While We Were Working · 2024-03-12 · 32 min
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. A five-step framework can help small businesses determine whether to fill a role with an internal hire or an external hire: assess current skills and gaps, identify growth and development opportunities, conduct a cost benefit analysis, consider cultural fit and adaptability, and evaluate long-term impact and strategic alignment.
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