Why Promoting from Within Works

Today, I want to talk about internal promotions—both for you and your team.

I spend a lot of time upskilling finance professionals, whether it’s through my corporate clients, my courses, or directly with start-ups and scale-ups. And I can confidently say that promoting from within is one of the best ways to fill senior finance roles.

Why?

Because start-ups and fast-growth businesses have a unique culture—fast-paced, constantly changing, and often operating in an environment where moving quickly (and sometimes breaking things) is the norm.

This doesn’t suit everyone. It’s a bit like Marmite (or Vegemite!): you either thrive in it, or you don’t.

I love it—hence why I’ve been in this space for over 15 years. But if you’ve got someone in your team who also thrives in this kind of environment, upskilling them for leadership makes far more sense than hiring externally.

The Case for Upskilling Your Team

If you’re in a fast-moving finance function, here’s why internal promotions should be a priority:

? It’s cost-effective – Hiring externally comes with recruitment fees, onboarding time, and the risk of a bad cultural fit. Promoting from within saves both time and money.

? Retention improves – When employees see a clear growth path, they’re less likely to leave for the next step in their career. Investing in their development keeps them engaged.

? Faster onboarding – An internal hire already knows the business, the team, and the way things work. That means less time spent on ramping up and fewer operational disruptions.

So before you post that job ad, ask yourself:

?? Is there someone in your team who could step up with the right training and support? ?? Can you start upskilling a junior team member now so they’re ready when a leadership role opens up?

And what about your own career?

If there’s a Head of Finance or CFO role coming up, are you making the case for why you should get that promotion? Are you giving your junior finance leaders a real shot at stepping up?

Promotions don’t always come to those who wait—sometimes, you have to make the case for yourself (or your team).

Have you successfully promoted someone from within?

Or made the leap yourself?

Would love to hear your thoughts.

Alysha Randall is the Founder of Financial Leadership Foundations that helps new or aspiring finance leaders within start-ups and scale-ups.

She is a professional finance trainer in the start-up and scale-up space. If you're looking to strengthen your finance function and upskill, join our free weekly workshops.

Do you need support and?mentoring?to improve your Finance Leadership skills? Check out our FREE Guide for stepping into an FD or CFO role.