Summary

This episode’s conversation explores the topic of internal versus external hiring in small businesses. Experts from Jumpstart HR and the Fit Small Business team discuss the key differences between the two methods, including the impact on cost, time efficiency, employee morale, retention rates, and diversity of skill sets. They also provide a five-step framework to determine whether to fill a role with an internal hire or an external hire, which includes assessing current skills and gaps, identifying growth and development opportunities, conducting a cost benefit analysis, considering cultural fit and adaptability, and evaluating long-term impact and strategic alignment.

Takeaways

• Internal and external recruitment methods have different impacts on cost, time efficiency, employee morale, retention rates, and diversity of skill sets.

Chapters

00:00 Introduction

03:23 Key differences between internal and external recruitment methods

06:00 Cost implications of internal versus external hiring

08:46 Time efficiency of internal and external recruitment methods

14:16 Effect of internal and external recruitment on employee morale and retention

16:31 Impact of internal and external candidate recruiting strategies on diversity of skill sets

21:57 Step 1: Assessment

24:30 Step 2: Identifying

28:04 Step 3: Costs

31:24 Step 4: Culture

31:54 Step 5: Long-term impact and strategic alignment

To learn more about Internal vs External Hiring, visit @FitSmallBusiness’s Helpful Guide: https://fitsmallbusiness.com/internal-vs-external-recruiting

To subscribe to Fit Small Business, visit: https://link.fitsmallbusiness.com/join/65m/hr-social-signup

To work with Jumpstart HR’s team of HR professionals, visit our website: www.jumpstart-hr.com