Internal versus external acquisition
Companies can acquire talent in two main ways. They can build talent internally by developing it in their existing employees. And they can obtain talent externally, by recruiting new employees.
Which approach is best?
The answer depends on your company’s situation. Both approaches have specific pros and cons, and these make them suitable in different cases.
When you acquire talent internally, you need to determine what talent your company needs and identify existing employees who have the skills. It then involves taking steps — like providing coaching or mentoring — to convert these employees’ potential into the talent that’s required.
Choosing to develop talent in existing employees has several advantages:
- it demonstrates commitment to your employees and their career development,
- it makes use of existing knowledge that employees have developed over time with the company, and
- it improves leadership retention.
If you show commitment by investing in the development of existing employees, they’re likely to respond by showing their dedication and commitment to your organization. The positive work atmosphere that this creates can result in higher productivity and lower staff turnover.
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