Which of the following is a way to introduce fresh ideas into a business? * 10 points
Staff promotion
Internal recruitment
External recruitment

Internal recruitment is when the business looks to fill the vacancy from within its existing workforce

External recruitment is when the business looks to fill the vacancy from any suitable applicant outside the business

Of course, the option to use BOTH internal and external recruitment can be used. This is often the case for senior management appointments.

Internal recruitment

Advantages:

Cheaper and quicker to recruit

People already familiar with the business and how it operates

Provides opportunities for promotion with in the business – can be motivating

Business already knows the strengths and weaknesses of candidates

Disadvantages:

Limits the number of potential applicants

No new ideas can be introduced from outside

May cause resentment amongst candidates not appointed

Creates another vacancy which needs to be filled

External recruitment

Advantages:

Outside people bring in new ideas

Larger pool of workers from which to find the best candidate

People have a wider range of experience

Disadvantages:

Longer process

More expensive process due to advertising and interviews required

Selection process may not be effective enough to reveal the best candidate

commercial banking

provide online payment services

provide online banking

asset management firms

invest in people's funds in securities

accept tax return refunds