Is your business in the middle of the Great Resignation? If so, you probably want to stem the tide. You can offer your employees more money, more flexibility and better perks as a way to keep them engaged and satisfied at your organization. But another key area to look at? Internal hiring.
According to Harvard Business Review, an average of 10 internal candidates apply for every open position in large organizations. Those who don’t land the job are twice as likely to leave the company as their counterparts who didn’t apply for the new position. (People who get an interview with the hiring manager are less likely to leave but still leave at a higher rate than others.)
That can have a pretty serious impact on your business: the cost of even one employee leaving can set your company back by about a third of that person’s yearly salary. Faced with this high cost of too much turnover, organizations should consider three key questions in assessing candidates for open internal position
To keep reading, click here: The 3 questions to consider when promoting internal candidates