Talent: Hire From Without Or Look Within
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Is it better to build from within or "buy" from the external job market? The answer is not absolute. To be successful, an owner will have to do both. It's about figuring out which conditions in which you build or buy. Here's a quick guide to follow when faced with your next hiring decision.
Look Outside When:
Tough corporate turnarounds or strategy shifts are needed or underway. If your organization needs big changes or reform, you generally will not get there with the exact same squad you currently have.
Succession planning and performance information is inconsistent, absent or hard to access. Have no clue who would fill that vacant GM position? Never really considered when or how to promote your current team? Planning at the point of need is not ideal.
Specific skills are needed that are not readily available within the organization. If you've lost your HR Manager (who held a recognized certification and had 10 years of experience), you don't want to replace him with your admin assistant. Certain skilled positions require specific training, much of which takes education outside the workplace and commands months or years to develop.
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