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Internal Hire

For large corporations, recruiting expenses are enormous, and yet in most cases, the process of hiring internally is secondary to going outside to recruit talent. Research suggests that promoting from within can deliver more benefits for companies than hiring outside talent. I came upon a recent study from the University of Pennsylvania's Wharton School that found that external hires were paid approximately 18% more than internal employees in equivalent roles, but fared worse in performance reviews during their first two years on the job. Even more interesting was a recent Wall Street Journal article that reported on a study by Booze & Co., which found that chief executives hired from outside a company are twice as likely to be forced out as those promoted from within: "Between 2009 and 2011, companies dismissed 35% of 'outsider' CEOs, compared with just 19% of 'insider' CEOs during that same period." These statistics support the fact that companies should invest more in succession planning, a process which, if managed well, will save significant recruiting dollars and produce considerably better performance and organizational stability.

Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author's own.

ROSS STORES
Senior Director of Store Design
(PLEASANTON, CA) The senior director will supervise, develop and retain directors and managers of store design for the timely execution of new store, expansion and remodel projects from inception, through design, to approved project documents. In addition, this position will retain continuing responsibility for store design oversight extending to project turnover and opening; develop, maintain and interpret the company's prototype store design and specifications; and assist the vice president of construction in the activities and operations of the department as assigned.

ROSS STORES
Group Vice President Corporate Facilities/Non-Retail Properties
(PLEASANTON, CA) The purpose of the position will be to support the president and chief development officer with the management, planning, development, and execution of all corporate office facilities, distribution center, warehouse (hotels) and non-retail properties including fixtures, purchasing of work stations and office equipment. In addition, this position will oversee the planning and preparation of the annual and long-term budgets for review by executive management.