Paul when her future business partner, Bidwell, came to her with a unique opportunity.
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Employers underestimate the time it takes for workers to get up to speed, says Bidwell.
FORBES: Why Promoting From Within Usually Beats Hiring From Outside
Mr. Bidwell says he reminded her that orders from their previous catalog mailings had met or exceeded projections.
WSJ: On Front Lines of Debt Crisis, Luggage Maker Fights for Life
The study is by Matthew Bidwell, an assistant professor at Wharton who focuses on patterns of work and employment.
FORBES: Why Promoting From Within Usually Beats Hiring From Outside
Bidwell was interested in the 30-year-old trend of workers jumping from one employer to another multiple times in their careers.
FORBES: Why Promoting From Within Usually Beats Hiring From Outside
W. Hulme's troubles escalated when co-owners Chuck Bidwell and Jennifer Guarino ramped up production before they could secure additional loans to pay for it.
After he finished the study, Bidwell says he did some further analysis, of how people in a particular unit were affected by an external hire.
FORBES: Why Promoting From Within Usually Beats Hiring From Outside
Mr. Bidwell sold his house and a collection of vintage Buicks.
Mr. Bidwell and Ms. Guarino, who together retain a 35% stake in the company, satisfied some of their investors by giving them shares in the company.
Ms. Guarino told Mr. Bidwell they should slow their growth.
WSJ: On Front Lines of Debt Crisis, Luggage Maker Fights for Life
Indeed, Bidwell found that not only do external hires get paid more, but for their first two years on the job, they receive significantly lower marks in performance reviews.
FORBES: Why Promoting From Within Usually Beats Hiring From Outside
In his paper, Bidwell references the work of Harvard Business School professor Boris Groysberg, who published a well-received book two years ago about what happens to star investment analysts when they switch firms.
FORBES: Why Promoting From Within Usually Beats Hiring From Outside
Bidwell scrutinized seven years of employee data, from 2003-2009, from the U.S. investment banking unit of a financial services firm, which included information on 5, 300 employees in multiple jobs, from traders and research analysts to support staff.
FORBES: Why Promoting From Within Usually Beats Hiring From Outside
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