Buying Talent vs. Building Talent: Which Approach Do You Think Works Best?

Hi, I came across a very interesting topic today and want to know your thoughts. Buying Talent vs. Building Talent - Which one do you prefer? Regards, PD

Both ends of the spectrum have their own merits and demerits. Buying talent is generally preferable when it's a start-up company, where basic talent is brought in from outside, and then the company is built up through internal training for the long term. It is easier to buy talent; the difficult part is aligning them with the company's vision and values.

Building Talent

Building talent requires a significant investment, not only in terms of money but also in time, trust, and faith in the individual. This investment always helps a company to expand beyond its defined boundaries, as most people understand their career paths and genuinely work towards their goals. While it may be time-consuming, with the right culture, the company can experience exponential growth.

In my personal opinion, building talent is always a better alternative than buying talent.

Regards,
Ashutosh Thakre

Building talent - though it needs a little more time, if organizations are able to analyze and mentor it in the right way, a lot of employees can bridge this gap.

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Building Talent: A Balanced Approach

Building talent is the best way for both the company and the employee to invest their time in learning new things, benefiting both parties. Good companies that have employee loyalty obviously benefit from building talent. Sometimes, due to business reasons, one may have to acquire talent, such as technology in a new or niche area, or a sudden need for a particular skill set. Even in such cases, including an old-timer with the new employee can help them pick up some nuances and become valuable to the company. Therefore, a mix of acquiring and developing talent is necessary to keep the company in good standing.

Hello PD, while the topic you selected is interesting as well as informative, it would have been better if you had applied it to your organization and posted it as a case study. Like Nathrao mentioned, no—repeat no—organization can survive on just one of the two options. There will be stages and times when one will have a larger focus with the other option being secondary and vice versa at another stage.

Furthermore, both are usually interdependent. One can't do without the other to some extent.

Regards,
TS

The views expressed by the learned members above have substance, but there is no single 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. However, if you can wait for some time, consider building a house. If you choose to buy a ready-made house, you must accept it as is and later renovate it to suit your needs. Similarly, when you buy talent, you may not know how well they will fit into your organization's culture. Perhaps they will need to undergo an orientation program or mentoring initially to align with your culture.

If you opt to build a house, you can create a plan based on your requirements and construct it according to your preferences, considering future needs. The same approach applies to developing talent within your organization. In both cases, costs are involved. Therefore, your decision between the two options depends on time, requirements, and financial considerations.

Regards,
B. Saikumar
HR & Labour Law Advisor
Navi Mumbai