What is the process of promoting individuals within the company called?

The process of promoting individuals within the company is referred to as internal recruiting. This practice involves identifying and elevating existing employees to higher positions or new roles within the organization. Internal recruiting is beneficial for several reasons: it helps to retain experienced staff who are already familiar with the company's culture and processes, reduces hiring costs and time associated with onboarding new employees, and generally boosts employee morale by providing career advancement opportunities.

By focusing on internal talent, companies can also ensure a smoother transition for the promoted individual, as they are likely to have established relationships and an understanding of the company's goals. Internal recruiting fosters a sense of loyalty and value among employees, as they see that hard work and dedication can lead to personal growth within the organization. This contrasts with external hiring, which involves sourcing candidates from outside the company, job rotation, which is a strategy to develop employees through varied roles, and performance appraisal, which is a process to evaluate employee performance rather than a direct method of promotion.