Why firms almost always opt for hiring externally vs. Promoting internally for vacancies? Not sure if its the same with other firms/teams, but my team only do a few promotions once a year, and no chance for anyone to get promoted even when there are vacancies :(

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Because internal consultants only know what is in the firm , outside folks bring connections perspective and they are usually more sellable. My quals always show up rather than full bred consultants as I was an industry director before I switched into consulting

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Why pay more? It’s a buyers market

Well i thought its always cheaper to promote someone internally vs paying ‘market rate’ to get people from outside. Even in the buyers market today the market rate is still higher than your current salary + 10~15%

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Yup have seen 2 people getting hired externally rather than promoting internally

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