Bull or Bear? | August 2018
BULL OR BEAR?
“Build talent before buying talent.”
Many Fortune 500 companies have the policy of promoting from within. From the employer’s vantage point, it saves time and money. Since an employee is already familiar with the workplace culture, team members, products, markets and processes, his/her learning curve is much shorter. Investing in the development of employees creates a culture of motivation and trust, increases retention, and builds morale. Employees want to learn and grow. They will leave, especially the talented ones, if they don’t see any opportunities for advancement.
A potential downside of building talent internally is the danger of group think. Employees may not challenge the status quo because they are so familiar with it. It may also result in a culture of “not-invented-here” and missed new opportunities.
Another consideration is the speed to market. It may take more time to develop new technology and product internally than the market allows. This is particularly true with industries where technological advances take place rapidly.
In today’s near-zero unemployment environment, an organization that does not invest in building its talent will lose the war on talent.
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