One of the most frequent and important questions in talent management is “Build or Buy,” ie. should you build talent (develop an internal candidate) or buy (go outside the organization for the candidate). Even as Organisations are grappling with this dilemma and are currently trying to strike an even balance between “Building” talent from within and “Buying” talent in the form of new hires, the current economic climate and labor market appear to be shifting this balance. The quality of leaders makes a difference to the organisation.
Growing Talent Takes Commitment
Cultivating talent from within requires a different approach to talent management. It requires Organizations making greater investments in such areas as training, career development, succession planning, and identifying high-potential employees The critical component in being able to effectively promote from within is to have an active Talent Pipeline that can supply the right leaders in the right roles at the right time. This isn’t easy and can be expensive. Organizations that have all the pieces in place to grow their own talent invest heavily in doing so; they are committed to it at the highest levels.
Organizations can grow its own or go out and buy talent. Either way, put a plan and processes in place to support goals and strategy; don’t just hope leaders will grow and evolve.
What do you think, would you encourage to Grow Talent or resort to the easy way of Buying Talent ?