Should You Promote From Within?

As Entrepreneurs build their management teams, they are often posed with a dilemma – should open positions be filled from within the organization or should they hire from outside? This is a crucial issue.

The pressing needs of the company have to be balanced with motivating, developing and rewarding high-potential individuals internally.

A good philosophy is to identify, train and develop loyal, internal people for the long-term management team of the organization. This is what I call Entrepreneurs “Doing the Right Things.”

However, when a company is on a growth path, all the necessary skills to build the company might not be available internally. In these situations, knowledgeable and experienced executives should be hired from outside to fill the void.

This dilemma can only decided on a case by case basis depending upon the specific situation. Formulating an optimal balance between internal promotions and external resources is the blueprint for long-term human capital management for Entrepreneurs.

Ravi Patel

www.patelCFOservices.com

Published in: on August 18, 2015 at 4:38 am  Leave a Comment  
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