The views by learned members above have all substance.But there is no one answer to the question. I may cite the analogy of your need for a house. If your need is immediate, buy a ready made house but if you can wait for some time, build a house. Again if you buy a ready made house, you need to accept it as it is and later renovate it according to your needs.Similarly, if you buy a talent, you may not know how far he can fit into the culture of your organisation.Probably he may be put through some orientation programme or mentoring etc initially to mould him to suit your culture.If you want to build a house, you can prepare a plan according to your requirements and then build it the way you want,keeping also in view the future requirements. So is the case with building your talent.internally. In either case, cost is associated with it.Thus your decision to go for either of the two options is dictated by the time,need and money(spending capacity).
B.Saikumar
HR & Labour Law advisor
navi Mumbai