The Narrow Road: A Brief Guide to the Getting of Money by Felix Dennis

Author:Felix Dennis
Language: eng
Format: mobi
Publisher: Penguin Publishing Group
Published: 2011-04-14T05:00:00+00:00

47

On Promoting from Within

Promoting from within is not an issue in the early days of a start-up. Later, it will become a burning issue for those who work for you.

A good rule of thumb is that an external candidate for a key position should appear at least 30 percent better on the surface than an internal candidate. Why? Because you will already be aware of the faults of the latter, such as they are. External candidates, on the other hand, come to you free of known faults. All one is presented with is an impression from an interview, a word, perhaps, from their ex-employer, and a list of their achievements. Failings are not a part of anyone’s résumé.

Internal promotion has many merits. It permits Young Turks to rise. It can galvanize a department or an entire company. It speaks of your commitment to meritocracy (or should do) and brings with it the comfort of the devil you know. It encourages young talent to stick with you.

Such promotion can carry with it the danger of advancing a member of your staff beyond their competence (the old “Peter Principle”). This is a serious hazard and should be addressed dispassionately. You do no favors to anyone by falling into that trap, despite the quite natural desire of any owner to reward past loyalty and performance. Beware, too, of glory hounds and toads thrusting forward favorites for promotion in order to increase their own power base.

Owners should treat internal promotion with the same importance attached to it by those they employ. While it is sensible to ensure a steady trickle of new blood into an organization (because small companies easily become introverted), promotion from within is a powerful tool in an entrepreneur’s armory.

Use it wisely—even humbly.

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