Should we give preference to internal hiring where we dont need to start from scratch or competitive hiring where we dont compromising on competency?

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This would depend on the position for which resources are being looked at for. if we are looking at a position that does not require an SME and requires basic understanding of functionality and minimal domain exposure,then internal hiring would be sufficient. If the position requires a strong knowledge of the domain and the role requires analysis of various aspects,then competitive hiring is the best option to be considered other than internal hiring.