Internal vs. External Hiring: Which Strategy Works Best?

In the current job market recruitment is a critical component of any organization’s growth strategy. When companies find themselves in a need of new talent to be recruited, they must decide whether they need to hire internally within the organization, promoting from within, or externally, by bringing in some fresh faces from the job market. Both approaches offer a distinct advantage and challenge, and understanding when to apply each approach can make a significant difference to a company’s workforce dynamics and long-term success. This becomes even more relevant mainly in the competitive job market of Sri Lanka, where the companies are increasingly looking for ways to attract and retain the best talent to their talent pool. Internal Hiring: Promoting From Within Internal hiring involves opening and filling positions by promoting or transferring their current employees. It is a strategy that many organizations uses to reward loyal and high-performing staff at the same time maintaining...