029- Energize Your Workforce: Promote from Within

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With unemployment at an all-time low and outside hires generally costing more, business owners should begin developing their key employees to take on greater roles. When you promote from within, you are walking your talk about employees working hard and getting opportunities to advance.  Few things will motivate the entire workforce more than seeing the best amoung them get promoted.

1:15   How does the listener benefit? 
There are many reasons why the owner benefits from a promotion from within policy.  1).  Everyone else generally works harder.  2).  Your best people will stay with you as opposed to looking elsewhere.  3).  Internal promos adapt better to the new role- they already know the culture and performance standards.  4)  Transitions tend to be smoother, especially when someone needs to fill the promoted emplouyee's position.  You demonstrate the loyalty pays off.
 
2:00   Discussion points: (8:00 mins)

1. You've invested in your best people.  Don't let them go to someone else.
2. You still need to insure your people are ready and capable of operating at a higher level.
3. Situations that require going outside.

 
10:00 Tips for improving in this area or overcoming this problem: (7:00 mins)

1. Know exactly what the progression path looks like for each position.
2. When hiring, high for promotability.
3. Talk to each employee to understand their career aspirations.
4. Don't assume that because they are home-grown, they don't need training.

 
17:00 Final Take-aways: (2:00 mins) Everytime you lose a key employee because they found a better opportunity, you loose institutional knowledge, intercompnay relationships and incur unexpected costs of replacement.  Getting more proactive about planning for employee promotions always the business to run smoother with less disruptions and replacement costs.
 
19:00 Closing comments: (show promotion, next episode, events, etc.)
     
 
20:00 Show ends
 
Resource Information:
http://www.affinityconsulting.com/strategic-management-and-consulting/112-the-benefits-and-perils-of-promoting-from-within
 
https://www.inc.com/guides/2010/12/how-to-promote-from-within.html