Hire An Insider or Bring in an Outsider: That is the Question!

Leader of a company standing in front of a conference table with seated employees

When it comes to planning for the continuity of your business when you leave, it’s crucial that you not only have a succession plan in place to ensure that the transition is as seamless as possible, you also need to hire an ideal candidate to replace you. Indeed, hiring your successor, and laying out a protocol to hire the right candidates for other important roles in your business in the future, is the key to the survival of your business.

So, what do you consider when assessing candidates? Should you hire someone you already know and like, or should you seek out someone you don’t know, but who has the credentials and qualifications for the job? To help you make the best decision possible, here are some things to take into account:

Consider hiring internal candidates

Hiring outside talent is 1.7x more expensive than promoting talent from within. When you promote internal talent, it takes less time to train them for the role than someone new, and they will also be less likely to leave for another opportunity.

Keep in mind company values

When looking out for the perfect fit, keep your eye on individuals that embody your company’s values. Employees that naturally exhibit these qualities in the workplace usually possess good character, and are a good fit for key roles.

Look out for red flags

At the same time, it’s good to identify bad qualities as well. This will prevent you from hiring someone who is not fit for the role. To identify these undesirable traits, observe how a potential candidate interacts in the workplace. Do they work well with others? Do they lead by example? If not, then you should think twice before promoting them. You can learn more about candidate red flags in the hiring process through the use of pre-employment behavioral aptitude assessments that help uncover these otherwise hidden traits.  

Our guest blogger Zachary Painter writes on behalf of Bestow with an interest in topics like health, wellness, and tech. Specifically, he is interested in covering how these topics intersect, and how tech can be used to help us live happier, healthier lives.  Click here to learn more about Bestow or find the infographic below detailing how to write a succession plan of your own.

How to find a business successor [infographic]

 

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