The days of working for a single company until retirement are gone. In July, according to the Bureau of Labor Statistics, voluntary turnover reached a level not seen before the 2007 recession, and the well-discussed trend of job hopping seems to indicate that company loyalty might be a thing of the past. But while that may be true for some, there is still a large section of the workforce that wants to move up the ladder the traditional way. In a recent Talent Trends study, LinkedIn found that about 25 percent of professionals today are looking for internal promotion. However, this presents a double-edged sword. About the same percentage of employees say that being overlooked for a promotion is the main reason they look for employment elsewhere. The perception that employees are leaving in droves can focus companies on planning for attrition rather than training for retention. While it's true that workers today are more open to the idea of changing jobs or even changing careers, overlooking qualified internal candidates and the chance to train them often creates more problems in the long term.
When Promoting, Look Internally First