Sometimes companies spend a tremendous amount of money on trying to find great employees when the best candidates for the job may already be employed by your company. Hiring internal candidates provide some of the best ways to drive down costs, cut down new employees adjustment times, and also to promote company loyalty and commitment.
But the right culture needs to be in place to make sure that the process goes smoothly. Employees need to feel comfortable talking to other managers about potential openings without fear of reprecussions. There also needs to be a fair process of making sure every internal candidate has an equal shot at the open positions. The last thing you want is to make the internal hiring process a way to show favoritism to only a select few.
Done well, an internal hiring process can provide many benefits for a company and help move up good employees--and keep them happy and employed at your organization.
-Andrew
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