538 | The Pros & Cons: Hiring From Within

Use the timestamps below to guide you better as a leader or individual:538SummaryThree big things to consider when hiring an outside hire. 0:00The three big things to consider when trying to decide whether to go with an outside hire or to promote from within the organization.Who is this for?How important is it to have the right team? 1:14The importance of getting the right person in the seat and making the right moves strategically inside of the business.The three big things that are important to consider.The team affects every aspect of the business. 3:01Your team affects every aspect of the business. The number one issue in every business is a lack of quality communication, accountability and quality culture.Your team is your most important investment.Should you promote from within or go with an external hire? 4:59The first thing to consider is time and costs, internal hires will fast track the interview process. The first interview is a culture interview.The other conversation is for another day.Hiring internally vs external hiring. 6:24Take a look at what they have done since they have been on the team to see if they can fast track the interview process.Delegate properly.Hiring an external hire will take longer and cost more than hiring an internal hire.Hiring from within will cut down on time and expenses as well as time.Impact on the team. 10:13Internal hires have built in familiarity and loyalty across the team. It helps fast track integration and can boost the morale of other team members.How it will impact the team now.Things to consider when bringing in an external hire. 12:13Consider how an external hire will impact the team, and how it could be the thing that you want to change or shake things up.The third thing to consider while leveraging the risks of hiring an external person is to consider.Leveraging the risks and not managing the risks. 14:10Risk is not always a bad thing. Sometimes shaking things up can be a good thing. The key is getting the risk factor to work in your favor.How to manage risk.Managing the culture. 16:23The internal promotion process is a great opportunity to offer the promotion to anyone who wants it and those who aren't ready for it.The internal hiring process gives you the opportunity to sit down with a team member and ask them what makes them...