Recent data suggests it can take up to two months to fill a vacant position in today’s labor market. Much of the expense is tied to time - the price tag climbs each day a vacant position remains unfilled. “Some positions are more difficult to recruit for and require use of an outside service, which adds even more to the overall cost.” “This includes advertising for the position, sourcing candidates, interviewing and conducting background checks - all before finally hiring someone,” Chansler says. It costs a business an average of six to nine months’ salary every time they replace a salaried employee. The external hiring process can get expensive. Promoting from within can save time and money Internal promotions certainly go a long way toward boosting morale, but there are concrete benefits as well. 3 Ways businesses that promote from within can benefit Find out whether making an effort to promote from within could help your organization. We consulted Chansler’s HR expertise and scoured data on hiring, turnover and retention to uncover three of the most prominent advantages of internal mobility. If you, like many, have found hiring at a standstill within your organization, it may be time to reevaluate the benefits of promoting from within. While external candidates can usher in some fresh perspective, it’s clear the pool of qualified external job candidates is waning across industries. To fill vacancies, hiring managers have two primary options: external hiring or internal mobility. It’s difficult to find qualified employees. “It’s a very tight labor market right now,” explains Greg Chansler, senior manager of human resources for Kawasaki Motors Corporation, adding: has steadily climbed each year since 2009.
In fact, the average time it takes to fill jobs across the U.S. This creates a challenge for organizations looking to fill roles. Hiring looks a lot different today than it used to - job creation is expanding faster than ever while unemployment has declined to remarkable lows. By University of Massachusetts Global Print Article
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