Promote From Within

3. Look closely at the person being considered and determine if he or she has the qualities necessary for this job.

If you don't follow these steps, consider the incurred costs (e.g., employee attrition, severance packages, potential legal fees, productivity loss) that result from hiring the wrong person to fill a key slot. And remember a crucial reason why you're promoting from within in the first place: to save money. It's often more expensive in the long run to hire from the outside or promote from within if you aren't selective and specific about the hiring process.