Who is your cinderella story? You know...the once-in-a-lifetime employee that got a shot and exceeded your wildest expectations? Instead of going outside the company, you kept going back to the internal talent that had consistently proven herself over the years...and she never - let - you - down.Well, it seems we've now got data to support your decision for promoting from within.
As Robert Grossman (contributing editor of HR Magazine) notes in this month's edition of HR Mag (p.42):
"A strategy of developing internal talent can drive business performance, says experts. In general, executives and managers promoted from within reach levels of peak performance more rapidly than outside recruits-and they're more likely to stick around."
Grossman references Michael Watkins, founder of Genesis Adviser LLC in West Newton, Mass, who says, "Forty percent of executives brought in from the outside fail within 18 months; half will have left the company."
"You'll succeed more rapidly," Watkins advises, "and at a significantly higher rate, with internals."
Word to executives: your best kept secret could be right under your nose.
Who knows, they might even be a Master's champion one day.
Dennis Smith
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