As things evolve at your company and responsibilities shift, there's apt to come a time when you'll need to fill your share of open positions. But for those higher-level roles, the question becomes: Do you promote from within or seek fresh talent outside of your organization?

There are several benefits to hiring an outsider, such as getting a fresh perspective and access to new ideas. But there also are a number of good reasons to promote your existing workers instead. Here are a few to think about.

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1. You'll have a shorter ramp-up period (or avoid one altogether)

It takes time to adjust to a new role, and that's to be expected. But chances are, if you hire an outsider, that person will need more time to learn the ropes and figure out how your internal processes work than someone already employed at your company.

The beauty of promoting from within is that the person you put in a higher position will already come equipped with certain basic company knowledge. He or she will know other people at the company and who to turn to for various needs. As such, promoting an internal employee might make for less downtime early on and a smoother transition on the whole.

2. You'll show your employees you're loyal to them -- which means they'll be loyal to you

It costs money to seek out new candidates to fill open positions, trudge through the interview process, and onboard new hires. Promoting from within is therefore a great way to retain talent and avoid sinking your limited resources into filling slots. When you promote from within, you encourage your current employees to stay on board by earning that loyalty. And that's a worthwhile investment to make.

3. You'll give current employees goals to work toward

Many employees struggle to remain motivated when they've been doing the same job for quite some time. But if you make it clear that your preference is to promote from within, you'll motivate workers at all levels to continuously strive to do better. And that will translate into better output from your current staff and better employee morale on the whole.

Putting your employees on the right path

Promoting workers within your company isn't a simple matter of snapping your fingers and shifting titles around. Rather, you'll need to help your workers gain the skills required to climb the ranks and progress in their careers. So instead of winging it, establish an employee-development program that sets your workers on an upward path.

Pair lower-level workers with upper-level ones to develop their skills and learn more about the business. Also, consider offering onsite career counseling so that your employees can figure out where they want their careers to lead them and what it takes to get there.

Promoting workers from within your company is a great way to save money, avoid rough transitions, gain employees' loyalty, and motivate them to do their best. And if you're willing to invest in your workers, promoting them will be all the more feasible and all the more rewarding for everyone involved.

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