What argument supports promoting from within rather than hiring externally?

Promoting from within has several advantages, and one primary argument in its favor is that internal applicants often possess greater industry knowledge compared to external candidates. Employees who are already part of the organization have a deeper understanding of the company's culture, processes, values, and specific market dynamics. This familiarity allows them to navigate their roles more effectively and can lead to improved performance as they transition into new positions.

Additionally, internal candidates may have established relationships with colleagues, which can facilitate teamwork and collaboration in their new roles. Their existing experience within the organization allows them to hit the ground running, reducing the time and investment required for onboarding and training. In many cases, this institutional knowledge enables quick decision-making and can drive more effective execution of strategy.