Why are companies hesitant to promote?

Ahadi

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Why are some companies hesitant to promote employees? Not so much on a financial level because we’re in a pandemic, but promoting within title?
 

JT-Money

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Why are some companies hesitant to promote employees? Not so much on a financial level because we’re in a pandemic, but promoting within title?
Most companies would rather hire externally than promote from within it seems. I don't know what started this trend but it seems widespread. You have to start out at a company very early on to get promoted these days. That's why I just quit and go elsewhere if I want a promotion.
 

phcitywarrior

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I think for some roles, it does help to have an outsider come in for the sake of an outsider's prospective.

EDIT: This is also really prevalent in Strategy roles which require exposure to the broader market. I'd imagine the head of Corporate Strategy at a firm like Google would prefer to hire a Director from a competitor like Apple, Amazon of FB instead of promote within. That insight to how you're competition is moving is pretty valuable.
 
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