A strong company starts with strong workers. For hiring managers, it can be hard to resist an employee from afar—much like a shiny new toy. While strategic hires outside the country can bring a fresh new perspective, sometimes looking within your own organization first to identify potential can do you better in the long run.
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The promise of upward mobility is often why people take a job in the first place. One of the most common reasons people leave a job is the perception there’s no room to grow. According to Inc., people who felt like they were progressing in their career are 20% more likely to stay at their current company. They’re also more likely to contribute to positive company culture.
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This is especially important to Millennials, who are more likely to leave a job than their older colleagues. While stereotypes will tell you that making a Millennial happy at work requires ping pong and snack bars, in reality most workers just want a fair wage and a promotion when they’ve earned it.
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Retention isn’t just about developing strong leaders with a sense of a company’s priorities, though. If management invests in moving their employees up, they can actually save themselves some money in the greater scheme of things. Hiring a new person costs on average $2,000, which can add up overtime.
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On the flip side, retaining an employee can actually increase company profits. A study by Glassdoor showed that companies that increased employee engagement investments raised profit by 10%. Many studies show that happier employees are more productive, make better decisions and are more innovative.