In contemporary corporate sector, it is always discussed, that promotions should be only given to internal employees and not to the new joiners in the company. I partially agree with this notion and the following paragraphs will explain more about my balanced opinion on this.
On one hand, I think, promoting internal employees is beneficial for the company and also for individual employees. Current workforce in the company is already aware about the company’s work structure, policies, and clients. Hence, promoting them will bring more profit in the company in longer term. Moreover, it also boosts up the moral of existing employees and make them more loyal to the company. They feel valued and respected by such gestures. For an example, when I was promoted from Junior Developer position to Senior Developer, I felt thankful to my manager and the company for recognizing my talent, and it made me a more hard working employee in the team.
On other hand, I also think that just focusing on existing members can also affect company’s growth in a negative way. The hiring managers would never find fresh and young talents from the market. So it is also essential for an organization to focus on outside world and hire new talents to be in sync with this fast changing world. Moreover, the current employees will feel safe and secure and they will avoid doing hard work. Hence, to keep the competetion inside the company and keep up the pace of growth, it is important for management to hire and promote new talents from outside.
To conclude, in my opinion a balanced and regulated policy should be adopted by the human resource team, so that existing employees gets promoted and feel confident, as well as keep looking for new people from outside of the company, for all round development of the organization.