity for its current employees. It's an act of faith that gives everyone a greater sense of stability both financially and emotionally."More Tips:https://www.entrepreneur.com/article/274346
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