Many agree that small business is the backbone of our economy and that’s certainly true to a point. After all, 1.4 million of the 2.3 million Australian small business employ less than 20 people and 61% of them do not employ anyone at all. At the other end of the scale, there are about 4,000 Australian employers with at least 200 workers, including some whose workforces number in the thousands.
In contrast, big business contributes more than 70% of the nation’s turnover, a significant number. These enterprises offer long-term promotional opportunities which are unattainable to workers in smaller firms.
Internal candidates have one significant advantage over external recruits. Put simply, the boss already knows you. It’s far more expensive to recruit, hire and train somebody from outside the company who may not be familiar with internal processes. That’s not to say employers don’t value bringing fresh eyes to their company, but it costs about $5,000 to fill a vacancy by an outside candidate (and far more for managerial jobs).
Internal candidates have an advantage, but only if they plan their application well. Your manager already has your CV and first-hand knowledge of your professional attributes. To stand out against others, it is best to highlight what business leaders refer to as soft skills. These are the attributes that may not be apparent inclusions on a standard resume. For example, your ability to get along with your fellow workers and external stakeholders is a soft skill. So are communication, negotiation, presentation and critical thinking. All these traits help you to learn the art of networking while avoiding office politics.
A highly valued soft skill is a willingness to learn. Showing your dedication to upskilling by undertaking a diploma course can prove that you’re serious about promotion. It demonstrates that you’re willing to study outside your regular work hours to go the extra mile. A course in management could be the type of qualification you need to elevate yourself from a potentially crowded field.
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Studies show that self-starters are the most likely to attract the boss’ attention. Here are three ways to show you are ready for a promotion:
If you combine this level of commitment with a personal pitch about why you deserve a promotion, you’ll have a stable platform upon which to launch your application. Enhancing your qualifications via a diploma will add yet another feather in your cap when recruitment committees are deciding the ideal applicant for any vacancy.
You might think a cover letter is unnecessary, or at best, redundant in the process of applying for a promotion. Nothing could be further from the truth. Remember your first interview? You can almost guarantee that your cover letter is what helped get that foot in the door.
Hiring managers have a suite of other tools at their disposal, such as social media profiles, and can filter their shortlist of candidates who might otherwise be identically qualified. Therefore, a concise, engaging cover letter can make all the difference. If you are studying a diploma to enhance your career, then use a cover letter to profile your new skills.
Remember, you also have a competitive advantage by knowing your company’s ethos or everyday language. Take time to formulate your cover letter to suit. Point out your loyalty, achievements and ambitions and articulate your strengths.
Employers value loyalty and ambition, but also have an eye to the future. They must ensure their business is well placed with human capital to meet the ongoing challenges of an ever-changing labour market. For this reason, mentorship is critical to promotion. Studies have found that employees with mentors are 22% more likely to be retained and the vast majority (84%) became better at their jobs a lot faster than those without one. Find an influential mentor within the company and look for ways to mentor others who are junior to you. You’ll be seen to create a win-win.
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If it’s an internal promotion you’re after, put your upskilling plans into place now. Enrolling in a relevant diploma course to further your skills might give you the competitive advantage that others inside the company may not have the foresight to consider. Read up on the annual business plans and research what skills your company needs and wants in a manager, then position yourself to get better qualified.
Ask your manager if there is room in the training and development budget to help fund your course and convince them why investing in you is the right move.
Naturally, competition for promotions in large companies is fierce. They attract candidates from a wide range of fields due to better infrastructure, mentorship opportunities, employee benefits and enhanced promotional opportunities. Internal candidates who may have spent months or years positioning themselves for an in-house promotion will always have to face outside candidates. Getting promoted at work is all about knowing how to separate yourself from the herd. Developing your long-term worth and value is the solution to internal promotion.
