As a project founder or CEO, you may find yourself in the position of needing to hire someone for the role of project manager. But should you hire someone from outside or promote from within? This is an important question to consider, as there are benefits and drawbacks to both scenarios. Let’s take a look at when it is best to hire externally and when it may be more advantageous to promote internally.
When to Hire Externally
If your company is launching a new product or entering into a new industry, there may be an advantage in hiring externally. An external hire can bring with them the knowledge of that particular industry or product and can hit the ground running right away. Additionally, if your company requires specialized hard skills that no one internally possesses, then hiring externally may be the best move. Finally, bringing in outside talent can help refresh and diversify your company culture while also adding valuable perspectives and experience.
When To Promote Internally
If your company already has existing structure and processes in place for mentoring, transitioning, and training new hires, then considering internal candidates may make sense. Having clear criteria for evaluating all potential candidates helps ensure fairness regardless of whether they are internal or external hires. Additionally, promoting from within sends the message that employees are valued in your organization and that their contributions are noticed and rewarded.
Hiring a project manager is an important decision for any project founder or CEO. It is important to weigh carefully the pros and cons of external vs internal hires before making a final decision on who will fill this critical role. On one hand, looking outside of your organization can bring with it beneficial industry knowledge and hard skills as well as fresh perspectives on culture; however, promoting from within allows you to reward loyalty while having structure in place for mentoring and transitioning new hires into their roles. In short, whichever route you choose—external hire or internal promotion—make sure it aligns with your business’s objectives moving forward!