An age-old adage states that “a bird in the hand is worth two in the bush,” signifying that a known quantity is just as beneficial as an uncertain one. This saying has since given birth to the “bird in the hand fallacy” in investment circles, which suggests that current returns are more desirable than potential profits in the future. Such a misguided notion could inhibit the growth of an investment portfolio.
It’s not as appealing or beneficial as it seems at first glance.
When it comes to making an investment in a potential employee to fill a job position, it is important to take into consideration applicants from all areas. Some employers may be inclined to prioritise candidates located in the immediate vicinity, however, this should not be done to the detriment of qualified applicants who may be located at a greater distance.
A Case Against Promoting from Within
When a company places emphasis on promoting from within, they are demonstrating their commitment to the principle of internal hiring. This approach to recruitment has a number of benefits, such as reducing onboarding costs and training times. Furthermore, it can increase employee morale due to the possibility of promotions and eliminates the need to advertise open positions externally.
Despite the potential benefits of internal promotions, many businesses are unaware of the challenges associated with this approach. When a company is rapidly growing, it can be difficult to promote existing employees into higher-level roles as they may require additional training and time to adapt. Furthermore, staff members who have been with the organisation for a long time may become set in their ways and be less likely to suggest new ideas. Lastly, these positions are often filled through informal networks rather than based on an individual’s skills and qualifications.
This new recruit seemed to be in over his head right away.
The inefficiency of combining local markets, and why you shouldn’t do it
Despite the ever-evolving nature of the current job market, there are still several businesses that prefer to stick to traditional methods of recruiting. This often means that local candidates have the upper hand, as they are already familiar with the area and can begin work without too much of an adjustment period. Moreover, their local knowledge means that they are likely to have the same values and beliefs as their colleagues, which can be beneficial when making decisions. Additionally, employers appreciate the convenience of having local employees who are easier to contact whenever necessary.
Despite the clear benefits of recruiting locally, the size of the talent pool can be a major disadvantage. For example, local educational institutions may not provide the training that is necessary to meet the specific needs of an employer. In this situation, the ability to make a connection with someone rather than having the requisite skills and knowledge can be the more influential factor in making hiring decisions, which can lead to concerns about job performance in the future. Additionally, the limited number of suitable candidates often results in a highly competitive environment, where organisations are in competition for the same individuals, potentially leading to increased wage costs.
Here’s Why It Makes Sense to Think Globally
Here’s a novel concept: why not search for potential employees all across the world?
Even if he isn’t in the area, you should definitely consider hiring him.
As the technology available today continues to evolve, the range of skilled candidates for the available roles in your organisation will be significantly widened. Remote workers can leverage these tools to maintain a strong connection with the business and avoid issues such as traffic jams, office politics and seasonal illnesses that are likely to affect employees in a physical workplace. Furthermore, these remote employees are just as reliable as any other full-time staff member, while their salaries are often significantly lower.
If you are looking to expand your search for the right employee to a global scale, then it is highly recommended that you work with a reliable and experienced remote recruitment firm such as Works. With a team of international IT specialists in their employ, Works can provide you with access to a wide range of qualified candidates and the resources to accurately assess their qualifications and abilities to ensure that they are the perfect fit for your company. To find out more about how Works can assist in your search for the ideal employee, please visit their website today.