The only event that truly mars Springtime is income tax season. And it just so happens, that on this day in 1918—March 8—the Internal Revenue Service began to levy and collect income taxes from Americans for the first time.
In March, law firm administrators flip through personnel records to locate names, numbers, and income details for mailing W-2 forms. With the same discerning eye, law firm administrators should also flip through their advertisements for new employees; and, instead of recruiting from outside the firm this fiscal year, think about hiring from within.
Consider the following ten reasons why hiring and promoting employees from within the firm can cuts costs and increases annual revenue.
1. Save on hiring costs. Forget the cost of recruitment firms or even craigslist ads by looking to hire from within. Your firm can simply circulate a single email to locate the right candidate. Not only do recruiters charge hefty fees for their services, but the time it takes your firm administrator to coordinate the effort will also cost money. Save the headache of finding the right candidate by filtering through your current, already-qualified employees.
2. Save on training costs. Training costs for new employees, especially in the field of law, are high. Learning the ins-and-outs of legal software, the reporting chain, and various processes and procedures (not to mention inscribing that personalized nameplate) can be expensive. By hiring from within, your firm avoids the expensive mistakes of a new associate on a slow learning curve.
3. Increase productivity of current employees. Once your current employees take wind of a new position in the office air, they are sure to work that extra hour in competition for the job. Keep your associates, assistants, and paralegals on their toes by offering an in-house promotion.
4. Reward hard work. In the same vein, employees like to know that their hard work will be rewarded. This can mean a bonus or salary bump, but it can also mean a career move. Add value to your firm by establishing diverse career options for motivated employees looking to move up.
5. Decrease turnover. When employees are allowed to improve themselves and thus their title in the workplace, they’re more likely to stay put. Happy employees are loyal ones.
6. Cultivate a corporate family. The longer an employee stays with your firm, the more established your corporate culture will become. Firms with strong corporate cultures recruit more qualified candidates, attract more clients, and win more cases.
7. Boost morale. A win for one employee, like in high-stakes litigation, is a win for the entire firm. Ergo, boost the morale of your entire team with just one person’s promotion. Organize a celebratory lunch to keep the moods high.
8. Ensure candidates have the appropriate skillset. Background checks are not 100 percent effective. Resumes can be exaggerated and skills faked. However, when you hire from within, law firm administrators can conduct frank talks with the candidate’s current supervisors (afterall, they already work for your firm). This will ensure no negative surprises accompany your new hire.
9. Avoid employee resentment. In today’s financial climate, individuals are always looking for better-paid opportunities and a way to escape their recession-style salary. A professional promotion is just the ticket. If your firm fills an open position with an outside candidate, however, current employees may resent the firm and the new hire all at once. So, avoid ill will with an inside job.
10. Save on salary. Finally, when you promote an employee from within the firm, you save on salary. More than likely, the percentage increase of a current employee’s salary will be less than what a new hire would negotiate from your firm.
Make hiring at your firm a win-win by doing it from within.